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Deciding Between A New Or Pre-owned Condo

Deciding between a new or pre-owned condo

New or Pre-Owned Condo?

We walk into a used bookstore and are instantly in awe. We see rows and rows of books sorted between genre and topic. Books are stacked on top of each other from floor to ceiling. We find some books that pique our interest and go to purchase them from the cash. You can buy the same brand-new books at a store like Chapters. 

However, sometimes there are benefits to getting the used book versus the brand-new version. Used versions of books can hold many benefits to book owners, such as lower prices. Brand-new books have never been read before and offer book owners a blank slate to mark up and make their own. The preference fully depends on the reader. Buying a book can present similar challenges when deciding on a new or pre-owned condo.

Halifax has become a growing city with a lot of new construction popping up. We have seen multiple new condominiums pop up around the city. The question has become whether the new construction is beneficial to you or is it still beneficial to live in a preowned condo. Whether its a new or pre-owned condo, each comes with unique benefits. Pre-owned and new construction come with their pros and cons and boil down to what the homeowner is looking for in a property.

Benefits of buying a new condo

New condo buildings can offer you many unique benefits not seen in older buildings. These newer buildings often come with all the bells and whistles. With features sometimes including home theatres, gyms, and even swimming pools. Homeowners in newer buildings are living a more luxurious lifestyle that may not be seen in older condominiums. New buildings also allow homeowners to customize it as it is being built. Buyers have the ability to customize their appliances and cabinetry at the time of purchase.

Homeowners can put in more energy-efficient appliances to provide a more modern and sustainable feel to their space. Moreover, you know the appliances are new when you move in. This means that as long as you maintain your appliances properly, they should last a long time.

There are some disadvantages, though…

Outside of the increasing cost of new condos, new condo buildings have some disadvantages. Moving into a new building and one that is under construction means it could be very loud. The environment could be filled with the sounds of construction, which can become quite loud. 

Outside of construction noises, newer buildings can lack some of the soundproofings of older units. With the increase in population density, newer buildings have a higher number of smaller units. By leveraging engineered building materials condo developers can fit more units in the same footprint. Unfortunately, this can come at the cost of thinner walls and ceilings. Increasing the sound transfer between units.

The cost of building new condominiums has gone up, which means that the price homeowners will have to pay goes up. Moreover, homeowners are paying for the extra amenities that these buildings have to offer. If you use the gym frequently, then moving into a building with a gym could prove to be cost-effective. Your “gym membership” is already wrapped into the cost of living there. 

Benefits of a ‘pre-loved’ condo

Resale properties still offer owners many benefits. With the building being around longer, resale properties have developed a dependable staff. Property managers, staff, and Board of Directors have all been around for many years and are familiar with the building and occupants.

With resale, the property is ready to move into almost immediately. Older condominiums also tend to be larger in square footage and room size. With new construction, builders are trying to fit as much as possible in a tiny space. New developments might have dual-purpose rooms and are optimized for smaller footprints. Resale properties tend to be more open and have higher square footage. 

It may still need some work

However, resale properties have a few caveats. Resale means that the building has already been equipped with appliances and other finishes. Older buildings may not have updated energy-efficient appliances. This can become an added cost if owners are looking for energy-efficient properties. 

Resale properties may also not have all the amenities that a newer building has. Older buildings don’t always have a gym included. This can mean property owners have to pay a little extra to get a membership at a gym close by. Some older buildings lack other features like air conditioning, garbage chutes, community spaces, and other amenities.

So, should I buy a new or pre-owned condo?

Both new construction and resale offer homeowners benefits. You’re able to customize your new condo while it is being built. This can mean ensuring there are energy-efficient appliances put in right away and the cabinet color is the color you want it. However, with construction comes delays. New construction can lead to delayed move-in dates. Permits and complications arise and cause delays.

With resale condominiums being previously lived in, the property is typically ready to move into immediately. Spaces are also larger than seen in new construction, which can make space feel more open. Resale also tends to be cheaper, so owners are getting more square footage for less. Older buildings are not always equipped with extra amenities like new construction.

Ultimately, it boils down to how much a homeowner is willing to spend and the location they wish to live in. A growing city means we will see an increase in traffic. The desire to live closer to downtown will rise and properties closer to the city will become more popular.

When you’re looking to finance your next purchase, whether a resale or new condo, talk to one of our professionals at Clinton Wilkins Mortgage Team. Give us a call at 902-482-2770, or you can get in touch with us here!

1. The TeamClinton.ca “Fall Into Homeownership Giveaway” (the “Contest”) runs from 08:00:00 a.m. AST on September 6th, 2020 (the “Contest Starting Date”) to 5:00:00 p.m. AST on September 18th, 2020 (the “Contest Completion Date”). The Contest will have a series of prizes including:

  • One (1) daily prize draw for two (2) ticket vouchers for a future Halifax Wanders game (the “Daily Prize”) starting on September 8, 2020. The Daily Prize is valued at $65.00 CAD. There are no cash alternatives or substitutions.
  • Two (2) weekly prizes (the “Weekly Prize”) for a pair of season tickets with draws occurring on September 11, 2020, and September 18, 2020. Each Weekly Prize is valued at $450.
  • One (1) grand prize (the “Grand Prize'') that includes hotel accommodations, a restaurant gift card, and a Halifax Wanderers swag bag including two (2) game vouchers for a future Halifax Wanderers. The Grand Prize is valued at over $500.00 CAD. There are no cash alternatives or substitutions.

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    3. SMS message and data rates may apply. Text HELP to 68411 for help, text STOP to 68411 to end. By opting in, I authorize the seller to deliver messages using an automatic telephone dialling system and I understand that I am not required to opt-in as a condition of entering the Contest.

    4. Participants will receive one (1) contest entry for signing up to email and/or mobile phone updates. This is limited to one entry per person through the online sign up form.

    5. Participants may have the opportunity to earn additional entries and any details will be announced from time to time if available.

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    8. By entering this Contest, all entrants consent and agree to the use of their name, address, likeness and photo for any advertising, publicity and marketing purposes by the Sponsor, without compensation.

    9. By entering, all eligible participants agree to abide by the rules and conditions outlined above.

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Normally you can find this at retail stores across Halifax and Dartmouth, but we wanted to make it even easier for you to get a copy.

The entire guide is available online to view or download, and to make sure you’re staying safe at home, you can now request a print copy by mail, free of charge, anywhere in Nova Scotia!