Ultimately, you are the one who has to decide whether to buy a resale or a new unit. An investor and an end user have different motives, but they both need to examine their needs and all the aspects of their current situation to ensure that they are choosing the right option.
Do you have a say on the layout?
With a brand new condo, a buyer is free to make a decision on which floor they would prefer to be on, what layout they want the unit to have, which upgraded features they want installed and what view they want to be able to see. If you would prefer to buy a resale condo, you’ll have to manage with the features of the units that are up for sale. Some condo complexes do allow certain renovations to be done to an owner’s unit, but you sometimes have to jump through hoops just to be granted approval and depending on the remodeling, you’ll be looking at a few weeks or months before it’s done.
How well has the condo been managed in the past?
It’s safe to say that if a condominium building has been existing for a while, it already has a deep-rooted past. This is important because if you choose a resale condo, it will be easier to get an account of the different things that happen in the complex, such as the usual problems that owners have to deal with and how capable the manager is in running the complex. You’ll have to trust your instinct if you choose new condos, as these have not been in existence long enough to tell you information on common problems and management styles.
Can you negotiate with the seller?
If you’re buying a new condo, it would be hard to sway the developer into lowering their price since their rates are pretty much firmly set. You would probably fare better in getting the owner of a resale condo to bring down their price, depending on what is motivating them to sell; for instance, they would probably be in a hurry to get rid of their condo and would be willing to negotiate if they are under a deadline due to instances such as a divorce or job relocation.
Which option offers a better return on investment?
New condos for sale might stand a better chance of bringing the buyer more money in the future if their plan is to sell the unit in the future. Buyers are attracted to properties that will bring them closer to different establishments that are important to them, which is what makes new condos worthy investments. In addition, brand new condo buildings usually have modern condominium facilities, such as WiFi capabilities, that many buyers deem important.
At the end of the day, it would be entirely up to you to choose between a new unit and a resale. Making the right choice for you (whether as an investor or an end user) will rely on your assessment of your current needs and financial situation.
Staying Safe in Your Apartment
If you’re still in the process of looking for an apartment, make security one of your priorities, and be sure to let the landlord know any safety issues you may have about his apartment. While renting a unit, don’t be a victim to anyone; always pay attention to the things that you’re doing and keep an eye out for anything and anyone shady around your apartment.
Relocating With Your Children
Taking these suggestions to heart will help make sure that they won’t dread moving away and will look forward to it instead.
Assessing a Buyer’s Purchase Offer
Homeowners who put their houses up for sale before know all too well that you shouldn’t expect to get exactly the amount that you put on your property. With this in mind, some sellers might settle for a buyer’s offer even if it’s less than what they want, particularly if their home has been in the market for a long time.
