By: Front Door Real Estate

New Vs. Resale Condos

Tags: Edmonton real estate, condos, new construction, resale

If you are one of the Edmonton buyers who is looking for a nice and comfy condo to settle in, there are several things you need to consider. Besides the size, the layout and location, you may also want to think about whether you are more of a resale or new construction condo type. Both come with their pros and cons, but the question is which one suits you better? Let’s take a look at their advantages and disadvantages.

Should You Go With Resale Or New Build Condos?
New construction appeals to buyers because everything is brand new and there is no fear of having to fix a leakage, replace the windows or update the doors since no one has ever lived there before and everything is intact. The downside is that new construction homes can take up to a few years to complete which can prove difficult on many levels. Not only has the buyer to pay for the condo in advance, but they also have to keep their rental or live with parents/family until the condo is move-in ready. It is very frustrating, emotionally and financially, not being able to move in for months or even years. Resale condos are usually available and move-in ready almost immediately. They are also popular because you get what you see, while new construction homes may not turn out as initially planned.

The greatest advantage of older condos is that they tend to be more spacious, plus they are cheaper per square foot. They may require some updates, but generally it’s just finishings rarely involving major structural repairs. You can turn an old condo into a great modern place without too much effort and at a reasonable price, and sometimes, it turns out to be more cost-effective than going with a new condo.

Whether you are fond of new construction or resale, you will have to carefully analyze every aspect and the best way to do that is to find a great realtor who thoroughly understands the condo market.

Amenities Included
High-rise Edmonton condos tend to offer more amenities than low-rise, but they are also shared with more people and the more people participate in covering the fees, the smaller the per person share.  Don’t forget that a condo will always be a part of the building and that certain rules must be followed, e.g., paying condo fees regardless of whether you use particular amenities or not, pet restriction, etc. High-end condo amenities can get pricey, so make sure you can afford them on a monthly basis before you buy a condo featuring a hot tub, pool, roof garden, a concierge, etc.  Keep also in mind that condo fees tend to go up every once in a while, so you may inquire about how often that happens as well. If you are not quite sure if you are ready to buy a home, click here and take a look at the benefits and responsibilities that come with home ownership.