Five reasons to buy a new condo
If you’re in the market for a new condo apartment, you might be wondering whether a new build condo or a resale condo is the right option for you.
To be honest, there are good reasons for both options, and it can often depend on your particular circumstances, both in terms of financing and where and when you want to move.
With this in mind, here are five good reasons why a new build condo apartment might be the right choice for you.
1. It has never been used
It might sound obvious but this makes a big difference. When you buy a new condo, there is no wear and tear, the appliances are new, and all the building amenities and facilities are also new. That doesn’t mean they will last forever, but it’s likely that the need for repairs is much further away than in a resale condo.
2. You can make your deposit in stages
Let’s be honest: real estate is expensive in the Greater Toronto Area and putting together a deposit is one of the hardest parts of a purchase for lots of people. Fortunately, that gets a lot easier when buying a new condo. Many developers ask for as little as $5000 down initially and the remainder of the deposit is then paid in stages over the next year to year and a half That gives breathing room to the buyer while they are making one of the biggest purchases of their life and takes a lot of financial stress away.
3. It can be cheaper
As a condo development takes a few years to complete, buyers will often find that they are paying below the current market rate at the time of final closing – especially during a hot market. Why is that? If you buy a new condo now, you agree to purchase at today’s price. In three to four years when the development completes and you close your unit, the average price of condos is likely to have increased, but you are closing on the price you paid from several years ago.
4. You can influence the design
With a new condo, you have control of the design of your unit from the beginning and select the colours, cabinets, upgrades and features that you want from the list of options available at the developer’s décor studio. It means the property will be more customized to your tastes and needs, so will be a better place for you to live in.
5. You have back up
If you find a problem in your new condo when you first move in, then you have consumer protection on your side. The warranty provided by the Ontario Tarion New Home Warranty program ensures that many common problems are covered and protects against major structural defects for seven years. That provides comfort to many buyers of new condos and is a feature that may be unavailable to older re-sale condos (depending on the age of the condo).