Buying a condo today is a good deal because the prices on resale units and pre-construction condos have not risen yet, thanks to the ongoing pandemic.
If you’re looking for a bargain and want a property that you can purchase right away, resale homes are a better option. They are cheaper than new homes because some recent resale listings have been sold under their asking prices. This means that great values exist in resale homes right now.
That’s assuming you’ve got the cash on hand for a down payment, of course. Due to the COVID-19 pandemic, many have lost their jobs or are earning less than before. COVID-19 has eliminated many jobs or created financial hurdles for so many people that almost nobody has cash for a down payment on a new house.
So, the question is, should you invest in new condos now? Here’s what you need to know:
Buying a pre-built condo offers an excellent opportunity to buy a property while you’re still in the process of saving for a down payment. With a pre-built condo, you will not have to pay for land, the foundation, the roof, the walls, or landscaping. These expenses can add up to more than the actual price of a condo. So, with a pre-construction condo, you won’t have to spend money on these things.
If you have kids, you know the importance of having a child-friendly home. Pre-built condos have all the child-friendly amenities such as wider hallways, elevators, and access to an indoor playground. Additionally, most condos come with security, and because the safety of your family is a welcome bonus, this is another point added to the advantages of a pre-construction condo.
Buying a pre-built condo is an alternative to purchasing a resale home. Most resale homes have been owned for many years by other people, and the demand for them is relatively low. Because ownership of such homes has been changing hands so many times over the years, resale homes are not as in demand as they were before the pandemic.
On the other hand, buying a pre-built condo means that you can buy a new home that is less than a year old. This means that you will be the first owner who is able to enjoy the new amenities in your condo. Pre-built condos are also desirable in times when resale homes are less in demand.
The success of your pre-construction condo investment ultimately depends on your understanding of how condos work. If you’re interested in buying a pre-built condo, you will need to understand how you can maximize the value of your investment.
First, you must look at neighboring condo projects.
The condo market is highly competitive, so you’ll want to carefully examine the neighboring projects of your chosen pre-built condos. You need to make sure that the project you’re putting your money on is a viable investment.
Before you buy a pre-built condo, you need to research the inventory of pre-built condos in nearby areas. When you walk around the neighborhood, look at the size and the make of the houses of people living there. These are important factors that will help you determine the value of your potential investment.
You should also make sure that you visit the condo project before you decide.
New construction properties, specifically condos, can be a great investment, but you need to know what you’re doing. You need to be careful about choosing your pre-built condos because some pre-builts aren’t worth the money you’ll spend on them.
Roger Rampuri is among the top real estate agents in Vancouver that can help you find the best property that meets your needs. Contact Roger today to set up a meeting!