Should You Buy A Condo In An Older Building?
Buying
They say that everyone loves a home with character, but when you’re the one buying, the stakes are far too high to fall back on some simplistic adage. On the hunt for a condo, but can’t decide whether you’d prefer a building that’s old or new? We’ve got you covered. Keep reading for everything you should know about buying a condo in a more seasoned building today!
Pros
Evident Charm: As you can imagine, historic buildings tend to be replete with unique architectural details and character that newer constructions likely lack, offering a welcome dose of history, intrigue, and style.
Larger Living Spaces: More good news? Condos in older buildings typically feature larger floor plans and more spacious rooms compared to many newer developments.
Established Community: In older buildings, you’ll typically find a more established community, which can lead to a tranquil — and more stable — living environment.
Prime Locations: Older buildings are often situated in prime, central locations, offering easy access to sought-after amenities, convenient public transportation, and vibrant cultural attractions.
Potential for Value Appreciation: With proper maintenance and renovations, condos in older buildings can appreciate in value, especially ones in particularly coveted areas.
Lower Purchase Price: Older condos may have a lower purchase price compared to newer developments, offering potential savings that can bolster your bottom line.
Interested in buying a condo in DC? Explore these other blogs for more advice!
- Best Neighborhoods in DC For Buying a Condo
- Are Pre-construction Condos a Good Deal?
- Understanding Resale Potential When Buying a Condo
Cons
Maintenance and Repairs: There’s no getting around it: Mature buildings will inevitably require more maintenance and repairs — from potential issues with plumbing to outdated electrical systems and compromised structural integrity.
Outdated Amenities: If they even exist, the amenities found in older buildings — such as fitness centers, common areas, or elevators — may seem antiquated compared to current, more contemporary developments.
Higher HOA Fees: Chances are the homeowners association (HOA) fees will be higher in older buildings to cover ongoing maintenance, repairs, and improvements.
Energy Efficiency: Big on green living? You should know that older buildings may not be as energy-efficient as newer ones, leading to higher utility bills due to outdated windows, insulation, and HVAC systems.
Limited Modern Upgrades: Depending on the building’s specific regulations, it may be challenging (or expensive) to make modern upgrades to your unit, such as installing central air conditioning or smart home features.
Resale Challenges: Thinking about the future? Keep in mind that reselling an older condo is a more daunting prospect — especially if your target buyers are more interested in up-to-date developments with shiny amenities.
On the hunt for more condo-related real estate advice? Read these other great condo resources here:
- Stacked Townhouse Vs Condo: What’s the Difference?
- Condos Vs Co-Ops: What’s The Difference?
- How to Avoid Overpaying for a Home in DC Today
Quick Tips To Help You Decide Whether An Older Building Is Right For You:
#1 Look At The Reserves, Budget, And Plans For Future Improvements: Ask yourself questions like: Does the building look healthy? Are lots of assessments slated for the months to come? A handy insider tip: ALWAYS ask for the minutes in the condo review period so you can see if residents are fighting over repairs or plans.
#2 Check For Historic Designation: While a storied building may increase your home’s value, historic designations often come with certain restrictions on renovations and changes you can make to your unit.
#3 Research The Building’s Reputation: Our advice? Talk to current residents about their experiences living in the building — from issues they’ve encountered to positive associations.
Curious to learn more about historic homes? Delve into this post for our exclusive insight and guidance.
Still not sure whether buying a condo in an older building is the right move for you? Give us a call so we can talk through your options and come up with a tailored plan of action today! Contact us directly by calling 202.280.2060 or emailing jsmira@jennsmira.com today!
