Older vs. newer buildings — which are better? Well, there are many benefits to either choice, but they are different in how they are beneficial. Older construction has the benefit of being tested, standing up over the years through the wind, the rain, the thunder and hail. You can usually tell right away in a rainstorm with an older building how well it was constructed. Sometimes the older buildings are even more spacious, while lacking some of the fancy amenities of the newer buildings, but they have much more square footage and storage.
Meanwhile, newer construction doesn’t come with the advantages of being tested like the older buildings, but they often do have so many amenities – roof decks, pools, meeting rooms, concierges, lounges, even pet grooming areas. Sometimes the buyer has the option of choosing the finishes in newer buildings – what backsplash they want in the kitchen, which light fixtures they want to have, so there is the chance to tailor the unit to the buyer’s needs. In many cases, new construction comes with a punch list for the buyer to provide to the builder before the settlement, with items to repair or to clean up before the final walk through.
No matter which type of condo building a buyer chooses, it’s important to note that each buyer gets the three-day condo doc review period to examine the financial health of the building, read through the by-laws, and also weigh their feelings about the various rules and regulations and they can back out of a ratified contract if they choose to do so. This is enforced by law in the District, and Maryland and Virginia have their own versions of this law as well.
With the help of a trusted agent, a buyer can choose which tools in their belt to use to find the right condo, whether it’s newer or older construction, do a home inspection if needed and also provide a punch list or negotiate with the seller the terms of the sale price or a credit if needed. Then the final walk through happens, settlement occurs and the buyer gets their new keys!
Joe Hudson will be hosting a homebuyer workshop in Mount Pleasant in D.C. on the evening of Oct. 16. Please contact him to sign up and for more information.
Joseph Hudson is a Realtor with The Oakley Group at Compass. Reach him at 703-587-0597 or Joseph.email@example.com.