Hi I am new to property, i want to buy a property for owner occupancy, is there any general rules with the age of the units, e.g. how old is too old for a unit? many thanks in advance
The appearance of the building is a good indicator, a well kept building would tend to indicate that the owners do look after the place (or it was excetptionally well built). A healthy sinking fund & admin fund tend to show good income & expenditure with no delinquent debts, no outstanding special levies or unpalatable levies in the minutes of the AGM (although there may be costs for major compliance upgrades they may be planned and funds being put aside).
Find out how many owners actually occupy the building (the more the better as you don't want to be in a building full of transients/renters etc).
How old is too old? Depends on how deep your pockets are, how well maintained you expect the building to be etc. You do pay more in the way of levies to maintain an older building but they do have character.
If a property is over 50 years old the electrical wiring needs to be checked. As it may need replacing due to fire risk.
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