Buying a condo instead of a single-family home can be a tough decision. Once you decide to buy a condo, deciding to buy pre-construction or buying a resale unit, brings the decision-making process to a whole new level of trepidation.
Let’s take a closer look at all the pros of purchasing pre-construction. There is a lot of fun to be had in being the first to occupy the space and decisions throughout the process can be enjoyable.
Pre-construction condominiums are also called new-build condos. Buyers purchase these condos before construction begins. Often with new construction, you will have the option of customizing the flooring, cabinetry, countertops and other finishes. There may even be an option to upgrade, leaving you with a high-end condo that will work to your advantage during resale.
Putting your stamp on the unit will be a big step in making it your own space. You will be well on your way to creating a quality living space that matches your needs.
With pre-construction condos, you can actually choose your views. East, South, North, etc. You can also pick at what floor/level you want your unit to be.
2. First Occupant
Once completed, you will be the first resident. It doesn’t sound like a big deal, but there is something great about being the first occupant in a home. There are no skeletons in the closet, you could say. No other memories to grace the halls, just yours. There’s also no wear and tear on the home. Everything is fresh and, well, new.
Condominium-living has a wonderful sense of community. Everyone is in the same stage of moving and getting to know their neighbours. There is comfort and also excitement in knowing you are starting an adventure with a community of like-minded people. And remember, strangers are only friends you haven’t met yet.
3. Common Areas and Amenities
Lifestyle is an important consideration when purchasing a condo. There is much a condo can offer. Common areas and amenities such as work out rooms, pools, saunas, and social rooms are a big plus and in demand. When buying a condo, you are not just buying a house. You are buying a lifestyle.
Condo owners can relish in not having to shovel snow, mow the lawn, or tend to the grounds. They don’t have to worry about painting the stairwell or keeping the lobby up to date. Condo fees cover all these things, leaving owners the freedom to come and go in the security of knowing their property is well-tended. With new construction, you can also take comfort in know that the latest in security infrastructure will be in place. Security features are a major plus in knowing you and your property are well protected.
In new construction, those amenities and common areas are up-to-date, fresh and modern. They are sleek and in good repair. That is not always the situation with older buildings. Because condo fees play a role in the upkeep of those common areas, with new construction, you can take comfort in knowing there won’t be a big repair bill until well into the future. Your condo fees are predictable.
Also, when you purchase the condo, you are paying the developer/builder the down payment in installments. This arrangement gives you more time to save for the down payment amount.
Location is an important bonus in buying a new condo. In many large urban areas, for example, Toronto or Vancouver, it would be tough to purchase a new single-family home in the bustle of the city. But with a newly constructed condo, not only are you in proximity to the city’s amenities, you are in a brand-new space that you can call your own.
The decision to buy a newly constructed or preconstructed condo certainly comes down to lifestyle, needs and priorities. By consulting a professional real estate agent and developing effective communication with your local builder, your decision will be the right one. Working with an agent will help guide you to a reputable real estate developer that has a past successful track record.
Still consult with your lender or financial institution before considering purchasing a pre-construction condo so you’re able to close successfully on your future pre-construction unit.