Would you buy a 22 year old condo?

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syncdafied	Would you buy a 22 year old condo?	Lead	[-]
Posts: 9423 (06/07/2009 5:01 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	There's a 2 bed / 2 bath condo I'm interested in, but it was built in 1987. This would be the first home that I'd own, and I'm just thinking about how much money I'll have to shed out over the years to repair things since the complex is over 20 years old. The previous owner made a lot of upgrades (new kitchen appliances, energy-efficient windows, new AC system, new cabinets, new carpet), but I keep thinking something will break or stop working shortly after I buy it. Interest rates are starting to go up a bit so I can't wait too much longer to make a decision. Edited By: syncdafied 06/07/2009 5:05 PM. Edited 1 time.
Rumple Teaser		#1	[-]
Posts: 131 (06/07/2009 5:01 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	no
Kippage		#2	[-]
Posts: 5100 (06/07/2009 5:02 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Depending on how well it's been kept by the previous owner.
CrysLovesCouture		#3	[-]
Posts: 4436 (06/07/2009 5:04 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Sure, why not? It's a house, not a car.
raratwentyfour		#4	[-]
Posts: 3004 (06/07/2009 5:06 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Get an inspection before you commit. I think they do those of condos also. At first, I thought you were asking if I would buy a condo for a 22-year old.
cheerios630		#5	[-]
Posts: 6986 (06/07/2009 5:13 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	The 2/2 condo we've been renting for the last few years was built in 1990 and we really haven't had any major problems. It's been well taken care of by the owners, but other than the appliances being on the older side, they still all work. Don't let the age dictate what you decide. Look at the interior and see what kind of condition it's in. There are many properties that are much newer that look a LOT worse (ex: most of the foreclosures we were seeing).
mirjame		#6	[-]
Posts: 570 (06/07/2009 5:17 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Sure! I live in a building that was build 100 years ago and haven't had any problems.
KristinWasBanned		#7	[-]
Posts: 1252 (06/07/2009 5:17 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	mirjame wrote: Sure! I live in a building that was build 100 years ago and haven't had any problems.
Muzak one		#8	[-]
Posts: 31056 (06/07/2009 5:36 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	If it has great upgrades and doesn't need a lot of work and it passes inspection, then yes! 22 years old is not that old!
syncdafied		#9	[-]
Posts: 9424 (06/07/2009 5:38 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	It looks great on the inside, like brand new. I was also thinking of how much it'd sell for 5-10 years from now. I want to be able to make a decent profit. I'm not sure if I could do that when it'd be 27-32 years old by that time.
syncdafied		#10	[-]
Posts: 9425 (06/07/2009 5:44 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Also, is there a good condo rating site? I searched the google results but couldn't find anything except for apartment rating sites.
fanfromohio		#11	[-]
Posts: 3962 (06/07/2009 5:59 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	I hope the interest rates start to go down again soon. Seems like they're going up and up.
PRIORisMYdesire		#12	[-]
Posts: 15696 (06/07/2009 6:03 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	I'm thinking about buying a property too.. I want that tax credit!
syncdafied		#13	[-]
Posts: 9426 (06/07/2009 6:05 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	I've also heard that the govt is thinking about raising the $8,000 tax credit to $12,000. If you buy a house under the $8,000 policy and they later up it to $12,000, you'll be given the $12,000.
fanfromohio		#14	[-]
Posts: 3963 (06/07/2009 6:07 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	My boyfriend has been on the house/condo hunt for the last few months. One of our local banks offered a 4.875%, 3% down, no APR, etc. -- only to tell him when he called them back to tell them he was about to bid that their program was suspended! Now the poor guy is back to square one.
Ninido		#15	[-]
Posts: 6987 (06/07/2009 6:18 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Get it [ANY place you want to buy] inspected.. but when it comes to houses and whatnot, 22yrs is nothing, lol.
mossumpossum		#16	[-]
Posts: 270 (06/07/2009 6:26 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Make sure to get the building reports too to see how the building has been maintained and how much they have in their reserve fund.
jcsgurlalways		#17	[-]
Posts: 1411 (06/07/2009 6:33 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	I just bought my first home in November. The first owers of it bought it in 1916 and its a great home!
nsyncer5		#18	[-]
Posts: 578 (06/07/2009 6:52 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Sure .. I live in a Big brick Rancher home built in 1958 .. We've had a few problems but nothing really major. We've of course chose to do alot of upgrades ourselves ..... My aunt and uncle just recently built a brand new georgous home in 2005 .. They have had more problems with their new house then we've had with our home. If the price is worth it .. I'd say Go for it
NancyOttawa		#19	[-]
Posts: 5814 (06/07/2009 6:55 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	It's true that's not old at all but also good advice about getting info on the reserve fund etc. But a lawyer would do that for you if you decided to purchase. And having all those nice upgrades is a plus. You have to also take into account that you are not only paying a mortgage but you will have property taxes and condo fees added to that. My fees are $315/month but that includes water, building managers that live on site and care for my 11-storey building, pool, hottub, indoor garage, party room with billiard table etc. But it's nice because if we have freezing rain, one of them will get up and throw salt/sand on the front entrance and they look after the grounds, i.e. mowing the lawn, trimming trees, planting flowers. We hire an outside company to plow the outdoor parking lot. Now my gf just bought her first place/condo not far from me and her fees are over $500 but that includes her heat and hydro plus her water. Edited By: NancyOttawa 06/07/2009 6:59 PM. Edited 1 times.
EndlessNameless		#20	[-]
Posts: 3805 (06/07/2009 6:59 PM) Reply Quote More Recent Posts Message Friend Block Invite Ignore	Why not, its updated

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