People looking to buy a condo unit in an older building at the moment are doing so for a number of reasons. While they may lack some of the bells and whistles found in new projects, especially when it comes to amenities, these can outweigh the positives.
And that is something you’ll want to consider before starting your property search. For some people, living in an older residential project better suits their day-to-day requirements. Here are three reasons you may choose to buy a condo unit in an older building.
Here’s why you should buy a condo unit in an older building
1) More space, less money
A condominium unit in a new-build development will almost always cost more on a per square meter basis than an older one in the same location. This is due to a number of different factors. For example, newer projects are equipped with smart technologies which adds to the price. Additionally, amenities aren’t as nice or expansive.
However, you can likely afford a larger unit in an older building if you aren’t concerned about things like that. And with work from home expected to be with us in some form moving forward, having that extra space is an important consideration.
If you buy a condo unit in an older building, there is greater freedom to customize it. In most new developments, fittings, finishings and, in some cases, furniture comes pre-equipped. While not impossible, you may run into restrictions as it relates to modifying rooms or spaces.
These restrictions don’t usually exist when buying a unit in an older condominium. Now, the size and scope of the renovations will be limited by the juristic board of the building, but most are pretty flexible in terms of what can be done as long as you submit plans ahead of time.
3) No surprises
The only way to view an off-plan condominium is at a show unit or via 3D renderings. These are excellent tools, although some property buyers let their imagination run wild when purchasing a new unit only to be disappointed when it is finally turned over.
What you see is what you get when buying a unit in an older condominium building. There are very few surprises, and you can kick the proverbial tires on it until your foot is sore.
For some home seekers, it makes more sense to buy a condo unit in an older building. However, this isn’t always the case. Those who enjoy using amenities or prefer a residence be move-in ready will be interested in a newer project. Ultimately, the key is conducting a thorough property search and see how units in older buildings compare to newer ones in terms of price, size and what’s most important to you.
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