Personal Finance

is it a good idea to buy a condo that was built in 1969?

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  • Mar 9th, 2015 4:12 pm
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Deal Guru
Aug 2, 2010
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Here 'n There
flafson wrote:
Mar 6th, 2015 9:50 am
As someone with experience like yourself, is there a way to protect yourself against something like that before buying a condo?
If you buy a condo for 300k or whatever, with monthly fees of say $500 a month and then the next year it jumps to $700, nobody is going to pay for the place 300k anymore, instant loss.
No because they're always 'estimates' and the condo developer protects themselves 10 ways to Sunday in the documents.
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Mar 1, 2004
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Pickering
coolwasabi wrote:
Mar 6th, 2015 12:48 pm
but what if you are a hipster douchebag that doesn't like asbestos??
This comment really makes my day. :lol:
Deal Fanatic
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Jan 6, 2011
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Is this high rise? more description would help.

A restoration engineer once told me, any residential or almost any building in general could last forever. New techniques comes up thus cost of fixing/upgrades gets cheaper and cheaper. The ceiling height would become your concern as human had been growing taller and at this rate 9ft ceiling today may only last another 100yrs that you may not want to live in it.

That said, the older bldgs I have reviewed has some pros and some cons. If the location is good and fits your current needs, older bldg can be better choices than new.

Plumbing is going to be a problem, some are fixable and some are not. Avoid suites that there's horizontal going over your roof.

Because a bldg is older, it usually accumulate way more "history". Check the crime data and see if your community is safe and secure, also the board involvements and finances.

Old bldg generally had larger footprint, 900ft 1BD is common 30+yrs ago. Even 20+yrs ago it's not that common. They were built to a more strict code and didn't have all the crappy material or construction methods available.

If you sit down in the lobby of any building for 10 minutes, you should get a sense of who lives there and how these people behave. If you talk to the security guard, they can tell you what has gone on in the past few months. But usually whatever I could uncover on my own, had already been public knowledge, that most of the realtors/investors in the area knew by word of mouth.

EDIT: All the old bldgs I evaluated before were Toronto luxury condos built around 30-35yrs ago with prime locations. Listings on these can be gone in 48hrs and no more than 1 wk. I just realized it's not the same as the regular old bldgs that some might allude to.
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Apr 20, 2011
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Vancouver
In Vancouver , an older building has a poorer chance of appreciation. But for just living in it long term, its okay.
Deal Expert
Oct 6, 2005
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monotonous wrote:
Mar 6th, 2015 12:51 am
is 45 years considered old for a condo building?
Yes, that's very old... get a copy of the Condo Board minutes and see what sort of maintenance fund they have and what sort of repairs they are planning. Last thing you want is to buy the place and be hit with a $20,000 surcharge to fix a leaky roof.
Deal Addict
Sep 26, 2013
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MONTR
it is cheap since everything is not up to code. you will be spending alot of money to bring it up to code.
just buy a fairly recent condo?
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Feb 2, 2014
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Toronto
Ummmm, it's condo.
popbottle wrote:
Mar 6th, 2015 1:29 pm
Is it leasehold or freehold?
Kevin Somnauth, CFA
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
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Feb 2, 2014
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How is the reserve fund? For that age, the maintenance fees are really low!
monotonous wrote:
Mar 6th, 2015 12:51 am
is 45 years considered old for a condo building? what are the things i should consider/ask before buying it? i went to see it today and it looked quite nice, both from outside of the building and inside of the unit, doesn't look that old at all, the building seems to be very well maintained. maintenance fee is about $450/month. price is $115,000 for a one bed room
Kevin Somnauth, CFA
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
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Apr 20, 2011
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Vancouver
Well in vancouver some older condos are on a 75 year lease
Sr. Member
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Jul 10, 2013
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Toronto
Older condos are definitely better constructed.

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