1. Lower prices: Preconstruction properties are often sold at a lower price than completed properties, as developers may offer early bird pricing or other incentives to buyers who purchase units before construction is complete.
2. Customization: Buyers of preconstruction properties may have the opportunity to choose finishes, layouts, and other features of their unit prior to completion.
3. Potential for investment gains: As the property appreciates in value during construction, buyers of preconstruction properties may have the opportunity to realize significant gains on their investment when they eventually sell the property.
4. Modern amenities: Preconstruction properties often offer the latest in modern amenities, as developers strive to make their properties as attractive as possible to potential buyers.
5. Newer construction: Because preconstruction properties are typically completed more recently than resale properties, they may offer newer, more up-to-date construction and materials.
6. Extended payment plans: Some developers offer extended payment plans for preconstruction properties, which can make it easier for buyers to finance their purchase over a longer period of time.

When purchasing a preconstruction condo, buyers typically sign a contract with the developer and provide a deposit upfront. The deposit is often paid in installments, with a larger portion due upon closing. The final closing may not occur until several years after the initial purchase, when the condo is completed and ready for occupancy.

In contrast, when buying a resale condo, the buyer typically works with a real estate agent to find a suitable property and makes an offer to purchase directly to the seller. If the offer is accepted, a closing date is set and the buyer provides a deposit to secure the property. The closing typically occurs within a few months of the initial purchase.

Another key difference between buying preconstruction and resale condos is the level of customization available to the buyer. With a preconstruction condo, buyers may have the opportunity to choose finishes and make other modifications to the unit prior to completion. With a resale condo, the unit is typically sold as-is, with limited opportunities for customization.

The resale value of a preconstruction property can vary widely depending on a range of factors, including market trends, location, and the overall quality of the construction. In general, preconstruction properties tend to appreciate in value more quickly than resale properties, but they may also be subject to greater volatility in the short term.

Common mistakes to avoid when buying a preconstruction condo or property include failing to properly research the developer or builder, underestimating the risks involved, and overpaying for the property.