3 Common Myths: New Launch Vs Resale condo

For buyers who are undecided between a new or resale condo (new launch vs resale condo), you may want to review these 3 common myths. Some are half-truth or not entirely true

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     Table of Content

• Myth 1: Resale Condo is Cheaper
• Myth 2: Resale condo is Bigger
• Myth 3: Resale is Better because of Immediate Rental

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📌Myth 1: Resale Condo is Cheaper

• New launches may be higher priced per square foot (PSF) but the sizes are shrinking because the developers want to keep them affordable
• In fact, you may end up paying more for a resale condo because some of them have bigger floor area.
• A new launch comes with basic renovations and is brand new (with 1-year defects free warranty).
• For a resale condo, remember to factor in the renovation cost before comparing it with the new launch prices.
• If the price point is similar after comparison, you may want to look at the next point.

📌Myth 2: Resale Condo is Bigger

• Older condos are generally bigger in size.
• For example, The Bayshore is an east side condo that TOP in the 1990s.
• The 2 bedroom’s size is about 900-1000sqft.
• That is equivalent to the size of a 3 Bedroom in the new launches today.
• Many older condos also come with big balcony, bay windows and planter box.
• These are wasted spaces not seen in today’s layouts.
• Resale condos may be bigger on paper but may not be as space efficient.
• Before buying, you may want to look deep into the floorplans to calculate the “net usable space” between a new launch and resale condo.

    📌Myth 3: Resale is Better because of Immediate Rental

• It is true that a resale condo can be rented out immediately after completion
• However, be aware that the lease is also ticking down.
• Both new and resale condo will have similar “rental lifespan”, if they are on 99 years leases
• A brand new condo will also have higher rentability because most tenants will prefer new over old

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