You may have decided to buy a condo and now are faced with a choice, do you buy an existing unit or do you buy a brand new construction? The choice might not be that easy and it depends on what you need at the moment. If you can't wait for a few years until the new condo is built, then you might want to go ahead and look at condominiums for sale that are ready to go, but if you have some time to decide and to move, your choices open up.
Should you buy an existing condo or one under construction? Here are some benefits of choosing either one. They can help you decide which works best for you.
Custom Designed Condo VS What's Available
One of the first things you need to decide is do you want the option to pick and choose the fixtures, flooring, and floorplan you would like to live on? Then you might want to buy a brand new construction condo. When you buy from a builder, you get to design your unit based on the designer's floorplans and the options available for fixtures, countertops, and appliances. This way it's similar to those who buy new construction homes because it gives you the ability to design how your home will look.
If there is an existing building that you pass by every day that you know you really love the condos inside, it could potentially be a better idea to look for condominiums for sale that already exist. You may want to do your own renovations and upgrades so you can pick and choose your own coloring schemes, flooring, and appliances. Buying an existing condo gives you the freedom to be creative and renovate however you want.
Purchase Price And Upfront Fees
When considering condominiums for sale and whether or not you want to buy a new construction or a re-sale condo, you should take into consideration the purchase price and upfront fees.
When you buy a new construction, you may have the option of paying your deposit and down payment in installments. Since the condo isn't ready to live in yet, and might not be for a few years, developers will often let you pay a lower deposit or down payment on the unit, and then pay the rest of it in installments over the course of the build. This will lower your upfront payments and fees by quite a lot. It also gives you more time to save and gives you more money available for other investments.
When you buy an existing condo, you may pay a higher down payment but your overall costs might be lower. Since you may have put down a higher downpayment, your monthly mortgage payments will be lower overall. It may take you less time to pay off your mortgage if you can put more toward it.