Are you looking to invest in Laval real estate? Several condos located in various areas of the city are available for purchase and offer great investment opportunities. Here are 5 reasons why you should invest in a new condo as opposed to a pre-owned one.
1) No renovation expenses
The initial investment for a new condo can be higher than purchasing something previously owned. However, new constructions usually mean that no expenses are needed to replace materials affected by time, which would be the case with a pre-owned condo (e.g.: scratched wooded floors, shower in poor condition, kitchen cabinets that need to be changed, etc.).
Several elements can significantly impact the condition of a previously owned condo:
- Year of construction
- Quality of the building materials
- Previous owners – Careful people who pay particular attention to the maintenance of their property will keep it in better condition for a longer period of time
2) Renowned contractor = peace of mind
By choosing a homebuilder like VIVA Condos Urbains in Laval, winner of the Excellence prize, awarded by the Garantie Habitation des Maîtres Bâtisseurs in the « Habitations de prestige », category, you also choose peace of mind. This recognition ensures buyers their condo meets the highest standards of construction quality.
3) Pre-purchase inspection not essential
Before buying a previously owned condo, you will need to conduct a pre-purchase inspection to certify that there are no hidden defects. This inspection, carried out by experts, will also highlight elements that need to be addressed, such as unsafe exterior balcony, exterior cladding in poor condition, roof that needs to be replaced, etc.
4) Review of monthly costs and contingency funds
When living in a condo, you must consider the co-property fees (monthly payments used to cover the expenses necessary for the regular maintenance of the common areas of the building) and the contingency fund (money used to cover major work associated with the building, such as the replacement of the roof or heating system).
For a new condo, co-property fees and the contingency fund are relatively low since the materials are new and require little maintenance. In the case of a pre-owned condo, it is possible that bad decisions were made by the co-owners and that the contingency fund is dry. In such a case, it might be insufficient to cover the cost of replacing the roof (for example). A significant increase in these costs would therefore be expected, which would be very inconvenient for the new co-owners.
5) A new condo means a customized condo
When buying a new condo, you will have the opportunity to select certain elements such as flooring, kitchen cabinets, countertops and more. You will therefore have the freedom to personalize your home to suit your style and preferences. When choosing a previously owned condo, you can also arrange it to suit your personal style, but at an additional cost (unless you have exactly the same taste as the previous owner, which is rarely the case).
In summary, the purchase of a new condo has many advantages, including a custom finish and new building materials, but it is still essential to ensure that the contingency fund is sufficient to cover maintenance costs for major work in the future. Ready to go ahead with your new condo project in Laval? Contact the VIVA Condos Urbains sales team to help guide you make the right choice.Contact us.
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