New vs. Existing Condos – Which one is Right for You?

If you’ve decided to purchase a condo, the next decision you need to make is whether to buy a new one or a resale unit. Like most everything in this world, there are pros and cons to both. Luxury condos for sale in NYC are available as both resale and new units, so you have to do your research when shopping for your new home. Here are some pros and cons to both:

Pros and cons of existing condos

Pros

  • Can be cheaper than buying new (consumers pay for builders costs and expenses)

  • Move-in date won’t be delayed due to builder’s delays

  • Condo fees may be less because the corporation is already established and have a reserve built up

  • You can see what you’re buying instead of going from a floor plan

  • Condo fee and taxes are already established so you can budget for exactly how much you’re going to pay each month

Cons

  • May not be decorated to your style, so you may have an initial outlay of cash for decorating

  • Amenities may be outdated, including gym equipment, swimming pool and spa equipment

  • Appliances may be older and not as energy efficient

Pros and cons of new condos

Pros

  • Energy efficiency

  • Warranty

  • Layout is customizable (to a point)

  • Everything is fresh and new

  • You can decorate as you wish

  • You’re on the same level playing field as other condo owners because everyone moves in around the same time, creating friendships

  • New appliances

Cons

  • Closing date can change if builder is delayed

  • Can cost more than resale units

  • May be subject to tax

  • Construction of building can continue even after apartment is finished

Luxury condos for sale in NYC or other major U.S. cities offer both resale and new units. Consider the above factors before making a decision on which to purchase.

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