The Upside of Buying a New Condo in Montreal
If you are thinking about buying a new condo, there are a few things you should know. Some people try to discourage first-time buyers from choosing to acquire a new condo, but there are many benefits to it as well. You should be aware of these if you are considering new condos in Montreal.
For one thing, looking at new condos in Montreal means that you are more likely to stay within your budget. Renovating a previously owned condo can get expensive quickly. With a new condo, you can move in without having to change anything or make any repairs. Considering that renovations can also become painfully costly, it is better to avoid them altogether. Looking at new condos in Montreal is a straightforward way to pass that hurdle.
When you are buying a previously owned property, you can never really know what you might encounter. Even if you have inspected the property before buying, there are bound to be surprises: repairs that need to be done, utilities that need to be fixed, or even extensive renovations that you need to do.
When you are looking at your options for old or new condos in Montreal, this is an important thing to keep in mind. After all, new condos come with no long history of previous ownership. They have gone through recent inspections and are ready to be lived in. They are also unlikely to need extensive repairs or renovations, which only keeps more money in your pocket.
There is also a lot to be said for not having unexpected expenses. These often come up when you buy a previously owned condo. There is no knowing when expenses will arise when you are moving into a condo that has already been previously occupied. Being able to plan your expenses is an invaluable asset, especially when you are stepping into the world of property ownership. This is yet another thing to consider when you are looking at new condos in Montreal.
What’s more, many condos will provide a clause that promises no significant problems in the first 10 years of owning the property. If you do notice a structural issue, you may be able to get it fixed at no cost to you. Other new condos offer attractions like free appliances to attract buyers.
Apart from these benefits, there are other financial incentives to buying a new condo. Buying a previously owned property means you will have to provide a 20 percent down payment. This is a tall order for most people. Buying a new condo unit gives you the chance to avoid those extra fees by negotiating a payment plan with your builder. You may still have to pay the 5 percent down, but that is much lower than 20 percent.
When starting to hunt for a condo, bear in mind that there are benefits to buying new. Be careful in making your choice to make sure that you find your dream home in Montreal.