Most people who are thinking to invest in the real estate market would always have this doubt in mind- resale or pre-construction condo. There are both pros and cons and it is recommended to select the best option as per your goals and personal situation. In this blog, we have evaluated pre construction condo vs resale to equip you with knowledge and tools to make an informed decision. We suggest you quickly review this blog to know the bag, ugly and good about the pre-construction and resale condos.
If you are purchasing a pre-constructed unit from a condo developer, you can enjoy various options. For instance, while purchasing, you can choose the floor plan, floor and exposure. Once you confirm, you can sit and discuss with the designer and customize the features for your needs. It means you can personalize the final product exactly the way you like it. Within a few months to years, the builder will hand over the keys to your new property that is constructed to your tastes.
If you purchase resale homes, you have to buy what is exactly available. You cannot do any changes or customizations. For example, you may prefer a unit that is on the top floor or facing a different direction. But it would not be available and you have to settle with what is available. If needed, you have to do certain renovations yourself to make it look new.
Purchase at today’s pricing:
When you buy a pre-construction condo, you can purchase at today’s price and wait for appreciation. If you are selling after five or ten years, you can see excellent appreciation for your property. Nowadays, buyers are interested to know the seller’s original cost. Though they cannot do anything about the appreciation, they could feel a sense of satisfaction about the appreciation for the property they are interested to purchase.
Low maintenance investment:
It is simple to invest in pre-construction condos. You need to sign the agreement, pay the deposits, choose the finishes and leave the other responsibilities to the builder. You will not be charged with any maintenance costs. There is no chance for repairs and damages on the unit. After a few years, you can just step into the best condo that has the latest new vibe. You can completely enjoy the designer finishes as well as the better appreciation price at the time of handover.
Sufficient time for savings:
As it comes with a staggering deposit structure, there is no need to pay the entire down payment at the beginning stage. The builder may request you to pay in small parts or 5% after completion of each level. Thus, you can slowly save and invest the money in your dream house. There is no requirement to hurry for a loan. It is an excellent option for people who wish to shift slowly or who are not immediately ready to move to the new property. The market value of your house would be increasing as the developments take place.