The conversation with my elderly neighbor that changed how I view pre-sale condos

Last week my neighbor Frank, who is 78 and has lived in Edmonton since the 70s, told me he regretted buying his condo pre-construction back in 2018. I always thought new builds were the smart move because you get everything fresh and modern. But Frank said the real problem was the developer used cheap materials and cut corners on soundproofing, and now he hears his upstairs neighbor walking around at all hours. He also mentioned the condo fees started low but jumped $150 a month in just three years because the reserve fund was underfunded. That hit different for me because I was seriously looking at a new development near Oliver Square. Now I am leaning toward an older building with a well managed reserve fund and solid concrete construction. Has anyone else here had second thoughts about buying pre-sale after hearing a long term owner's story?

2 comments

2 Comments

val2231mo ago

I used to think the same thing about new builds being the better choice, but Frank's story really made me reconsider. Hearing about those cheap materials and the fees jumping that much sucks, especially when you're locked in.

the_skyler1mo ago

I get what you're saying @val223, and I'm not saying Frank's story isn't real, but is it really that common? I hear these horror stories online but my buddy bought a new build two years ago and his fees barely went up. The cheap materials thing is annoying, sure, but you're gonna have to fix stuff in any house after a while. Plus old houses have their own problems like lead paint or knob and tube wiring that'll cost you way more in the long run. Maybe it's just the bad stories that get all the attention, you know?