There are many good points below.

In my opinion there are advantages and disadvantages to buying new. With a new purchase you must take into consideration the upgrades that you will likely need to make to the unit when building. You will want to choose appropriate finishes for your price range. I would allow about 10% at a minimum for upgrades such as countertops, flooring, fixtures and cabinets. You also have to consider paint (to make it your own after possession) and blinds or window coverings. This could be a few thousand dollars more on the cheap side. There are no decks, finished basements, etc. Also built into the price of many new builds are financing incentives and/ore work equity programs. There are a few builders in my area offering 3 7/8% financing when the market is 5.375% on average. These programs cost money and the points to buy the rate down are added to the price. Work equity program for downpayment? Also added to the price.

You are better off buying something that is gently used in most cases and allow the seller to absorb the inflated costs incured with new builds. Spec homes are sometimes good bargains if the unit is ready to go.

If you decide to purchase a new build, be sure to use a buyers agent to assist you. It should not cost you anything extra and your agent will be able to research comparable sales, negotiate and troubleshoot on your behalf and recommend appropriate finishes. Have a home inspector in the area do a whole house inspection. I have had many new builds with issues....

Best of luck,

There is no downside to either if the existing one is in the condition you desire. New construction of coarse has the advantage of being able to pick the features you want while the existing may take so cosmetics to get it to where you like it. It would depend on who want to sell for the best price. Pit each seller against the other and see who's willing to negotiate the most.

Buying an established property has an advantage of allowing you to see how a development or an association is after it has moved beyond the drawing board. 5 year old properties that have been maintained reasonably should be in great shape with just a little normal wear & tear.
Should you have a choice between 2 or more similiar properties that you like, my advsie would be to find out who wants to sell their property more!

A 5 year condo is like new to most people. I see no downside. I f you buy new you may have some input into appliances, colors, etc. That's the only advantage I see. You will probably get a better deal with a 5 year condo also. Good luck.