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Resale Condo or New Launch?
Are you contemplating purchasing a condo, but uncertain about whether a new launch or resale condo is the superior investment or financial decision? This article aims to evaluate the benefits of each type of condo to assist you in making an informed decision.
Resale Condo or New Launch?
It’s crucial to consider your circumstances and intents for making this purchase, regardless of whether you choose a resale or new launch condo.When it comes to buying a condominium, one of the primary decisions you’ll need to make is whether to buy a new launch or a resale unit. Each option has its advantages and disadvantages, and the choice you make will depend on your individual needs and preferences.
New launch condos are properties that have recently been constructed or are currently under construction. Resale condos, on the other hand, are units that have been previously owned and lived in by others. Here’s a closer look at the pros and cons of each option
Pros of New Launch Condos:
Cons of New Launch Condos:
Pros of Resale Condos:
Cons of Resale Condos:
Pros of New Launch Condos:
Pros of New Launch Condos:
Cons of New Launch Condos:
Pros of Resale Condos:
Cons of Resale Condos:
Higher cost:
New launch condos are generally more expensive than resale units because you’re paying for the latest features and amenities, as well as the potential for capital appreciation.
Delayed completion:
There is always the risk of delay in the completion of a new launch condo. This can be frustrating, especially if you need a place to live right away.
Limited availability:
New launch condos are limited to what’s currently being built, which can make it more challenging to find the specific unit or location you’re looking for.
Limited resale history:
Since new launch condos are brand new, there’s limited resale history. This can make it challenging to determine the potential resale value of the unit.
Low costs:
Resale condos are generally more affordable than new launch condos because the unit has already been lived in and may not have the latest features and amenities.
Immediate move-in:
Since the condo is already completed, you can move in right away. This is ideal if you need a place to live immediately.
Negotiable price:
The price of a resale condo can be negotiated, especially if the seller is motivated to sell quickly. This can result in significant savings for the buyer.
More customization options:
Resale condos are typically located in established neighborhoods, which means you have a better idea of the surrounding area and amenities.
Modern amenities and features:
New launch condos typically offer modern amenities and features, including high-speed internet, smart home technology, and energy-efficient appliances.
Potential for capital appreciation:
Buying a new launch condo at the pre-launch or early construction stage provides the potential to make a profit from capital appreciation. As the development progresses, the price of the unit is likely to increase.
No need for immediate repairs:
Since new launch condos are brand new, you won’t have to worry about immediate repairs or maintenance issues. Most new launch condos come with a warranty that covers any defects or issues that may arise.
More customization options:
New launch condos offer more customization options since the unit hasn’t been lived in yet. This means you can choose finishes, appliances, and other features to your liking.
Outdated design and features:
Resale condos may have outdated designs and features that are no longer desirable, such as older appliances, finishes, and floor plans.
Limited or no warranty:
Unlike new launch condos, resale condos typically do not come with a warranty. This means that any repairs or maintenance issues that arise will need to be addressed and paid for by the owner.
Potential for hidden issues:
When buying a resale condo, there is a risk of hidden issues that may not be immediately apparent, such as mold, leaks, or structural damage. This can lead to unexpected repair costs and impact the value of the unit.
Higher renovation and maintenance costs:
Resale condos may require renovations and maintenance work to bring them up to current standards or to repair any issues. This can result in higher costs for the buyer, which should be factored into the overall cost of the unit.
It’s important to weigh the pros and cons carefully before making a decision on whether to purchase a resale or new launch condo. Your individual needs, budget, and preferences will ultimately guide your choice.