Why Ignoring 5 QUESTIONS BEFORE BUYING AN OLD CONDO Will Cost You Time and Money
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Savvy Buyers Ask These 5 Questions Before Buying an Old Condo
1. Is there an en-bloc committee going around?
If an en-bloc happens in the first three years, you still need to pay the SSD
No, it’s not so you can rub your hands in glee and count on a windfall. It’s to ensure you don’t end up losing money.
2. Are those leaks a problem with your unit, or with the entire block?
You can fix up your own unit – but fixing an aging block takes collective action
Do you see any leaks in the ceiling? That’s quite common in older condo units. But the key is to make sure the problem is within your control.
3. What is the property’s history of rental transactions (even if you’re not a landlord)?
You can check out the property’s past rental transactions on 99.co. You can also ask the property agent what type of tenants are in the development, and what the typical rental rates are. There are two reasons you want to know this:
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4. What are the zoning restrictions here?
Take note of the condo’s height limitations, as well as how the area around it is zoned. For example, if the land around the development is increasingly zoned for commercial as well as residential use, it can be a sign the area is being built up into a hub – that brings long term benefits, with more amenities and better en-bloc prospects.
5. How does the remaining lease impact the financing?
Check with different banks, before taking up a loan. Many of them are hesitant to lend for condos with a diminishing lease. However, they all have different policies – one bank may not mind a condo with 40 years left on the lease, whilst another may reduce your maximum loan to a pittance.
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