Renovation or new housing? When looking at the list of condos in Toronto, many individuals ask themselves this question. A new condo is tempting because you get new appliances and cost savings on maintenance. On the other hand, old condominiums include features that you won’t find in a new property. To assist you in making your decision, we’ve put together a list of benefits and drawbacks of remodeling an old condo.
Pros of Renovating A Condo
If you are a first-time buyer, it is well-known that older condos are the best way to start. They are lower in price, but they also have many other benefits.
Condos in newer buildings have smaller overall square footage than condos in older buildings. If you need a lot of room, older buildings are a better choice. You can add extra furnishings and accessories to your condo since the square footage per condo and per room is more significant than modern ones.
Older condos, on average, have more room than newer ones. This is because older condos were developed when space was less valuable in the city and the condo market was less competitive. Due to the shortage of storage compartments in newer condos, owners must get creative if they need more storage space than the condo provides.
Higher Quality Materials
Renovations to older condos have weathered the test of time. Contractors constructed older structures with more durable materials than modern structures. While brand new complexes are initially maintenance-free, the risk of future difficulties increases since the materials are sometimes of lower quality than those present in older structures. Buyers know they won’t have to pay for some of the more expensive condo renovations seen in newer buildings.
While it may not always be possible to buy a new condo, upgrading your current one to better match your requirements and daily routines may be possible. A do-it-yourself project can help you save money on labor costs. However, before attempting to rehab a bathroom, think about your skillset. If you don’t hire a contractor, a botched DIY effort might turn into a bigger and more expensive undertaking.
Cons of Renovating a Condo
Unfortunately, even if buying an older condo has numerous advantages, there are also downsides that you should consider before making your decision.
One of the risks of flipping older condos is that some of the materials used in construction may be toxic. In certain older buildings, asbestos, obsolete wiring, plumbing pipes, and other hazardous elements can still be discovered. These dangerous compounds must be replaced.
This can increase the cost of condo renovations and the amount of labor required to update the property. Although newer structures are constructed with less lasting materials, their heating, plumbing, insulation, and other fittings meet current construction requirements. This is where an environmentally friendly condo may help.
When you buy a fixer-upper that requires extensive improvements before moving in, you’ll almost certainly need to fund the makeover and purchase price.
Because providing money for projected improvements is considered a hazardous lending move. Many banks that offer traditional mortgages will not authorize a loan that is more than the existing worth of the property.