Benefits to buying a unit in an older condominium building
By Cheyenne Hollis
Buying a unit in an older condominium building can be a smart move in the right circumstances
Everyone likes the latest and greatest. From technology to cars, most people want what’s new. It is a trend you see quite a bit in real estate as well. Demand for new-build properties is usually strongest, but buying a unit in an older condominium building has benefits too.
It is important to understand these before starting your property search. In some cases, you may find that buying a unit in an older condominium building may actually suit your needs better. With that in mind, here are a few of the benefits.
Reasons to consider buying a unit in an older condominium building:
1) More value
There is a reason the newest iPhone is the most expensive one on the market. You’re paying a premium on the latest advancements. It’s the same for real estate. A condominium unit in a new-build development will almost always cost more on a per square metre basis than an older one in the same location.
This is usually due to the older property featuring a design and layout that aren’t as intuitive as more modern buildings. Additionally, an old unit may require more maintenance or need to be upgraded. These issues aren’t universal and you’ll need to conduct due diligence if you’re considering buying a unit in an older condominium building.
An important thing to consider here is value. While you may need to invest in making some renovations or improvements, the money you save from buying a cheaper unit in an older building allows you to budget for it. Additionally, you might even be able to afford a larger unit than you originally thought possible. You may not get all the bells and whistles of a modern condominium building, but the trade off could see you gain an extra 20+ square metres or an additional bedroom.
2) Customise your home
Buying a unit in an older condominium building gives you greater freedom to customise it. In most new developments, fittings, finishings and even furniture comes pre-equipped. For those who aren’t into design or don’t own furniture, this is great. But this is very restrictive if you enjoy picking out decorations and adding style to your home.
These restrictions don’t usually exist when buying a unit in an older condominium building. You are free to style it as you see fit. The size and scope of the renovations may be limited by the juristic board of the building, so be sure to check with them first before you start making plans.
3) No surprises
The most underrated aspect of buying a unit in an older condominium building is the fact you can see it with your own eyes and explore it in person. If you’re thinking about buying a new, off-plan condominium, you can only see a show unit and look at 3D renderings.
It’s not unheard for property buyers to let their imagination run wild when purchasing a new condominium unit only to be disappointed when it is finally turned over because it doesn’t meet their lofty daydreams. On the other hand, what you see is what you get when buying a unit in an older condominium building.
For some property buyers, acquiring a unit in a new building makes sense. However, buying a unit in an older condominium building shouldn’t be dismissed entirely. That’s especially true if location and space are important factors since you may find you get more bang for your buck with an older property.