When it comes to purchasing a condo unit, many of my buyer clients ask me which is the better choice, buying a resale or pre-construction unit. The difference between the two being that one already physically exists and the other one does not. Deciding which route to take depends on a few factors such as timeline, motive and capital.
When purchasing a resale Botany at Dairy Farm Price condo unit there are no surprises; what you see is what you get. You know exactly what you are getting into as you can physically visit the unit, see what finishes have been used, know how the management is running the building, etc. Generally speaking, items such as window coverings, light fixtures and built-ins are left behind by the sellers which are a bonus. Another positive aspect of buying resale is that a buyer is able to visit multiple units in different locations before making a decision to see which one best suits their needs. The down side of resale is that you are not the first owner of the unit and some prep work of the unit may be required before move in.
On the other hand, when purchasing a pre-construction condo unit, you are essentially buying an idea and not a tangible item as the condo doesn't physically exist yet. Instead of visiting the unit, you visit the sales center where you purchase off of a floor plan where you must visualize the space you are purchasing. The nice thing about buying pre-construction is that you are the first owner and everything is brand spanking new. By the time the builder has sold enough units to start construction and construction has been completed, it isn't until years later that you are actually able to move in. If you are looking to move into a condo unit immediately or within a short time period, then resale is the way to go but if you are able to wait a few years and have a flexible timeline then pre-construction may just be what you are looking for.