Before I take my clients out for showings, I always ask a series of questions which help me select the right units for us to see. One question, which seems to always come up is whether my clients want an “older style” or “newer style” condo. By older style condo, I mean; any condo in Mississauga which was built before 2001 and by newer condo, I mean; any condo in Mississauga which was built after 2001. In this blog post, I will cover the advantages and disadvantages of older and newer condos.
Older Mississauga Condos
Most condos in Mississauga built before 2001, are 1,000+ square feet in size, have baseboard heaters and glass enclosed solariums instead of balconies. They offer a great solution for those looking to raise a family or perhaps entertain many guests. Many of these condo units that are found inside older condos have been extensively renovated to look and feel newer.
Advantages of older condos include; good sized units, affordable pricing, and lower condo fees per square footage compared to newer condos. Older condos usually have a formal dining room where the entire family can sit down and eat supper. These condos typically allow the owners to have pets and the condo rules and regulations tend to be more lenient.
On the other hand, disadvantages of older condos include; having a dated building, dated amenities and possibly no balconies. Not having a balcony can impose a challenge to smokers and to those who are claustrophobic and afraid of enclosed rooms. As a final note, older condos tend to have a lower appreciation rate compared to newer condos.
Newer Mississauga Condos
After 2001, developers really re-examined the way condos were designed. They decided to make the individual units smaller, the building more visually appealing and expanded the common elements. Newer condos are designed to target the young couple, the successful entrepreneur, or the elderly person looking to retire and live a worry free life-style.
The most obvious advantage of buying a newer condo over an older condo, is that the newer condo has a “newer” feel to it. This includes; an up-to-date gym, concierge, an upscale interior lobby, a newer kitchen and a newer bathroom. Also, Square One condos that have been built after 2001, have balconies, which many older condominiums lack.
The biggest disadvantage, for many, of a newer condo is its small size. Newer condos in Mississauga are known to sell for more than $400 per square foot, whereas older condos sell for about $200 per square foot. Therefore, old condos appear to be a “better value for your money”. Some critics point out that newer condos do not have enough storage and closet space, which often poses challenges in a small 600 square foot 1 bedroom unit.
There are obvious pros and cons to both older and newer condos. When determining which type of condo is right for you, it is important to keep in mind three main points:
1) How much space do you really need?
2) What is your budget?
3) What type of condo lifestyle do you desire?
If you are still unsure, which type of condo is right for you, I suggest you ask your Realtor to show you both older and newer condos, so that you can get a better understanding of which style is right for you.
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