There are many differences between buying a new condo and buying an older one that may have you deciding on one type over another. The best way to find something suitable for you, is to take a look at all the facts before you decide. It is always a good idea to research the benefits of buying a new condo over an older one and then make the choice based on your needs.
You could find that maintenance fees are lower with newer condos over buying a resale unit. That is because a new builder will offer low fees to encourage new buyers. When buyers are looking at various condo units the monthly service fee amount could be a deciding factor.
A new builder may have low fees because he does not know what the exact monthly expenses will be. It may take a year of the condos being up and running before the builder will know. After a year of people living in the condo, it is easier to know what the expenses will be. After this time fees may increase, depending on the condo’s expenses and bills.
Your maintenance fees include services such as grounds upkeep, cleaning of the building(s), window washing, garbage disposal, condo repairs and snow and ice removal if applicable. If the services costs were higher than what owners paid in fees, the monthly fees may go up for the next year.
A brand new condo will be up to date on its look and appearance, where as an older building may need some renovations. You may walk into an older condo building and notice that it needs a new coat of paint or some new carpet. As a condo ages, the carpet may look older and the colors may not reflect current styles. A newer condo building will feature all of the colors, textures and patterns that are common today. The main entrance and hallways will appear current with the times.
An older condo unit may need to be renovated on the inside. You may have to change light fixtures and update flooring. You could be faced with having to install a new kitchen and bathroom. These renovations will help you to personalize the unit, but may get pricey. If you want a home that is ready to move into, you could find that buying a new condo works for your lifestyle.
When buying a new condo unit, typically you get to pick out the colors and accessories for your unit. From flooring to cupboards, you get to pick everything and that can be a great way to personalize the look of your space. If you like to have total control of how your living area looks, you may prefer a newly built condo over an older one. If you do buy a resale condo, you could enjoy some of the decorations and upgrades provided by the previous owner.
Buying a new condo has many benefits. As you look at both new and used condos, you will see what the differences are between the two types. They each have something to offer purchasers and it is up to the buyer to decide what is more appealing to them. Newer places can give you many choices and have you living in a place that is more modern. If you are in the market for a home, you will find that a newer condo may be a great way to dive in.