Last Saturday, Sean Cowan from Global Television’s Real Investments TV interviewed Elli on how to buy a condo in Toronto. The focus of the piece was whether it is better to buy new or resale.
Elli sees the advantages of buying new – but points out that the excitement of new comes with a stiff price tag – costs which are hidden from the buyer until the very end:
With a new condo you will get up to the minute appliances and maybe higher ceilings. However in new you would have to put in your own wall coverings, window coverings, paint colours, carpeting upgrades, etc.
The big advantage to resale:
In resale you can see what you are buying. You actually inherit many extras in the price….Anything that the owner has already put into the property.
In general, buying a resale condo is safer concludes Elli – because you can physically visit the actual property:
Keep in mind you are buying from a floor plan from a sales office. The most common complaint I hear is “Oh, It’s a little smaller than I thought it would be. Or that “there’s something there that I didn’t expect”.