Buying a condo is always an exciting affair – but when you’re debating between a brand-new condo build and planting roots in an established condo community, there are some pretty stark differences you’ll discover between the two experiences. We compare these two sorts of condo ownership right here, all in the name of helping you figure out what’s right for you: new, or established?
Five Points to Consider Between New and Established Condos
1. Customizable vs. Ready to Go
There’s something very exciting about buying a new condo, particularly if you’re able to get in during the build phase. Being able to collaborate in the look, feel, and design of your new home is a pretty thrilling prospect that is going to appeal to a lot of folks out there – but at the end of the day, it is a lot of work to be a part of that process.
For many people, one of the main draws of condo living is how low maintenance the entire experience is. Condo owners tend to be newlyweds, busy young professionals, and retirees – individuals who appreciate being able to take a more hands-off approach to their home and let others handle those sorts of concerns. If you find yourself feeling that way, going with an established condo might be the way to go.
2. New Is NEW – but Character Counts, Too
When it comes to shiny finishes and a glistening sheen, you just can’t beat new. Everything just feels so crisp, fresh, and fancy! Nothing is chipped, worn, or dinged. It has no history, no past to be concerned about – the entire unit is essentially a blank page for you to start filling in. It’s exciting.
However, new builds can sometimes lack the character and patina of a more-established condo. Common areas are filled with sod and wee little saplings rather than verdant grasses and tall, swaying trees – that is, if they’re not just still patches of mud and dirt to be filled in later. You might also be dealing with construction noise in a new build as well – if not in your direct complex, then potentially in new developments going up just down the road, depending on your build’s location. It’s up to you to decide what matters most to your quality of life: brand-new and shiny, or deep-rooted character.
3. Consider the Condo Corporation: Ambition vs. Experience
Something that’s easy to overlook but that is definitely worth considering is the differences you’ll experience as a condo owner between a new and an extant, established condo corporation – particularly if you’re keen on playing a role on the board itself.
By jumping in with a newly established condo board, you’ll have a chance to make foundational decisions and set a course forward for your entire condo community. There won’t be any of the baggage to work through that can sometimes come along with an older condo corporation that might already be set in its ways. In many senses, you’ll be a trailblazer, working to plot the way ahead and help steer your condo community in the direction you’d like to see it go from day one.
That said (and you might start to see a bit of a pattern emerging here 😆), you’ve got something pretty invaluable when it comes to established condo corporations, and that’s experience. Newer boards might be ambitious, but they’ll also likely lack a lot of the knowledge and know-how when it comes to navigating the ins and outs of managing a condo community that an established board will have down-pat. Which matters most – experience or ambition – is a choice entirely up to you.
4. Coming to a Key Consideration: Cost
When it comes to what you’re paying for your condo unit, there can be some pretty stark contrasts between going with a new vs. an established build.
Newer condos are going to be much more predictable in their pricing: it’s X unit with Y options, and that all adds up to Z dollars. With an established unit, the pricing can tend to fluctuate a bit – and that can sometimes work in your favour, or against it. You might find yourself paying a premium for a unit that’s not all that great, but is located in a stellar part of town – or, conversely, you may end up stumbling across an established condo with great potential that’s listed for less simply because it needs a bit of TLC to bring it back to its former glory.
5. Ultimately, It’s Up to You
When it comes right down to it, deciding between a new condo and an established condo community comes down to a matter of preference. It’s all about what’s important to you and what you see your ideal condo living situation looking like. Take some time, compare the pros and cons of each, and take the plunge, because at the end of the day we can’t recommend condo living enough – however new or old your prospective property purchase might be!
Are you currently a resident at a Catalyst Condo Management property? Considering a condo purchase? Debating between a new unit and an established condo community? Get in touch with us today – we’ll be happy to cover off the pros and cons with you!
