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Buying a Condo: New or Pre-Existing?

Buying a house is always an investment in the long run, it not only gives you the creative freedom but also saves you from the increasing rental pressures. If you are planning to buy a new house, buying a condominium is always a great option. Buying a condo gives you access to amenities such as swimming pools, gyms, tennis courts, gardens and much more which you couldn’t otherwise manage to afford alone. Now that you have made up your mind, you must be wondering whether to buy a new or a pre-existing condo. Here are some tips to help you make your decision. Read more to find out.
Positives of buying a new condo
1. It gives you the experimental freedom over your house. Your home is your personal space, it reflects your ideas and the person you are. You can always decide and customize it the way you want. You can make changes according to your taste and preferences and make your dream home a reality.
2. When you buy a pre-construction condo, you are buying a brand new condo and you are the first owner, this may help you in saving the renovation or reparation charges which you might have to give while buying a pre-existing one.
3. You can always design your pre-construction condo according to new innovations, such as better and efficient home systems, insulation and new appliances. You can implement the use of latest technologies and current trends in your house during the construction period which is difficult to execute when buying a pre-existing condo since all the elements are already fixed and making any changes will cost you more.
4. You can pay the money in installments according to the time left to finish the whole construction compared to the situation where you buy a pre-existing condo and have to pay the whole amount at once.
Positives of buying a pre-existing condo
1. You get to see the actual thing and not just the layout of your house. There are certain things that the developers promise during the construction period but do not fulfill and you might have to spend extra for those. In such cases, a pre-existing condo offers you the assurance and liberty to recheck everything and then buying. It always saves you from foul play.
2. If you are in a hurry to shift to a new house, buying an existing condo is always a better option because the waiting period is less, you don’t have to wait another months to move in. once all the legal agreement and paper works are done you can start living right away.
3. If you have certain budget constraints then consider buying a pre-existing condo because the price of an existing and pre-used condo will always be cheaper in comparison to a new one.
4. Condos that have been built ages ago come with better space and storage efficiency and are in bigger units as compared to the ones that are being newly built.