There are two different types of old condominiums that homeowners may want to consider purchasing in Toronto. If you’re the type of person who would rather own their home for a few years and then move, an older condominium could be the right choice for you. On the other hand, you may be someone who is looking for a new condominium that offers great equity. You need to keep all your options in mind when you are looking at old condo vs new condo. Here’s a quick look at the differences.
Location of your property
One of the first things that will affect the decision about which one to purchase is the location. In most cases, you’ll find that a new Tridel condo is going to be built closer to where you live. However, this isn’t always the case. When it comes to an old condo, you may want to look at a home that is located near the area you work in or are going to visit.
For many people, the old fashioned charm of a home that has been around for a few years is just too much to pass up. If you have some extra money, you might be interested in buying the home and then restoring it a bit so that it still has that appeal. By keeping the exterior and landscaping relatively similar to the original home, you can easily achieve that effect.
In terms of layout, both new and old condos have what are called living areas. These are usually larger than the sleeping areas of the units. With new home construction, however, you will also find common areas which are smaller but still allow family members to spend time together. Again, with older construction, this may not be possible.
Old structure vs new structure
Another difference between the two is that with an old condo, you’ll find that the property itself is not as structured as the interiors. With new construction, everything is planned out very carefully. The wiring and plumbing are already in place, and you don’t have to worry about getting things like the plumbing and electrical plans right. Even with those elements, though, older condo conversions often end up being less efficient than new construction. This is because older buildings aren’t as well insulated or control efficient, and that means they don’t heat or cool as efficiently as a newer building would.
In addition to this, there are also differences in maintenance. New condos are built to last for at least 25 years or so, whereas old condos have to be tended to regularly. Even when you’re just maintaining normal levels of maintenance, however, a new condo probably costs you less in the long run. Also, with a new condo, you have the luxury of getting any repairs done whenever you choose without having to wait on the homeowner. Older ones have to deal with high levels of maintenance and repair all the time, so that’s another area where new construction surpasses old in most cases.
One other advantage to a new construction is that you don’t have to worry about the high cost of insurance. Even when a newer building is being built, there is still plenty of insurance coverage because of the age of the building. Many older buildings require more frequent repairs and maintenance, so they end up costing homeowners more money in the end. However, if you take the time to purchase an older condo, it’s possible to get extra coverage that is comparable to what you would get in a new condo.
When comparing old condo to new construction, it’s important to remember that there are many factors at play. It might be more affordable in some areas than others, depending on the condition of the building. However, no matter what, it’s certainly a more attractive option.
