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A New Built Condo Vs. Old One: Pros and Cons
We all love to buy a property that can not only give us a sense of satisfaction and achievement but also provides some benefit in the future in the form of profit. The profit is one of those aspects for which most people nowadays buy a property. The Canadian market, especially in the metros like Toronto and Montreal, the real estate market is one of the best performing ones in the region. In fact, when the property prices were nosediving in the US during the last financial crunch, Canadian market was far much stable.
Condos are one of the hottest property types in Toronto as people go for mid-range and luxury condos according to their preference. If you will search for luxury condos for sale Toronto, you will get a lot of results and this is where you need to think and specifically go for a condo according to your budget. But there’s one more criteria, among others, that I will discuss here in this blog and this is about buying a newly build or rather old condo.
The Pros and Cons of Buying a Newly-Built or Under-Construction Condo
Buying a newly-built or under-construction condo can be exciting for many buyers as they look forward to a condo that they can customize and tailor it according to their requirements. The option of dealing with the floor plans and luxury finishing like marble tiles in washroom and luxury fittings are just one of the many aspects that acts as an advantage. Another advantage is the price of the newly build or especially under-construction condo which is usually offered at a discount by the real-estate firm building or marketing it.
All this seems quite right but there’s a catch. You need to reach out the right estate agent or professional in this concern as there are many things that you need to think about. First of all, the locality or neighborhood in which the condo is situated is an important factor. An example in this concern will offer you enough information in this concern.
If you are looking for Yorkville condos for sale, this is a good idea as Yorkville is considered one of the most upmarket areas with the condo prices rising steadily. On the other hand, if you will go for any random condo just based on their price, you may end up having a net loss in the future or may have to wait for several years for getting a profit.
The Pros and Cons of Buying an Old Condo
An old condo is what most of the investors look for in the market. One major disadvantage with a new condo is that buying them is always a big risk as you need to have a consider many aspects here. You never know what happens to the market condition or that new condos will generate much interest or not. So that you may end up with a condo that is not desirable by the majority of the investors in the market.
With an old condo, you don’t have to think about this factor. You just have to select an upmarket neighborhood where there are high chances that you will get the return on your investment in quick time. So it doesn’t matter that you are trying to buy an od condo as it is already a great place for investment. You need to seriously think about the specifications and facilities offered by the condos and the overall complex so that you can be better off.
On the whole, it mostly depends upon the type of investment you want to go for as there are pros and cons for both new and old condos. But if you are a new investor in the market, go for a rather old condo as they are risk free.
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