When you are shopping for a new launch condo, there are some major differences between a resale condo and a launch condo. Both of them are extremely attractive, but what sets them apart from each other? In this article we are going to talk about the differences between these two condos, and why choosing a new one is always better than choosing a resale.
First of all, what is the price? How much is the new price of your new condo going to be? When you first look at one of these listings, it is not hard to figure out the price. There are so many features on the listing that most buyers can figure out what it will cost them. The only thing left is whether or not the seller is going to go through with the feature and if they are willing to give a certain amount more than the listed price for the new unit.
The Main Difference Between a New Launch Condo and a Resale Condo
Now, what if you are going to buy a resale? Well, if you choose the wrong one you could end up paying thousands more for the house than you would have if you had chosen a new condo. The seller could increase the price several hundred dollars right off the bat. They would throw in a few other things as well, such as a few new upgrades and maybe a deck. This can add quite a bit onto the price, so when you are shopping for a new one you need to make sure that you keep that price in mind. The next new launch will be Midwood Condo located right at the heart of the city. Midwood Condo is located near to Hillview Avenue.
New launches are usually priced very reasonably compared to resales. The building is brand new, and all of the units have been fully inspected. This means that there will be no repairs needed once you move in and the kitchen and bath are all up to par. The value will be significantly higher due to the fact that the condominium building was built new and has all of the features that you would expect in a new high rise.
Resale Condos Allow Owners to Move in Immediately
When you are buying a resale condo, you are going to be dealing with a seller that doesn’t really want you to buy their property. They will offer you a lower price just so they can get rid of it, and they are going to do this even if the unit doesn’t sell for enough to cover all of their costs. You could actually end up spending more on a resale condo then you would on a new condo. The fact that it will have all of the same features and is brand new doesn’t really help the situation.
Another problem you may run into when buying a new condo is getting homeowner’s insurance. Now, some people may see this as an unnecessary expense, but when you are buying a home, you need to be covered in case something happens to it. Your lender should be able to provide you with an insurance policy that will suit both your needs and the property you are purchasing. If they can’t do it, look for another lender. This way, you can find out what kind of homeowner’s insurance they have and if it’s something you need. Remember, you don’t need to purchase coverage from the mortgage company; you should always get coverage from an insurance agent.
One of the biggest benefits you can get by buying a resale condo is being able to move right in. Many people prefer to buy a new home, because they think that they are going to need to wait a while before they can move in. While waiting, they can rent out their old condo, and if the market is bad, they may end up getting a higher than new price for their old home. By buying a new condo, you can move right in and start enjoying the many benefits that owning a condo has to offer.
All of these benefits are great. Now, you just need to decide if buying a resale condo is right for you. The choice is yours. Think about how much money you can save with a condo versus home ownership, how you can enjoy your new home, and how easy it would be to rent out your old condo. If you choose the right condo, you will probably be glad you made the switch.