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
Table of Content
- Myth 1: Resale Condo is Cheaper
- Myth 2: Resale condo is Bigger
- Myth 3: Resale is Better because of Immediate Rental
📌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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