Buying a condominium: a new or existing unit?

You’re looking for your dream condo, but you’re wondering whether you should opt for a new or existing unit. It’s definitely a question worth thinking about.

A NEW CONDOMINIUM

If you buy a condo before or during its construction, you’ll have the chance to customize the interior. It’s more likely to be a model that features the latest in decorative style and meets all the current standards in terms of soundproofing and insulation. In most cases, you’ll be able to choose such things as the flooring, kitchen countertops and bathroom tiles. Another advantage: you won’t need to renovate for quite some time.

However, the occupancy date could be delayed, which is certainly not ideal if you want to move in quickly. And although presale prices are sometimes advantageous, are you daring enough to buy property sight-unseen? After all, you’ll be relying solely on the plans or a model unit. And by purchasing a new condo, you won’t be able to judge how well the building is going to be managed, as the condominium association has obviously not yet been set up. In addition, you won’t know what kind of neighbours you’re going to have.

AN EXISTING CONDOMINIUM

In this case your imagination won’t play any tricks on you; you’ll be able to visit and inspect the entire condo before buying. You won’t have to deal with changing occupancy dates but just agree on a move-in date with the seller. Another major advantage is that you can consult the records of the condominium association and meet some of the co-owners to get an idea of how well the building is managed. This will give you a glimpse at the current rules and regulations as well as the general atmosphere. Be sure to look at the minutes of the annual general meetings and co-owner meetings. In short, you know exactly what you’re buying.

However, apart from any renovations that you may want to do to make the condo more to your liking, there may also be long-term maintenance work to do in the notso-distant future. That could include re-roofing or exterior siding updates. So, before making a purchase offer, it would be wise to ensure that the condominium corporation is in good financial health. Lastly, if the condominium building is fairly old, the insulation and soundproofing may not be up to standard.

So, should you choose a new or existing condo? Both options have their pros and cons. It’s up to you to decide what suits you best.