New vs Existing North York Condo
What best for me? Simple answer depends on what stage of life you’re at.
Regardless of what you choose to do (new or existing) talk to a realtor in your area. In north York there are several benefits when dealing with myself – Dave or anyone at the North York Condo Life team.
With a new condo most builders will give a payment plan that involves an initial deposit of generally $5000 – $10,000 at signing. Don’t worry you have a mandatory¬ 10 day cooling offer period. Within that time frame you can ask for your money back with no penalty.
Then typically regular payments are at 30 days, 60 days, 90 days and closer to closing. These payments are usually 2.5% of the purchase price. However every builder is different.
New Builds Pros
You can choose all your finishes and have variations built to your needs. A common practice is the buying of condos as an investment. Some of the better developments will increase in price from the initial deposit to the time they are built. And considering that most of them only require about 10% there is room for a considerable return on your investment.
New Builds Cons
A big con is that a majority of developments are delayed, sometimes as long as years. So if you’re planning your life around moving at a particular time that might not be the best idea.
In rare cases a development can be cancelled. I reiterate this is a very rare occurrence, but it can happen. The builder will return your deposit in full. However this is usually years later with little to no interest accumulated.
Existing Condo Pros
If you’re putting an offer on a condo you are in control. Your realtor will draft the agreement of purchase and sale based on the closing date, deposit and purchase price that work for you. That being said the seller can always reject or counter offer.
You can walk through the condo unit, actually see it and see exactly what you would be getting.
Existing Condo Cons
If there was a profit to be made on the North York condo, the seller most likely is making it. Plus you cannot make any customizations without having to pay extra for them. You could have to deal with a difficult seller – We are all to familiar with that. They could damage the condo prior to closing. Which they are responsible for, but it could make for a tense situation.
Regardless if you’re buying new or existing there are is always a risk. We always try our best to minimize that for you and make for a smooth transition to your new home.