Buying a condo is an important investment you can do in your life. You will not want to regret your choices with your anxiety to buy the condo, which is why you need to be sure whether you need an old or new unit.
Choosing between an old or new condo is a daunting exercise because each option has its own advantages in the market. It is wise to do your homework so that you can make a sensible decision. Regardless of whether you are a first time or experienced buyer, you need a guide to help you choose the right condo.
The following few points will also guide you to choose wisely:
When you are planning to buy any type of condo, it is important to check the affordability of the units available in your area. You might be having ridiculous plans to buying a condo, yet the existing price is not favoring your plans.
Take your time to find out which type of condo is relatively affordable. If the new units are out of your price range, you will be required to go for the old condos that are averagely ranging in your budget. Beware of your other expenses after you have bought either an old or new condo.
Buying a brand new condominium unit makes more sense when you have a reasonable financial plan. The old might also cost you with renovation costs. Think about what you can afford before rushing into decisions.
Consider the Market Trends
The housing market is ever-inflating because of various reasons. You need to have an overview of the market trends of the condos. Consult a real estate professional or find information from different sources to know the market trend regarding condos in your region or a different neighborhood.
The property price might be rising rapidly in your prospective region, which will require you to go for the old condos. If you find out that the prices of the new condo are still reasonable, you should not hesitate to buy one. Similarly, you should go for the old condos if the new ones are not vibrant in your neighborhood.
The Maintenance Fee
When you are buying a condo, new or old, you will obviously pay a certain amount to the corporation to cover for all expenses. Check out the existing differences with the maintenance fee between the old and new condo.
The maintenance fee will depend on the condition of the condo that you choose to buy. You will not want to spend more on additional expenses especially when you have a relatively low budget. However, you need to have in mind that new buildings have a low maintenance fee. As the building ages, you will spend more on the renovation projects, which will require you to reserve funds. Generally, you need to ensure you are comfortable with the maintenance fee before going for the old or new condo.