Quote:
Originally Posted by Traum
Actually, I have the completely opposite mindset, although I don't think 5 year old units are 15 - 30% cheaper than the new ones.
My thinking goes -- if there is a brand new building right next to the 5 y.o. one that I am interested in, why would I want to buy that 5 y.o. building for just a bit less money? The 5 y.o. building has 2 of its warranties run out already, and I will probably need to do at least some minor reno / painting / touch ups before I can move it. I might as well grab something new.
Not sure how others view this though.
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There's always uncertainty with new units. You can't see and touch the unit. You don't know how solid the building is. You don't know how the strata is going to run things.
With a 5-year old unit, you'll have a better sense o how solid the building is and how well it's managed. Plus, you can actually touch and see what you're buying. And the majority of apartments built 5 years ago offer more square footage for your dollar.