Monday 29 August 2011

Choose an Older Property for the Value and the Upswing

I’m continually surprised at the number of homebuyers that opt to purchase a new property rather than buying and renovating an older one. While home shopping I can understand how tempting and desirable it is to buy a space where everything is shiny, new and in optimal condition. Who wouldn’t want those things?  However, it’s unfortunate how few people realize that you can have all that and more in an older property. This is especially true for urban professionals living in city centres where condos rule. By renovating your space yourself (in conjunction with your designer of course!) you can personalize it to your tastes and create a space that truly caters to your lifestyle - whether you are single, a regular dinner party host, a gourmet chef or home-based entrepreneur. And there are other benefits too.
One of the biggest advantages with purchasing a condo that requires updating is the value that you get for your money. Generally the suites and rooms are significantly larger and come at a much lower price per square footage compared to new developments. Have you seen 455-square foot condos being sold for $ 250,000?! With older properties usually being more affordable, buying and then creating your own personalized oasis does not at all mean spending more money but it does mean getting what you want in exactly the fashion you’ve always imagined.
Another perk, which I hinted at above, is the absolute control that homeowners have over the materials, finishes and use of space that you will live with for perhaps a very long time. With new condos, base finishes and appliances are usually included and trying to change these can be very costly to replace as developers have spent a lot of time negotiating for these specific items which vary in quality. Lastly, think location. In Toronto, many older condo developments are located in spectacular areas. For example, Toronto’s waterfront is dotted with condos just waiting to be transformed into incredible spaces of your design on the waterfront in buildings with amazing amenities.
If you are still a non-believer follow my regular Friday posts as I transform an older downtown condo in Toronto into a homeowner’s dream .You can start here. Look out for a complete Return on Investment breakdown coming soon. If you have questions on what you can do with your current space or a property that you are considering, feel free to contact me, Paul Kenning Stewart with questions at paul@projekthome.ca   

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