Owners of older-style condos often reach a point where it is time to either sell or renovate. Is condo renovations in Toronto worth the hassle and cost though? The condominium market never really slows down, so homeowners, developers, and investors are highly active within it. While people do love modern buildings, there is a large percentage that seeks out the features older buildings offer as well.
Considering this, remodelling an old condo to find a nice balance between classic features and modern style can be very lucrative, especially if you have a larger space. The experts in condo renovation in Toronto, Renolux Design, deal with this daily, so let’s look at some of the benefits of an older condo renovation.
The benefits of older condos
While buying a new condo is exciting, older condos offer features that are in short supply. Older buildings have a lot more character than more modern apartments which are all built to similar specs, like carbon copies of one another that are created to go up and sell quickly.
In Toronto, condo renovations projects have a goal of maintaining the historic fixtures, features, and facades as they simply are not made that way anymore. This nostalgic homage adds value to your condo as it is becoming harder to find in the current market.
Enjoying a little space
Another significant and attractive aspect of older condos is their size. Newer buildings have less square footage, so those who want a little more space for their condo-style living will look for something older. Condo living is generally minimized, so a little more room for extra furnishings goes a long way.
This idea also transcends to storage space; newer condos lack as many sections and compartments, forcing people to be more innovative with décor to create extra storage space. You never really realize how much stuff you have until you need to move it! For those who are downsizing, they already need to adjust to the difficulty of whittling down possessions, so any extra room is a huge benefit.
How about that view?
When space was abundant back in the day, the options of where to erect a new structure were many, which often led to some pretty spectacular views. Modern building developments are more restricted in their location, which means breathtaking views of the city are a little easier to come by with older buildings.
Many older buildings have been designated as historical landmarks which increases their value and charm. They are also often located in areas with more access to businesses, retail options, restaurants, and entertainment.
Costs and resale value
Another vital factor to consider in all of this is the profitability of flipping an older condo. Renovations can be costly, but every improvement you make increases the resale value significantly.
This will, of course, vary greatly based on location, the amount of work required, or your specific plans. Older condos were often built with more durable materials than the ones used today. Purchasing a new building usually means a maintenance-free honeymoon period, but the potential for future problems can be higher.
When renovating an older condo, you are working with good bones, which means the improvements may not be as costly as full replacements aren’t necessary. Older condos have stood the test of time which is very attractive to potential buyers when compared with newer buildings.
There is one downside to this, however. When renovating an old condo, you may come across some building materials that are hazardous, like asbestos. Older wiring and plumbing may need to be replaced, which adds to condo renovations costs. Newer buildings have the advantage of up-to-date and often more eco-friendly heating, plumbing, and insulation relevant to today’s building codes.
Customize your canvas for old condo renovations
Old condo renovations can be a little more work, but you have complete control over your remodel, as opposed to buying a newer condo in which the colour scheme or interior design palette is set. When performing a condominium renovation, you can create a personal and unique living space that suits your needs perfectly.
The ability to plan with your design in mind means more efficiency and a result that matches exactly what you want.
Filling a niche
Older condominiums indisputably have their place in the market for those who love historic architecture and the unique style of a more traditional building. Combine this with the modern design of a freshly renovated interior, and you get the best of both worlds.
The benefits of remodelling an older spacious condo are many, and depending on the circumstance could be far more financially fruitful than investing in a newer, but smaller condo.
Seeing the benefit in an older condo renovations?
If you decide to go ahead with a condo renovation in Toronto, the large number of things to consider can be made easier and less stressful with a professional team like Renolux Design on your side. Navigating the process, the many restrictions when working within a condo, and figuring out the most time and cost-efficient ways of doing things is easy with our experts on the case.
Hiring an experienced bathroom renovation contractor will save you any costly mistakes. Renolux Design offers a team of specialists, so you have access to interior designers and professional tradespeople who deliver quality craftsmanship every time. We assist you with every step to ensure everything is done right, and you love the results.
Enjoy the peace of mind in knowing that your condo renovation has been done correctly, encompassing all of your needs and customized options with work from a team that has been delivering exceptional results for many years. Speak to us about refreshing your older condo today and get the most out of your investment while creating a home living area you simply adore.