Choosing Between a New Build or Resale Condo: What’s Best for You?

28 May 2025

Buying a condo is a big decision, and one of the first choices you'll face is whether to go for a new build or a resale unit. Both options have their own perks and downsides, and what works best for you depends on your lifestyle, budget, and long-term goals.

So, how do you decide? In this guide, we’ll break down the pros and cons of each, helping you make the smartest choice for your future home or investment.

The Appeal of New Build Condos

New build condos are brand-new units that you either buy off-plan (before construction is complete) or upon completion. They bring a certain charm that appeals to many buyers.

Pros of Buying a New Build Condo

1. Modern Amenities and Design

New condos often feature state-of-the-art amenities like high-tech gyms, infinity pools, smart home automation, and co-working spaces. These amenities can make everyday life more comfortable and even luxurious.

2. Customization Options

One of the biggest advantages? You may get to personalize your condo! Developers often allow buyers to choose finishes like flooring, kitchen cabinets, and countertops. This way, you can style your space to match your taste.

3. Low Maintenance and Repairs

Since everything is brand-new, you won’t have to worry about immediate repairs. No leaky faucets, faulty wiring, or old appliances breaking down—you’ll likely be covered by warranties for years.

4. Energy Efficiency

New condos tend to have modern energy-efficient features like better insulation, double-pane windows, and low-energy appliances. This can help you save money on utility bills in the long run.

5. Developer Incentives

Many developers offer special promotions such as discounts on upgrades, lower down payments, or even covering closing costs. These incentives can make a new build more financially attractive.

Cons of Buying a New Build Condo

1. Higher Price Tag

New condos typically cost more per square foot compared to resale units. If you’re on a tight budget, this premium price might not be worth it.

2. Longer Waiting Period

If you’re buying off-plan, you may have to wait months or even years before the condo is completed. If you need a place to live right away, this could be a deal-breaker.

3. Uncertain Market Value

With a new condo, you're buying into a new community, meaning you don’t have historical market data to judge how much the property will appreciate in value. If the market slows down, you could end up with a property that takes time to gain value.

4. Potential for Delays

Construction delays happen often. Whether it’s due to permits, labor shortages, or unforeseen issues, you may have to wait longer than expected before moving in.

The Appeal of Resale Condos

Resale condos are pre-owned units that are already built. Buying a resale condo can offer some distinct advantages compared to new builds.

Pros of Buying a Resale Condo

1. Move-in Ready

One of the biggest perks? You can move in right away. Unlike new builds, resale condos are already constructed and occupied, so there's no waiting around.

2. Established Neighborhoods

You know what you’re getting with resale condos. The neighborhood is already developed, so you can gauge factors like traffic, noise levels, amenities, and nearby schools.

3. Larger Unit Sizes

Older condos tend to be more spacious than new builds. Developers today maximize profits by creating smaller units, but older buildings often have larger floor plans and better layouts.

4. Negotiation Power

With a resale condo, you have room to negotiate. You may be able to get a better deal, lower the purchase price, or strike a bargain with the seller on closing costs and repairs.

5. Known Market Value

You're buying in a market with historical data, making it easier to predict your condo’s potential for appreciation and resale value.

Cons of Buying a Resale Condo

1. Higher Maintenance Costs

Older condos will likely need more repairs. HVAC systems, plumbing, or appliances could be outdated, leading to additional costs over time.

2. Outdated Design and Features

Some older condos have dated interiors and amenities that may not match modern preferences. Renovations can be an option, but they can also be costly and time-consuming.

3. Higher Condo Fees

Older buildings tend to have higher maintenance fees because they require more upkeep and if the condo association hasn’t managed funds well, you might get hit with unexpected assessments.

4. Less Energy Efficiency

Older buildings may lack modern insulation, energy-efficient windows, or updated appliances, leading to higher utility bills.

Key Factors to Consider

Now that you know the pros and cons of each, how do you decide which option is best for you? Here are some key factors to consider:

1. Your Budget

New builds generally come with a higher price tag, while resale condos may offer more affordable options and room for negotiation. Consider not just the upfront price, but also long-term costs like maintenance and HOA fees.

2. Your Urgency to Move

If you need a place immediately, a resale condo makes sense. A new build, especially one still under construction, may require a long waiting period.

3. Investment Potential

If you’re buying for long-term gains, a new build in a developing neighborhood could see strong appreciation. But if you’re looking for something more stable, a resale condo in an established area might be a safer bet.

4. Your Lifestyle Preferences

Do you love modern designs, energy efficiency, and smart home tech? A new build might be your dream home. But if you prefer larger spaces, established communities, and mature landscaping, a resale condo could be a better fit.

5. Risk Tolerance

With a new build, you’re taking a risk on future value and construction delays. With a resale condo, you face potential maintenance surprises. Think about how comfortable you are with these risks before making a decision.

Final Thoughts: Which One is Right for You?

At the end of the day, there’s no one-size-fits-all answer when it comes to choosing between a new build or a resale condo.

If you love new amenities, customization, and modern design, and don’t mind paying a premium or waiting for construction to finish, then a new build could be perfect for you.

However, if you want more space, a mature neighborhood, and a better deal with room for negotiation, then a resale condo might be the way to go.

Think about your budget, lifestyle, and future goals before making the decision. Whatever you choose, make sure it’s a space that feels like home!