When considering a new apartment or commercial facility for rent, it’s important to weigh the benefits between a renovated building and new construction. Renovations keep historic values alive while new construction destroys it. Additionally, new construction has proved to be less sustainable than pre-existing engineering and oftentimes is much less cost-effective.
At GM Holdings, we appreciate the beauty and stamina that comes with the historic architecture of Philadelphia. We understand the obligation that comes with bringing an older, abandoned building back to its intended glory. That is why a great portion of our available properties are restorations and overhauls of historic buildings. Read on to further understand the benefits of renting/buying renovated versus newly constructed properties in the Philadelphia area.
Reconstruction holds intrinsic value
Rather than demolishing and rebuilding old and potentially historic buildings, renovating and rehabilitating them will provide a positive impact for the community and potential buyers. Historic and older buildings are assets to a community’s aesthetic. More often than not, newly constructed warehouses and apartment complexes will look out of place in a neighborhood with historical architecture. The culture of a community is preserved when they have a distinct presence of historical times and residents can take pride in the history of their new property.
Buildings and homes should reflect the history and style of its neighborhood and community. New construction not only looks out of place, but it also has significantly less architectural detail and charm that many older homes include. When renovating, the architect and builders can combine modern fixtures with the existing foundation. When blended with the exposed brick, stone or wood from the original building, our modern finishing touches from renovation are aesthetically pleasing and appealing to young professionals looking for life in the city.
The benefits of renovations do not stop at artistic and cultural value. Our available restored properties offer durability that can not be found in today’s new construction processes.
Many people believe that the older a structure is, the more structural problems it contains. However, this is not always the case. The houses and warehouses in Philadelphia are over 100 years old and are still standing solid. This speaks to the quality and durability of the original construction.
Current technology has produced a number of different materials and methods used for new construction. These components and practices are much less costly than traditional ones for construction companies, but their ineffectiveness ends up costing the tenants more money in the long run for repairs. When new apartment and office buildings in the city are not built with good-quality, durable materials they are not built to last; this leaves them fickle and prone to foundational problems. Conclusively, buildings that are built too fast and with much less emphasis on long-term quality are not the best route for potential buyers.
If not done properly, some materials used in new construction rot or corrode in wet weather or deteriorate in hot sunlight. When done cheaply and swiftly, some of the most important features within the new construction suffer. Plumbing, heating and cooling technology require time and proper materials; they are likely to fail after a while under any conditions, simply because they are not built to last anymore. Using the adequate materials, as they did for older buildings, can make a huge difference as to how long a building will stand and how often it will need repairs. This is why restoring historic buildings are a much safer bet; they have already been vetted by years of functionality.
What you get is not necessarily what you pay for
Just because your brand new apartment or commercial space look state of the art, does not mean it is. As previously mentioned, new construction is being built with substandard materials and practices. They are put up at cheaper rates and finished faster than ever; plus, they are being rented and sold at exorbitant prices that do not reflect their physical value. The faults in new construction will ultimately cost you more in repairs than buying a structurally sound renovated space. In the end, with new construction, you are likely paying more for something of much lesser value both physically and historically.
There is no need to splurge on brand new construction, in fact, you should not. As you can see, there are many more benefits to renting a renovated historic lot rather than brand new construction. Not only will you have the allure and charm from the original historic architecture, but you will also have the satisfaction of knowing that you are living and/or working in a space that is built to last. Check out all of GM Holdings’ available properties and see what our historic renovations in Philadelphia have to offer.