Date Posted: 2012-05-31 09:37:40
Site Posted: Myproperty.ph
(Continuation of "Should You Buy a New or a Resale Condo?")
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Available options
When you buy a new condo, you have the liberty of choosing which layout you want, what floor you want to be on, the view you want to have and the upgrades you’d like to install. This is something that you can’t have with resale condos, since you’ll have to make do with the features of available units. You can always choose to renovate, but you might have to go through some red tape to get permission, and renovations will also take time to finish.
Building history
Condominium buildings that have been in existence for some time have a well-established history. This means that you can easily get information about how the management runs the complex, the common problems that residents experience and so on. It’s a little harder to see these in newer condos, so you’re pretty much taking a leap of faith as far as these factors are concerned.
Price negotiation
With new condos, prices are pretty much set and you will have a difficult time negotiating for a better price with the developer. Owners of resale condo units have various motivations for selling, such as job relocation or a divorce, which means that you have a better chance of getting them to lower their asking price, especially if they are in a hurry to sell.
Return on investment
Buyers of condos for sale may have a greater chance of getting a great return on their investment if they buy a unit in a new condo building with a plan to resell later on. Brand-new complexes are built in prime locations, which will attract buyers who are looking for units that are located near various conveniences. Also, new complexes are often built with the latest in condo amenities (some are even equipped with WiFi capabilities), which will also be appealing to buyers with specific needs.
In the end, the choice of buying either a new unit or a resale is up to you. Whether you are buying a condo to live in or as an investment, you have to assess your needs as well as your current situation (financial or otherwise) to make the right decision.
Jillian Cariola, Writer
(cover image by drouu)
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