Buying A 32 Years Old Property

[asagi 0]

hi all

need your advice on buying a 32 yo private condo. it has another 68 years to go.

what are the considerations? thanks in advance.

[JustMortgage 0]

Bank loan should be fairly safe. Most financial institutions should be able to lend.

You might want to check on the price u are paying for vs. the amount of renovation required and if the COV isn't too much it's ok. I wouldn't want to pay over the top COV and spend a bomb on reno.

e.g. piping. re-wiring all the works.

cost of the monthly maintenace etc. some developments that are older have a management team that sleepz so some people are bothered by the fact that they don't really see the value in paying the monthly maintenance.

it's basically to stay is it?

[scenic98 0]

might also want to check how much is already in the sinking fund. it's an old apartment, there may be many things in the common area that need fixing