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:
Renovation Costs vs. Resale Value
When comparing the renovation costs to the resale value, flipping an older condo can be very profitable. There is no denying that older condominium renovations can be costly. Potentially, there can be other issues that are found after the remodeling projects begin. These unknown issues make it impossible to budget the condo renovation costs accurately. But once the condominium remodeling work is complete, the resale value will increase significantly.
Old but Gold
Older buildings were built using more durable materials than today’s buildings. While newly constructed developments are maintenance-free when first built, the potential for future problems is higher because the materials lack the same quality that is found in older buildings. Older condo renovations have stood the test of time. Buyers know that they will not face some of the more major condo renovation costs that are common in newer buildings.
Outdated, Hazardous Materials
One of the pitfalls of flipping older condos is that some building materials might be hazardous. For example, asbestos, old wiring, plumbing pipes, and other dangerous materials are still found in some older buildings. These unsafe substances will need to be replaced. This can add to the condo renovation costs and work involved to upgrade the condominium. Newer buildings are made with less durable materials, but their heating, plumbing, insulation, and other fixtures are up to today’s building codes. This is where an eco-friendly condo renovation comes in handy.
Reap What You Renovate
Older condo renovations require more hands-on work than newer units. But the rewards can be greater. Renovating a condo lets you infuse your own taste into the construction and design of the building, creating a very personal and unique living space. Moreover, you can renovate the kitchen or remodel the bathroom in an old condo to suit your needs perfectly.
Older condos are often located in better areas with more amenities. While modern condos have built-in gyms, pools, and parking, older structures are typically located near businesses and stores, restaurants, and entertainment venues.
Attract a Unique Market
While many condo buyers look for new, move-in ready condos, older condominiums have their place in the market. Many buyers like the historic architecture and unique style that older condo remodeling developments offer. Flipping a condo gives buyers something that incorporates history with modern design.
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.