Is it worth buying an old apartment or is it advisable to go for a new one

Is it worth buying an old apartment?

Question on Quora:

I am planning to buy a home built in 1984. It’s a 3 bedroom 1.5 bath Condo. But having no idea about home buying, I am wondering should I take that step. Usually what is the life time of the home? Will I be able to resell the home if I want in maybe 10 years?

Answer:

It’s ok to buy an old apartment

Disadvantages

  1. Age of the building would add to the maintenance and repairs
  2. Most old buildings don’t have modern amenities like swimming pool gym etc neither do they have updated security systems
  3. The lift may be unsafe as current standards are way ahead now
  4. You may have to invest in the renouvation of the interiors to being it up to date
  5. Lastly, the building may fall down some day. Normally buildings (in india atleast)are built for a life of 60 years.

Advantages

  1. Price – you will be able to buy it at a much lower price than a new construction
  2. Undivided share of land. Since the FSI (floor space index) the older days were lower there is a high chance that the land ownership will be a favourable ratio. This is useful in case of redevelopment.
  3. Low maintenance costs. Many old buildings still have very low monthly maintenance costs. This is mainly due to less or no amenities.
  4. You are also protected from the various marketing gimmicks builders use these days. You can read this ebook for more info Should you be buying an old apartment

Hope that helped.

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