Should i buy an old condo?

[TrickyRicky]

^I'm not particularly knowlegeable about the spectrum of conditions that exist in condos but from experience with apartments in mid-size buildings I don't have the feeling that electric heating is much of an issue as long as the building isn't in constant shade. If sun strikes one of the faces of the building (even not the face of the building the given unit is on) you tend to have more problems with A/C or heat dissipation. Heat really only needs to go on in late November to early April and at minimal setting. This is in constrast to maybe early October to late May in a house.

 

[marsh]

I have electric based board heating. I was concerned when I bought my condo - but its not so bad. Also I manage to have an electrician come in a couple years ago to rewire and basically force hot air through the airconditioning vents. its still electric heat but at least i'm not relying on baseboard heaters anymore. Its been much better in terms of heating efficiency.

 

[gregv]

The hidden cost of low condo-maintenance fees (40 Panorama Ct.)

The Globe has a good article today about an older condo that ignored maintenance issues to keep monthly fees low:

http://www.theglobeandmail.com/news...ees/article2030464/singlepage/#articlecontent

 

[toast_and_tea]

The Globe has a good article today about an older condo that ignored maintenance issues to keep monthly fees low:

http://www.theglobeandmail.com/news...ees/article2030464/singlepage/#articlecontent

That article, and the subsequent comments, really made me re-think condo ownership!

 

[NikoS]

I just bought an older condo moving in august. Regardless of whether you buy new or old there are risks and its the desire to have low maintenance fees by the residence that create many of these problems. If the fees seem to low, if the reserve appears not well funded, if there are special assessments, etc... Your lawyer should be able to help you identify these and they are good warning signs. You can also call up the board members and discuss concerns. The building in the article shows a badly run building and the price of the units for sell reflect this - I also imagine that getting a mortgage on units in this building won't be too easy.

 

[dt_toronto_geek]

Buy pre-construction or built? Good article though some things may be exaggerated a bit.

http://www.thegridto.com/life/real-estate/why-you-should-never-buy-a-pre-construction-condo/

 

[cityplaceguy]

What you needs to buy is up to you, you buy what you like and want. Some people care about comfort/areas/layout others care only about return on investments. If you want maximum return for your investment contact me, I am the best!

Forget the rest get the best!

 

[dt_toronto_geek]

What you needs to buy is up to you, you buy what you like and want. Some people care about comfort/areas/layout others care only about return on investments. If you want maximum return for your investment contact me, I am the best!

Forget the rest get the best!

That very statement confirms that you are not looking out for what is best for your clients, your only interested in your commission.

 

[cityplaceguy]

That very statement confirms that you are not looking out for what is best for your clients, your only interested in your commission.

You are confused myfriend, I am always looking out for my clients best interest and maximizing THEIR PROFITS, that is my job.

Forget the rest get the best

 

[andrrea]

The Globe has a good article today about an older condo that ignored maintenance issues to keep monthly fees low:

http://www.theglobeandmail.com/news...ees/article2030464/singlepage/#articlecontent

I am toying with the idea of buying an older condo - this article is definitely eye-opening!!!

I have seen a couple of MLS listings for a building at 3555 Bathurst. I've done some searches here but haven't come across anything.

 

[cdr108]

I am toying with the idea of buying an older condo - this article is definitely eye-opening!!!

I have seen a couple of MLS listings for a building at 3555 Bathurst. I've done some searches here but haven't come across anything.

that's why when you 're looking at an older condo, have your lawyer review the status certificate and see when the last reserve study was done

 

[FreddyMak]

I find that the biggest differentiation between old and new condos would be square footage. The area where you put your shoes in Yesterday's condos is called a "Study" in Today's condos. In the older 1+dens, you could actually convert the den into a second bedroom. New condos, not so much...

 

[drewp]

Another added benefit of an older condo is that there will probably be less renters.

 

[andrrea]

Exactly!!!

 

[ksun]

I find that the biggest differentiation between old and new condos would be square footage. The area where you put your shoes in Yesterday's condos is called a "Study" in Today's condos. In the older 1+dens, you could actually convert the den into a second bedroom. New condos, not so much...

in new condos, the windowless dens with sliding doors usually pass as bedrooms.