Buying a new property is always exciting. However, it is important to not get hung up on that excitement and make a wrong buying decision. Whether you are looking for new condos in Scarborough or any other major city, there are many factors to consider. So, while condos are the modern default type of property, they have their pros and cons. You will have to see what works for you.
Location, age, value, and condition are all important aspects. However, when you want to go ahead with the purchase, considering the pros and cons will help in the future. Of course, townhomes are the closest competing property types to condos in most major cities. Also, most buyers today can cross out the detached city properties with such rising rates and prices. So, read through to find out more:
Pros of Buying a New Condo in a Big City
1: Access to Modern Amenities
New condos often come with state-of-the-art amenities, including gyms, rooftop gardens, and smart home features, enhancing the overall living experience. Some even have shared sports complexes and cinemas as well. So, consider all of the available amenities and work out how many you will be using. Gym memberships, trips to the cinema, and many other common ones will need to be paid separately if not included in the amenities list of your condo property.
2: Condos Are Generally More Energy Efficient
These developments are designed with energy efficiency in mind, contributing to a more sustainable lifestyle for residents. Also, more sustainability keeps energy costs down as well. Condos are typically smaller properties located inside a big building. This helps limit the use of heating and air conditioning to maintain a comfortable indoor temperature. So, you will get some return on lower energy bills with higher energy efficiency at the same time.
3: Great Potential for Appreciation
The property values of new condos in rapidly growing urban areas tend to increase, providing a potential for a sound investment. Also, the rise in price and value is considerably higher and quicker than most other types of properties. So, if you are someone who is buying a condo to move on to the next property, it will be a good decision. Also, this specific reason helps investors get the most out of their investment as well.
4. Modern Architecture and Design
The appeal of living in a newly constructed building adds to the resale value. It attracts buyers with contemporary designs and updated infrastructure. Also, as a condo owner, you will be able to modify the interior to your liking. These spaces are the ideal homes to implement your personal taste and design preferences. So, if you appreciate modern designs and style of architecture, make sure to invest in a newly built or under-construction condo property.
Cons of Buying a New Condo in a Big City
1: Potentially Higher Costs to Pay
The purchase price of new condos in big cities is often steep. Also, it is accompanied by additional expenses such as property taxes, HOA fees, and maintenance costs. The maintenance fee paid monthly to the HOA (Housing Association) should always be considered with the mortgage payments. Combined, these two expenses will take out most of a salary person’s income. So, this is why buying a condo can sometimes be more of a drag.
2: Limited Parking Access If Any
In densely populated urban areas, parking spaces may be limited or come at an additional cost. This poses a challenge for residents who rely on personal vehicles. Also, some condo properties will not offer much parking to residents at all. However, most buildings will offer parking for the owners of a single car. So, if you own more than one vehicle or you get frequent guests, parking will become a problem. This deters many from considering a condo property.
3: Competitive Buying Process with More Bidding Wars
Even though property owners will appreciate bidding wars, buyers will not. The competitive nature of real estate in big cities can lead to bidding wars and a stressful buying process, potentially causing buyer’s remorse. Many condo properties will see bidding wars erupting. So, for buyers, bidding wars are bad news as they will up the price quite considerably. Also, this is why it is important to come up with a good first offer.
4: Limited by the Community Aspect
While new condos foster a sense of community among residents, they may lack the charm of historic neighborhoods. Almost all condo buildings are mini-communities of their own. So, you will become part of a community whether you like it or not. This is also why it is important to ask questions about the community in your selected condo building. Only consider moving in if you feel like you will be appreciated in that specific community.
Additional Considerations When Considering a Condo Purchase
Warranties and Modern Construction Standards
New condos often come with warranties and adhere to modern construction standards, reducing the likelihood of immediate repairs or renovations.
Considering the Community Interaction
Shared amenities and communal spaces in new condos encourage social interaction, creating a more vibrant and connected living environment.
And Finally
In conclusion, the decision to buy a new condo in Mississauga or any other big city involves careful consideration of the advantages and disadvantages. While modern amenities, potential appreciation in property value, and a sense of community are enticing, the high costs, limited parking, and competitive buying process should be weighed to make an informed decision aligned with individual priorities and financial considerations.
