I’m a first-time buyer and I’m more interested in spacious/affordable condos (which happen to be at older buildings), and I keep on being advised not to buy such condos as they won’t be such a good investment as the newer tiny condos. Am I really going in the wrong direction?
Thinking about buying a Toronto condo? You may find helpful tips in these other posts from our blog.
- What to do if Your Pre-Construction Condo is Delayed
- A Condo Buying Guide For Millenials
- Everything You Need to Know About Interim Occupancy in Toronto
My Answer
In my personal experience, I have bought two older Condos, renovated them, and done very well. I completely understand the appeal. For a lot of people, the extra size is very important. I think they will hold their value as you are usually buying them for less per square foot because they do not have the bells and whistles of the newer product.
That said, if you’re looking to renovate, there’s a lot to know before diving in.
Condo Renovation Tips
- Whatever your renovations look like, the Board of the Condominium Corporation must approve your plans. If they do not, future Boards could have the improvements or changes set back to the original materials.
- You must have extra Condo insurance to cover your upgrades. If you choose to add hardwood floors and the units originally came with broadloom, the Condo insurance would only cover broadloom and not the upgrade that you have added.
- For Sellers, the Agreement of Purchase and Sale must stipulate that the Buyer agrees and acknowledges that changes were made to the unit and accepts them as they are.
- For Buyers who offer on older Condominiums, I always suggest that the Buyer asks the Seller to stipulate that any changes were made with the approval of the Board of the Condominium.
Why Older Condos Are Different
The older Condos date back to the early 1980s when 1200-1400 square foot units were about the smallest Condominiums available and it was the mid and late 1980s when the laws changed and allowed for higher density and smaller units. The larger units are fewer and are usually cheaper than the newer product but I think they offer great value. They also allow you to put your own character in the finishing.
How Important Are Amenities?
On the hunt for more condo-buying tips? Check out these blogs.
- Buying a Condo? Here’s What You Need to Know About Status Certificates
- A Condo Buying Guide For Millenials
- How to Realistically Save For a Downpayment in Toronto
Downsizing With Extra Space
While condos are a great fit for many first-time buyers, they’re a popular choice among downsizers too. If you’re a downsizing that’s thinking of buying a condo but has concerns about the size, it’s worth pointing out that there are alternative, more spacious options.
Toronto’s housing landscape is diverse. For downsizers who are moving on from their long-time homes, smaller properties, townhouses, and even garden suites make great compact living spaces – with a little extra room to breathe.
We put together a short guide for downsizers who wish to explore options that aren’t condos. You can click here to read it.
As experts in Toronto’s dynamic real estate landscape, our team can help you find the perfect place for your needs. Ready to get started? Click here to get in touch.
