Post by Admin on Feb 24, 2016 12:24:56 GMT
Should i buy an old condo?
I am looking for a 1 or 2 bedroom condo in downtown with a good lake view. Turns out the real good views can only be found in the older ones (e.g. 33, 55, 65, 77, and 99 harbour square). I have no problem buying into them (as I've been renting in one of of these buildings and they are managed well), but fear that the value of the investment would depreciate significantly as they age even more (right now, they are between 20 and 30 years old). In terms of maintenance fees, they look to be in line with newer buildings. Should I go with a newer condo, in the same neighbourhood but most likely not with the same type of lake views? What would happen to old condos (like these ones) in 30 years time when my mortgage is hopefully paid? Would they demolish them? turn them to rentals? Haven't been around to know what to expect. Any advice is appreciated.
I am looking for a 1 or 2 bedroom condo in downtown with a good lake view. Turns out the real good views can only be found in the older ones (e.g. 33, 55, 65, 77, and 99 harbour square). I have no problem buying into them (as I've been renting in one of of these buildings and they are managed well), but fear that the value of the investment would depreciate significantly as they age even more (right now, they are between 20 and 30 years old). In terms of maintenance fees, they look to be in line with newer buildings. Should I go with a newer condo, in the same neighbourhood but most likely not with the same type of lake views? What would happen to old condos (like these ones) in 30 years time when my mortgage is hopefully paid? Would they demolish them? turn them to rentals? Haven't been around to know what to expect. Any advice is appreciated.