More people are buying condominiums than ever before. It seems that every time a new condo development is announced, there are line ups of dozens and even hundreds of people outside the doors of the developer's offices waiting for a chance to get at the deals being touted. But is buying a new condominium a good idea? As with most things in life, the purchase of a new condo has both positives and negatives, and in this article we will take a look at both.
Advantages of buying a new condo
The cutting edge in living. All new condo developments come with the very latest innovations and styles in the individual units and the buildings themselves. If you like the idea of living chic, then new condos are probably the most suitable type of home for you.
The latest in amenities. Along the same lines, new condominium developments almost always have cutting edge amenities and facilities. There's no need to worry about the separate cost of gym memberships or even of going out to kill time in the evening; many new condo developments are high rise cities unto themselves, with recreational opportunities, shopping opportunities, restaurants and even clubs all in the same building that you live in.
It's easy to get around, both inside and out. New condos are always developed within close proximity to transportation routes and the amenities of the city, so you don't have to worry about commuting. They also have some of the best technology as far as getting you from the lobby to your unit; unless you love stair climbing, odds are you won't have to wait very long to get home.
Disadvantages of buying a new condo
Depreciation is a possibility. While cutting edge is great, the sad fact is it may not be cutting edge for long. New condo developments are constantly being built, and sooner or later they will be hipper than yours. This might mean that they attract all the new buyers and your unit goes down in value
It's a new condo. New condo developments mean that not all the bugs have been worked out of the system yet. There will be problems with the pool, the elevators, the management company, and so on. Like everything else, time is needed to work the kinks out of the system. If you're patient, though, this disadvantage shouldn't be too much of an issue.
