Buying New Condo in Mississauga
New Condominiums (apartment and townhouses) in Mississauga can be a good option in the eyes of an owner. This is because they are made to fit into a more modern day society. The new condo building is fresh and new and it really gives a good look and vibe to the buyer.
In a new condo, buyers get to choose their own choice of finishes, which is really beneficial to the owner, since they get to design and make up the condo, just the way they had visualized. The great part about new condominiums is that you can either purchase a Mississauga condominium before it is getting built, as it is getting built, or even after it has been built.
This allows more choices to the buyer. Also, the buyer could see this as an investment and buy the condo before it is built, or during the construction phase. Investor can rent his/her condo on a long term basis. The investment will grow as the condominium prices go up over the years.
Buying a new condo also has the benefits of a new home warranty protection, latest upgrades, amenities, fewer repairs or renovations and better energy efficient buildings.
The negatives of buying a new condominium is that you may not be able to see how the condo really looks like, until construction is complete. Also, your initial deposit will be tied up for the duration of the construction. Financial institutions may not even give you a mortgage if your financial situation changes at the time of occupancy. Sometimes construction may not be complete by the set date and there could be delays.
Buying Resale Condo in Mississauga
Resale condominiums in Mississauga are a good option to those who want to buy quickly or just be satisfied with what is available in the current market. Resale condominiums allow the buyers to see the unit and building/condo complex before buying the condo. This is beneficial, as the buyer could now look around, talk to existing unit owners and talk to the property manager about any issues. The buyers could check the condominium complex/building to see if the same is well run. Buyers can also see the demography of people who live in the condo community. Resale Mississauga condos are usually bigger in sizes, and there are no long waiting periods to move.
In a resale condo in Mississauga, buyers get what they see. This is one reason why people usually want to buy resale condos. The deposits are also much lower for resale purchases, plus there is no GST.
A few things a buyer should be aware of in resale condo buildings: older condominiums may require more maintenance and repair, building HVAC equipment (heating, ventilation, cooling, elevators etc.) could be out dated and not as good as in a new condo building. The amenities may also be not modern. And most importantly it may not be as energy efficient as new condos.
When choosing between resale vs. new builder condos in Mississauga, a good option will be to speak with a local Mississauga real estate professional, someone who has experience in both new and resale condos. A smart real estate person will be able to show you both the options and discuss more about the pros and cons of buying new or resale Mississauga condo.