In the last few years many home buyers have been taking advantage of buying a condo from a builder and reaping the fruits of it increasing in value by the time the project is complete. This was a great oppertunity to home buyers who were willing to wait a few years for their condo to be ready since they knew they were purchasing much less then what a condo in the resale market was selling for.
With the market ever increasing in prices we are finding that when you visit a new condo develepment that the prices the builder are selling for are not that far off from what a condo in the resale market would sell for. With a new condo you still have to consider any fees with upgrades and living with on going constrtuction for the next 6-8 months depending on the project.
The question we get asked frequently is "Is it better to purchase brand new or resale". This all depends a few factors such as:
1) Do you have a place to live in the meantime while the project is being built (don't forget to factor in delays)
2) Is it in an area you would want to live in 2-3 years from now. Remember a condo project can take a few years to be ready
3) Can you find a resale condo for the same price or cheaper in the area you are looking in
Although buying something brand new is always exciting, you still have to keep in mind of the costs in comparison to other already built condos.
Here is the article that explains this further Click here