Hello. I have purchased a pre-construction condo, however I recently found another condo that I really like. I am torn between them and I would like the input from posters here.

My presale condo:

Pros:

1. It's 3 minutes away by foot from the Metrotown mall (the 2nd largest mall in North America)
2. It will be brand new when I move in

Cons:

3. It will take 3 years at least to complete
4. It's maintenance fee is more than twice for the other condo, the property tax is higher, too
5. It's a 30-story high rise building, and I don't like high-rise buildings
6. special assessments will probably be much higher since it's a tall building. Things like cleaning the exterior of the building, repairing the elevator system, repairing/upgrading/replacing stuff...etc will most likely cost more than is the case for the other condo
7. doesn't have parking

The other condo:

Pros:

8. It's move-in ready
9. Much lower strata fee and property tax
10. It's in a 3-storey building and I like short buildings
11. It's a one-bedroom compared to the presale condo, which is a studio. So there is potential for me to rent out the room for more income
12. it's 100K (or potentially more) cheaper than the presale condo
13. Has one parking
14. is located in a more residential area. This is a pro in the sense that the community is nice and quiet and pleasant to live in, however I am guessing that it would not appreciate as much as the presale condo which is in a prime location.

Cons:

15. It's 5 years old now. So it will be 8 years older than my presale condo
16. Its location is not as good as the presale condo. It's situated between two smaller malls, each takes about 20 minutes to get to by bus, compared to the presale condo where I can walk to the metrotown mall. I would have to take two busses to get to Metrotown from this condo

Both units are of comparable sizes. Both have a one storage locker. They are also on comparable floors, my presale condo is on the 3rd floor. The unit in the other condo is ground floor.

So which would you choose?

More info required

You prob not wanting to give out specific numbers or zip codes but hard for anyone to judge without exactly what you’re paying for each and specifically what county they are

Also kinda hard to tell but is this for rental condo purposes and not for personal living? If this is the case then you have to remember your pre sale condo can change hands many times between now and 3 years and final holder may have different rules in terms of renting than what may exist now

Also important to keep in mind New construction is also entering bubble levels compared to few years old. Been to a few home shows this summer and these new homes 2k square feet with 1-2 million price tags for slightly above average finishes and shit lots. Some of it seems suspect. This is for homes but similar premise exists with townhouse /condo market

So your a middle-aged alone self proclaimed minimum wage / dish washer worker purchasing / considering an O2 Metrotown condo in the Vancouver area / Burnaby that presumably is going to cost 600 -700K + at interest rates 5-7% and will have a monthly condo fee.

Interesting...

This post was edited by SBD on Oct 3 2023 11:39am

I borrowed money.

: D

No one lends a dishwasher that much money unless its mom and dad and never repaying is not borrowing.

This post was edited by SBD on Oct 3 2023 03:25pm

You are half correct.