The Differences between New and Old Condo Buildings in Kits:
So you consider yourself a modern person, and only modern homes will do. We have lots of clients who specify that they are only looking for a condo built in the last 5 years, or post-2000.. nothing “old”. Kitsilano is an older neighbourhood in Vancouver and has it’s fair share of older condo buildings. If you’re going to live in Kits, there’s a good chance you’ll be living in a building more than 20 years old. Don’t despair – I’m here to help dispel some myths about older Kitsilano condo buildings.
An Oldie but a Goodie
Older Kitsilano condo buildings have a lot to offer: they generally have bigger floor plans with more character, bedrooms that can fit more than just a bed, lots of built in storage, good sized balcony’s, normal sized parking spots and larger storage lockers. When land wasn’t at such a premium, architects had a little more freedom when it came to sight lines towards the mountains and other buildings, so there’s a good chance you won’t be staring at your neighbour from your living room. Older condos may also be needing a renovation, allowing you to inject some of your own creativity and design into the space. Also, older buildings typically have long term residents and fewer renters.
An older condo building in Kits may not have the fancy amenities like some newer buildings (think pool, gym, party rooms, etc) but you also don’t have to pay for the extra amenities that you may not use. Aesthetically, you can’t compare and older and newer building since building materials and popular styles have changed in 10, 20 or 30 years. When comparing building, think of the performance, and building management (such as how much is in the contingency and how pro-active they are)
How Condo Prices can Vary with Older Condo Buildings
Mechanically, if the building has updated it’s major systems – boilers, roof, rainscreen, windows, elevators, lobbies, etc. then it’s can be just as good as new, perhaps even better as some of these systems will come with a warranty. Otherwise, the building may need some maintenance in the next few years (we’ll uncover this is information during the buying process), so you may need to be prepared for a special assessment. Keep in mind that any maintenance and updates to your building helps maintain it’s performance and your investment.
Typically, the price can vary significantly between older condos and newer condos, specifically when thinking of price per square foot of space. For $450,000: the unit in the older building will be bigger and possibly in a better (or more established) area of town, Consider how many post-2000 built buildings are near Kits Beach…. a handful, if that!
Location, Location, Location
Some of the newer buildings are often off the major thoroughfares, including West 4th and Broadway, these include: Pulse, Kits360, the Vermeer, and more. For a list of some of the older Kitsilano condo buildings we like, see our list of Best Kitsilano Condo Buildings.
In terms of investment, a newer condo building *might* be better for someone who is only looking to live there for a few years, since the chance of a special assessment is lower and the possibility of renting the unit out is probably higher.
At the end of the day, preference is king – if you’re open to the idea of living in a new or old building, tour both of them to see how far your dollars will stretch.