Toronto’s historic districts offer a unique blend of charm, culture, and architectural significance, making them highly desirable for both tenants and investors. However, managing properties in these areas comes with its own set of challenges, although the historic charm adds to their value and desirability. Property owners in these areas must navigate a fine line between preserving a property’s historical integrity and meeting modern building codes, tenant expectations, and practical functionality.
A property manager experienced in higher-end and specialty properties can help ensure your historic property is managed and cared for appropriately, but owners within this niche area should be aware of the requirements and complexities involved, as well as the opportunities these homes can provide.
Understanding the Complexity of Heritage Properties
Properties in heritage districts like Cabbagetown, Yorkville, or the Distillery District are protected under specific bylaws that safeguard their historical significance. This means any changes to the exterior or even interior may be subject to strict regulations. While these properties can command higher rents due to their appeal, they often come with higher maintenance costs, and renovations or repairs are not as straightforward as in modern buildings.
Owners should be aware of the Ontario Heritage Act and Toronto’s specific preservation guidelines, and choose property managers who are well versed in the requirements. This ensures that maintenance and upgrades are completed without violating preservation laws, retaining historic charm while including modern enhancements.
Balancing Preservation with Tenant Expectations
Modern tenants, especially in high-demand areas like Toronto, expect a level of comfort and convenience that older properties weren’t designed to offer. While historic properties often come with beautiful architectural details, they may lack updated amenities such as central air conditioning, efficient heating systems, or modern kitchens and bathrooms. Managing tenant expectations while maintaining the property’s historical integrity can be tricky. A skilled property manager can recommend upgrades that enhance functionality without compromising historical elements, and has partnerships with contractors to ensure work is done properly.
Navigating Building Codes and Compliance
In addition to heritage regulations, managing properties in Toronto’s historic districts often means navigating complex building codes that may conflict with the preservation of certain features. Older buildings may require significant updates to comply with fire safety regulations, accessibility standards, or energy efficiency laws. However, these updates must be carefully planned and executed to avoid damaging the property’s historical features. Again, it’s important to ensure property managers and any contractors know how to meet modern safety and accessibility standards without overstepping preservation requirements.
Maximizing the Benefits of Historic Properties
While historic properties do come with their unique set of challenges, they also present significant opportunities for property owners. Their undeniable charm and architectural uniqueness can command higher rents, especially when targeted toward discerning tenants.
The historic character of these homes, combined with prime locations in areas like Cabbagetown or Yorkville, make them ideal settings for productions seeking authentic backdrops. Historic properties in key cities can be highly desirable for period pieces or to create a certain ambiance that modern buildings can’t replicate. Owners can also maximize rental income by catering to executive relocations or short-term rentals, particularly when they carefully balance modern conveniences with the property’s historical charm.
Tailoring to Higher-End Renters
To attract top-tier tenants, owners can make strategic upgrades that preserve the building’s historical elements while providing modern amenities. This balance appeals to renters who seek character and luxury in their living spaces.
Furnishing Historic Properties for Modern Tenants
When furnishing a historic home, it’s essential to highlight the property’s unique charm while ensuring comfort and style. Investing in high-quality interior design can dramatically enhance the appeal of the space.
Carefully chosen vintage or antique furniture highlight pieces accentuate the historical aspects of the home, without looking tired or dated, while still catering to the comfort and aesthetics that modern, upscale tenants look for. Neutralcolourr schemes with pops of rich, deep tones can emphasize architectural details like crownmouldingss, fireplaces, or hardwood floors. Certain modern amenities, such as installing high-end kitchen appliances and smart home features cater to modern tenants’ expectations without detracting from the historic ambiance.
Marco Property Management offers over 20 years of property management experience, ensuring owners’ properties are cared for as if they were their own, offering expert interior design and other services that enable property owners to get the most out of their properties, including historic and high-end furnished rentals.
For property owners interested in opportunities to supplement their income, Marco Property Management manages longer stays and facilitates leases to their clients in the film industry. They offer furnishing services and manage beautifully furnished homes for 28 days or more but less than a year, ideal for the needs of executive relocations and the film industry. For exceptional accommodation solutions, contact Marco Property Management.
Sara LeBlanc is a real estate professional and furnished division property manager in Toronto.
