Buying in a new development

New developments sell at a (sometimes significant) premium to resale. If you absolutely have to have something brand-new, new development is the only option. If you value ease of execution, new development also wins: you sign a contract, you write a check and you get a key. If the closing date is some time off/ you are an early entrant to the building, and the market is moving in your favor, significant equity can be built as the building construction progresses /before you close.

On the other hand, for purely investment properties there can be more value in resale/ secondary market property, given a new product comes with a premium yet by its nature is ephemeral. Yields tend to be higher on resale in general given the lower taxes on older buildings, as well as the ability to demand similar rents.. Another factor to consider are the higher closing costs of new product. The transfer tax, which is a seller tax in resale, is instead paid by the buyer in sponsor/new development sales (unless negotiated otherwise). 

If you wish to finance the purchase, you may not be able to lock in your rate until the project is nearer completion, which subjects you to interest rates moving against you. It’s also common for new developments not to accept finance contingencies for related reasons.