Advantages of buying a pre-construction unit
- Best Prices: If you purchase a condo with a platinum agent, you get the unit at a base price, meaning you’re getting the best price. Platinum access offer incredible value per square footage in Pre-construction condos
- Payment: With pre-construction condos, you pay the down payment in a series of installments, usually 4 payments of 5%, usually add up to 20% of the purchase price by the time of occupancy. This deposit structure gives you more time to save up for your condo.
- Incentives: As a way to attract prospective buyers, condo builders usually offer certain incentives. These incentives can range from certain household appliances to free storage or parking
- A brand new suite: You are the first owner of the unit. New condos tend to be trendier, more upgraded and offer better amenities than their resale counterparts.
- Low maintenance fees. New buildings require less maintenance, which means less long-term budgeting. And no renovations for at least a decade!
- No Renovations: With a pre-construction unit, you won’t have to do any major updates within the first 10 years. If you notice there’s something structurally wrong, you can contact the builders and they’ll usually fix it for free.
Advantages of buying a resale condo
- straightforward way to buy a condo
- You can see the final product and you know what you’re buying. You don’t have to imagine how it will look from a floor plan.
- There is no wait. You get to move in as soon as you close.