Old, Newer, Or Newest? The Pros and Cons of Purchasing an Older Versus Newer Condo:
The laundry room may be the deciding factor for some customers.
Kristi Holz of Stillhaven Real Estate Services said that the lack of an in-suite washer and dryer might be a deal breaker for some potential renters.
It shouldn’t be an issue if a potential buyer is interested in a condo in a relatively recent building. A communal laundry room is a common amenity in older buildings, so keep it in mind if you’re trying to decide between an older, newer, or brand-new property.
Affordability
Holz claims that older condominiums are cheaper than new ones, at least on paper. Compared to something brand new, “a 1970s condo is going to be a little bit cheaper,” she said.
However, there are concerns with condominiums of an older vintage. New construction is an excellent option if the buyer has the financial means to get a mortgage of $700.000, since there will likely be no substantial maintenance expenses for the first decade of ownership. Instead, you may be looking at hefty taxes in the future if you purchase a $550,000 condo in a building constructed in the 1970s. So it might be contingent on how much spare change folks have lying around.”
About every 20 years, maintenance on things like roofs, elevators, pipelines, and balconies becomes necessary. At times, and especially for substantial projects, special assessments and levies might easily reach five digits.
In most cases, newer buildings (constructed after 2005) will not suffer from cosmetic damage very soon. But anything from the year 2000 is going near to requiring some of that maintenance done, despite being newer.
The envelope of the structure might be the subject of one of these renovations. The leaking condo catastrophe hit in the ’80s and ’90s, according to Matt Scalena, an agent with Oakwyn Realty Ltd and co-host of the Vancouver Real Estate Podcast.
Therefore, all structures constructed after 1996 use rainscreen technology. That’s still an issue we’re addressing. Leaking problems in most buildings have been fixed, but not all. Moreover, not all of them have been rain-screened properly. A structure with water ingress problems on both sides is likely to continue to have problems with water infiltration. A rain screen should protect the outside from the elements.
Monthly payments for upkeep of common facilities and funding of a building’s emergency reserve fund are known as maintenance fees, and they tend to be greater in older buildings.
Pre-sale and newly constructed apartments are popular among investors because of their high rental potential. However, the 5% GST is the responsibility of the customer.
Amenities
While most new buildings will include conveniences like a gym and electric vehicle charging stations, older buildings may not.
Holz said, “That is a subject that has been raised.”
It is feasible to install EV chargers in older buildings, but doing so is a major undertaking. It would have to be approved by 75% of voters. Getting 75% approval might be challenging if the majority of voters do not own electric vehicles.
Some features, such as a gym, could be less important than others depending on the location of the building. Holz remarked that if the structure was located in a more populated region, its occupants could just stroll a few blocks to find a fitness center.
Holz remarked that newer buildings tend to have smaller storage lockers that are essentially bike storage lockers for each apartment.
Laundry facilities, assuming that counts as an amenity, are also available. She warned that even if you spend $600,000 or $700,000, you still may not be able to acquire laundry in a desirable neighborhood like Mount Pleasant. Many of the older residences in that region lack modern conveniences like laundry rooms.
Design:
An open floor plan is ideal for socializing and cooking in certain homes, so a more modern design may be the best option there. Condos built before the year 2000 likely didn’t account for the rise in popularity of cooking programmers, which has inspired many people to start using their kitchens more often and purchasing more expensive tools. Instead, traditionalarchitects and designers prioritized expanding the footprint of the living room and master bedroom at the expense of other regions. Kitchens in older condos are not likely to be large and up-to-date unless they have been remodeled.
Oftentimes, a brand-new apartment will have the most cutting-edge fixtures, appliances, and technology. Larger bedrooms, unique architectural features like beams, vaulted ceilings, fireplaces, and outdoor space are common in older condominiums.
Locations:
An open floor plan is ideal for socializing and cooking in certain homes, so a more modern design may be the best option there. Condos built before the year 2000 likely didn’t account for the rise in popularity of cooking programmers, which has inspired many people to start using their kitchens more often and purchasing more expensive tools. Instead, traditional architects and designers prioritized expanding the footprint of the living room and master bedroom at the expense of other regions. Kitchens in older condos are not likely to be large and up-to-date unless they have been remodeled.
Oftentimes, a brand-new apartment will have the most cutting-edge fixtures, appliances, and technology. Larger bedrooms, unique architectural features like beams, vaulted ceilings, fireplaces, and outdoor space are common in older condominiums.
