I’m looking to buy my first property and sadly can only afford a 2 bedder on S.E. QLD. So far the properties I’ve seen either consists of ground floor units with no security gate or second floor units also without any security measures in place. I’ve also been told that older units ie, late 20s – early 30s do have more problems as it ripens with age and re-doing anything would cost quite a bit. Is it worth getting older units?
Actually some of the older buildings are better built than new apartments. In all cases, new or old, you need to do a building inspection. Some say it is not worth doing a building inspection on units but I say they are not using a good building inspector. Also get a 2nd floor unit and not a ground floor unit. To answer your question – yes it is worthwhile getting older apartments. From a capital growth perspective you may find some good ones which you can renovate. Be wary of the some additional things such as the strata, sinking fund and review the AGM Report. Shoot me an email and I can send you a copy of a sample building inspection report.
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How does it ripen?
I've put together deals with properties that were 1950s and were spick and looked like they had just been built. And I've dealt with early 2000s properties that might as well have been condemned.
Its a matter of care and construction .. tenancy and long term love.
There is a property in Toorak that I went through with a friend and he was complaining that it was 1920s and all the piping in the showers and baths needed replacement. I pointed out to him that my observation was that the piping wasnt copper .. it was stainless steel. Yes .. in mid 20s Toorak .. when they spent a penny .. they got what they paid for. Whatever you replaced it with in the modern era .. would be inferior. I have the same deal with cast iron bathtubs. All you are going to replace it with is fibreglass or epoxy, so why not just re-enamel a bathtub that was designed to last?
Any property has the chances for ripening and having more problems.
There are a number of the recent concrete monstrosities that are already leaking due to poor construction in the beginning. Inadequate protection in the carparks often means that it floods easily, and water seepage .. results in cracking .. sometimes even structural cracking.
Well built and lasting is always worth purchasing. If you have any doubts about anything you purchase .. get an assessment by a professional pre-purchase or as a condition of purchase. It may cost you a little but its worth it for that additional piece of mind.
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