On the subject of buying a condo unit, many of my buyer clients ask me which is the higher alternative, shopping for a resale or pre-development unit. The distinction between the 2 being that one already physically exists and the other one does not. Deciding which path to take is determined by just a few factors resembling timeline, motive and capital.
When purchasing a resale apartment unit there are not any surprises; what you see is what you get. You understand exactly what you are getting into as you possibly can physically go to the unit, see what finishes have been used, know how the administration is running the building, etc. Usually speaking, gadgets similar to window coverings, light fixtures and built-ins are left behind by the sellers which are a bonus. Another constructive facet of buying resale is that a purchaser is able to go to multiple models in numerous places before making a choice to see which one finest suits their needs. The down side of resale is that you are not the primary owner of the unit and some prep work of the unit may be required earlier than move in.
Alternatively, when buying a pre-construction rental unit, you are essentially buying an thought and never a tangible item as the rental doesn’t physically exist yet. Instead of visiting the unit, you visit the sales heart where you buy off of a floor plan the place you have to visualize the house you might be purchasing. The good thing about buying pre-construction is that you’re the primary owner and everything is model spanking new. By the time the builder has sold sufficient models to start out building and construction has been accomplished, it isn’t till years later that you’re actually able to move in. If you are looking to move into a condominium unit immediately or within a short time interval, then resale is the best way to go however if you’re able to wait a couple of years and have a versatile timeline then pre-construction may just be what you are looking for.
The next thing to consider is motive. What is your reason for purchasing a condo unit? Is it to reside in or to flip? When shopping for a resale apartment unit, you possibly can doubtlessly move in instantly whereas in the event you purchase pre-construction you must be patient and flexible as the unique occupancy date will most probably fluctuate. If it is an investment that you just need to get into then pre-construction may just earn you that further money you are looking for. When shopping for pre-construction, you buy at as we speak’s market worth so relying available on the market state of affairs once you buy versus whenever you sell determines whether or not you make a profit or loss.
Finally one of the essential elements of buying a condominium unit is the associated fee and when you can afford the financial obligation. In either situation, a down cost must be made. In resale, on common a 5% down fee is given as a deposit with the offer. Relying on what has been arranged with the bank, an extra deposit is paid to the bank upon unit closing. This deposit quantity can fluctuate from 5% down to a hundred% down, in which case a mortgage would not be required. If you purchase a pre-building unit however this flexibility just isn’t allowed. The builder has strict deadlines when deposits must be made. Often a deposit is made with the preliminary signing of the paperwork, another one upon closing after which just a few others in between which usually totals about 25% down.
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