If you are considering whether to stay or sell your older condo, you might be asking yourself, “Is renovating a condo worth it?” Here’s the thing, the condo market remains hot for homeowners, developers, and investors. Many potential real estate buyers today are looking for the newly constructed, move-in ready, modern buildings. But there is a niche market that is attracted to all the features and amenities that older buildings have.
Unlike newer buildings, older condo buildings have features that you can’t find in today’s modern condominiums. To this end, renovation experts often recommend remodelling an old condo with big square footage over buying a new condo that’s much smaller.
What Old Condos Offer That New Ones Don’t
We have to admit; buying a new condo is appealing. You get new appliances, freshly painted walls, and you save on maintenance. However, old condos offer features that you cannot find in a new condo apartment.
Older buildings have a lot more character than the newer, cookie-cutter style buildings. Most Toronto condo renovation projects keep most of the historic fixtures and features. The unique façades make the older buildings more attractive by incorporating the older details with modern upgrades.
New building condos have less total square footage than older building units. If space is important to you, older buildings make a much better option. The square footage per condo and per room is bigger than newer units, so you can add those extra furnishings and accessories to your condo décor.
In general, older condos tend to have more space than newer ones. The reason being is that old condos were built when space wasn’t as precious in the city as it is now, and the market for condos wasn’t as competitive. Newer condos, however, lack storage compartments so owners must be innovative with their décor and additional storage space.
Several decades ago, developers had more options in choosing where to build their structures.They had the space to pick locations with beautiful views. Today, newer building developments do not have the same options in choosing their location. Thus, views are more limited and less appealing. Renovating a condo in an older building appeals to those who are looking for breathtaking views of land and cityscapes.
In many buildings and locations, older units have been designated as a historical landmark. This formal recognition not only adds to the history and charm of the building, but it also increases the value of the condominium renovations.
Renovating an Old Condo? Consider This!
It’s clear that owning an old condo apartment has its perks. Therefore, If you are wondering if remodeling an older condo is worth it, here are some other factors to consider:
The Bottom Line About Condo Renovation
Remodeling an older condo has many benefits, but there are some drawbacks. The buyer looking for a spacious condo with lots of character will find that older condo renovations have many personal and financial benefits. Instead of investing in a tiny condo with no personality or space, you can create your personalized home in a historic building with beautiful views and ample space.