When deciding whether to purchase a new or resale condominium, you’ll want to consider the advantages and disadvantages of both.
Some Pros of Buying a New Condominium:
• A greater choice of locations within the building (if applicable).
• A broader range of options and/or upgrades.
• Less risk of having to undergo costly, noisy and intrusive repairs and renovations.
• New home warranty protection.
Some Cons of Buying a New Condominium:
• If construction has not been completed, you cannot “see” what you are buying and must rely on artist sketches and floor plans (which may change). Be sure to have the unit’s boundaries, location, finishes, materials, chattels, etc. clearly specified in the purchase agreement.
• Construction of your unit may not be completed by the expected date.
• You may move into your unit while construction continues in others, which can be noisy and disruptive.
Some Pros of Buying a Resale Condominium:
• You get what you see.
• There are no lengthy waiting periods before you can move in unless provided for in the condition of sale.
• You can check out the condominium “community” in advance to see if the corporation is well run and the people who live in it are compatible with your needs and lifestyle.
Some Cons of Buying a Resale Condominium:
• Fewer options with regard to choice of unit (within the building), decorating or upgrades.
• Older resale condominiums may require more maintenance and repair than new ones.
• The amenities that you may find desirable (for example, a workout room, whirlpool, security features) may not be available.
• Older resale units may not be as energy-efficient as newer units.
• Major repairs may be coming due that will require extra charges to the unit owners if the reserve fund is underfunded.
— Canadian Mortgage and Housing Corporation