Buying a Apartment – Resale Or Pre-Construction?

2020 / 02 / 19 1:35 ص


In the case of purchasing a condominium unit, many of my buyer clients ask me which is the better selection, shopping for a resale or pre-construction unit. The distinction between the 2 being that one already physically exists and the other one does not. Deciding which route to take is determined by a couple of factors corresponding to timeline, motive and capital.

When buying a resale condominium unit there are not any surprises; what you see is what you get. You recognize precisely what you are entering into as you’ll be able to physically visit the unit, see what finishes have been used, know the way the administration is running the building, etc. Generally talking, objects corresponding to window coverings, light fixtures and constructed-ins are left behind by the sellers which are a bonus. One other optimistic facet of shopping for resale is that a purchaser is able to go to a number of units in numerous locations earlier than making a decision to see which one greatest 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.

Then again, when purchasing a pre-building condominium unit, you’re essentially buying an concept and not a tangible item as the condominium doesn’t physically exist yet. Instead of visiting the unit, you visit the sales middle the place you purchase off of a floor plan the place you have to visualize the house you are purchasing. The good thing about shopping for pre-construction is that you’re the primary owner and everything is model spanking new. By the point the builder has sold sufficient units to start out building and construction has been accomplished, it isn’t till years later that you are actually able to move in. In case you are seeking to move right into a apartment unit instantly or within a short time interval, then resale is the way to go however in case you are able to wait a few years and have a flexible timeline then pre-building could just be what you’re looking for.

The subsequent thing to consider is motive. What is your reason for buying a condominium unit? Is it to reside in or to flip? When buying a resale condominium unit, you’ll be able to potentially move in immediately whereas for those who purchase pre-construction you have to be patient and versatile as the unique occupancy date will almost definitely fluctuate. If it’s an funding that you simply need to get into then pre-construction may just earn you that further cash you’re looking for. When shopping for pre-development, you purchase at right now’s market value so relying in the marketplace scenario while you purchase versus once you sell determines whether you make a profit or loss.

Finally one of the vital parts of buying a rental unit is the fee and if you can afford the financial obligation. In either situation, a down payment have to 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 additional deposit is paid to the bank upon unit closing. This deposit quantity can range from 5% down to 100% down, in which case a mortgage wouldn’t be required. When you purchase a pre-building unit nevertheless this flexibility will not be allowed. The builder has strict deadlines when deposits should be made. Normally a deposit is made with the preliminary signing of the documents, one other one upon closing after which a number of others in between which usually totals about 25% down.

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