Buying a condo in an old building can offer several benefits, including:
1. Lower cost: Older buildings may have lower purchase prices compared to newer developments, making them more affordable for buyers.
2. Larger units: Older condos often have more spacious layouts compared to newer ones, providing more living space for residents.
3. Established community: Older buildings tend to have a more established sense of community, with long-term residents who may have formed strong bonds over the years.
4. Character and charm: Old buildings often feature unique architectural details and character that may be lacking in newer constructions, adding a sense of charm to the living space.
5. Prime locations: Many older buildings are located in well-established neighborhoods with convenient access to amenities, transportation, and other desirable features.
6. Potential for renovation: Buying in an old building gives you the opportunity to renovate and customize the space to your liking, potentially increasing its value in the long run.
It is important to consider potential drawbacks also such as maintenance issues, higher renovation costs, and potential for future upgrades to meet modern standards. It is highly recommended to go through the depreciation report. You might consider talking with and hiring a home inspector. An experienced and knowledgeable real estate agent might fill in some more details.
Questions?
Feel free to connect with Neeraj Kumar Real Estate Team to get the answers.