6 Reasons Why You Should Buy an Older Condo

Posted by Dave Kotler on Thursday, March 10th, 2022 at 3:51pm.

Why You Should Buy an Older Condo New multi-family home builders in Kelowna can hardly keep up with demand. People are quick to put deposits down for a brand-new condominium with a modern floor plan. They want the latest design, luxurious appointments, the stainless appliance package, and space-age technology in their homes. Many are attracted by the additional amenities that builders are happy to provide (for a price), like party rooms with full kitchens, a barbecue area, a fitness centre, or even a pool. But an older building in an established neighbourhood in Kelowna could be an affordable and attractive alternative to the splashy new building. Keep reading to discover the benefits of buying an older condo.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Older Condominiums Offer More Room

No doubt you've heard people say that when it comes to homes, they're not built the way they used to be built. The same holds true for condos. While design and lifestyles have evolved over the last 10 years, with extensive use of windows that can be the entire length of the room and open floorplans, the available square footage in some newer condos seems to have shrunk. The average size of a two-bedroom condo in Canada is approximately 700 square feet. Older two-bedrooms can be, on average, just over 1,000 square feet. Much of that extra square footage is often in the bedrooms.

Open concept living has its advantages, but there's something to be said for clearly defined spaces. For the homeowner that enjoys a bit of privacy in the kitchen or doesn't want a pile of dishes nagging them from the corner of their eye, having a wall between the kitchen and living space can be a good thing. Furniture like TV stands are often best set up against walls, so having fewer walls can limit the best ways to lay out a given room. Walls also absorb noise, giving residents a bit more privacy overall. Who doesn't want a space a bit away from the action to be able to listen to music without forcing everyone else to listen as well?

Older Condos Let You Get More for Less

Older condominiums are often more affordable than newly constructed units, and prices vary greatly even within the same community. Depending upon the location, there can be a few thousand to several tens of thousands of dollars difference in real estate pricing for new versus older condos.

Also, when looking into cost compared to condominium size, buying an older condo offers more square footage at a lower price. As mentioned above, many older condos were built with larger, more spacious living areas, with fewer units per building. Ultimately, you are getting more for less, and the final sale price of the older condo is far less than a newer, much smaller unit.

Older Condos Have a More Sustainable Condo Fee Structure

A shiny new building might often advertise low condo fees, even with those sparkling amenities. Older condominiums might have more expensive maintenance fees on the listing, but historically, when new condo buildings get up and running, their advertised fees will usually go up.

There's a warranty on new condominiums from the developer, but that will expire. A new building is untested and there could be hidden structural defects that would have already been apparent and fixed in an older building. Things like the boiler, the elevator, and even the swimming pool in a brand-new complex haven't experienced the demand of a fully populated building. Much like buying a new construction home, unknown factors will show up as the building settles with the first full cycle of the seasons.

An older building is stable. The amount of money it takes to operate the building and conduct annual maintenance is established. If there's a good condo board, there should be a healthy reserve fund which a new building's board has to start saving for. Certainly, keep an eye out for maintenance red flags regarding the building's upkeep, but a new building won't have enough use put into it for those potential warnings of faultiness to even show up.

Established Kelowna Neighbourhoods Have Everything In Place

Older buildings in Kelowna's inner-city areas are established and ready for you to start experiencing. No doubt there's a neighbourhood culture waiting for you to enjoy. There are nightlife hotspots and favourite pizza restaurants, shopping and good transit service, local art galleries and places to watch live theatre. City infrastructure is already there. If you need a school or a nearby medical facility, those things are already in place.

Buying in an older neighbourhood also has benefits like mature trees and high walkability, which are highly desirable features among homebuyers.

Older Condos Are More Likely To Have Established Communities

An established condominium development most likely has residents that have called it home for several years. A new building, by its nature, doesn't have an established community yet. Investors also tend to be more attracted to newer buildings, so rental condos are more common there; older buildings typically have a larger ratio of units occupied by owners.

All this means that attendance at condo association meetings is usually greater in older buildings, and the association members have often already worked out the kinks in what it takes to keep the building and the community running smoothly. In a new building, a smaller pool of people might make very important decisions affecting everyone.

Older Condos Have Great Personalization Potential

Remember how older condos tend to be more affordable? That means there's more room in most homebuyers' budgets for upgrades and renovations. With a newer condo, buyers might get the newest appliances, but with an older one, buyers have the chance to upgrade to the appliances they think are better.

Older condos also tend to be far less identical than condos that have just been built. Over time, the condo complex's residents will have added their own touches, just as a new buyer will, and their appearances will have gradually diverged to create homes with their own personalities. Much like older homes, older condos can benefit from the charm and character that comes with age.

Get Advice from the Experts When Buying a Condo

Looking for a Kelowna condo? Like the idea of an established area and an older building? Work closely with a real estate professional who can help you choose a good neighbourhood that has some history with an older building.