Read on to find out the pros and cons, and check out the new launch listings to see if there is the one you fancy.
Pros of Buying New
- Potentially cheaper. Some new condominium launches can be bought at the developer’s price, who may also dangle discounts, add-ons or freebies to sell the units to initial buyers.
- Spanking new. New properties come furnished with the latest fittings and have a more modern design. You could move in as-is or with minimal renovation, saving a fair bit on the renovation cost.
- Easier maintenance. Barring any building or renovation defects, new things take longer to fall apart, so you need not worry about leaky ceilings, flaking paint or problematic plumbing for a while.
Cons of Buying New
- Have to wait a few years. New condominiums are usually sold before being built, so you might have to wait a few years before you get to live in your property.
- Can’t see the actual place. Since it is not built yet, you are left to visualise your new home from the floorplan and showroom. Even then, the end product might be slightly different from what you imagined, so do keep that in mind.
- Can’t scout out your neighbours or the neighbourhood. You won’t know who you’ll be living next to until you move in and you can’t check out the area to assess the amenities as well.
- Prices are fixed. There’s usually no room for negotiation for new properties, but then again, the price is probably as low as it can get already.