Older Condos

DotProperty came up with an article stating reasons why people should buy a condo unit in an older building. To balance out perspectives, here are three things to ALSO consider when buying a unit from older buildings.

1. Galvanized Pipes

Galvanized pipes are steel pipes that are commonly installed in condos. Over time, exposure to water will cause galvanized pipes to corrode, rust on the inside, and eventually leak. In some cases, it’s not clean water that leaks out–but wastewater.

When choosing to purchase an older condo unit (>20 years) consider ones where the pipes have been replaced, or the cost of doing so (you can use this to negotiate the price lower).

2. Elevator

One of the most expensive machinery a condo has is its elevator–with each costing millions. Older lifts will eventually need to be replaced–if they still haven't. Problem is, poorly managed condo corporations don't have enough cash to replace them so they resort to dividing the cost to unwary unit owners. To add to this, it's also prudent to check how well the condo corp. is managed.

3. Fiber Connection

You'd be surprised but not all buildings are fiber optic ready. One reason for this is the property manager refuses to upgrade because of the cost implications and internal regulations.

Don't get me wrong, I'm not shutting down older condo units as an option (I have a couple of listings actually). These are just some overlooked factors in condo searches.