Is It the Unit or the Building?
Hi there … A few months ago I walked away from a condo unit I was I love with because the building had very shaky financials. I’ve been back on the market for a while and recently saw a unit that was ‘meh’, but it was in a great building, great location, rock solid financials…
Hi there …
A few months ago I walked away from a condo unit I was I love with because the building had very shaky financials. I’ve been back on the market for a while and recently saw a unit that was ‘meh’, but it was in a great building, great location, rock solid financials … and found myself trying to think of all the ways I could make the unit work for me just to get a foothold into the building. Which leads me to wonder: No matter how great a unit may be, it’s advisable to avoid a building that’s in dire straits. But does it work the other way around (no matter how great a building is …. ) A unit can be upgraded and refurbished to a certain extent (this one, though, was small, had an odd layout, and was on a lower floor — not much light or air circulation.)
Could be I’m just getting worn out with the search … sigh …
I’d be grateful for your thoughts! Thx.
Yes, the building being well-run and not dysfunctional is important. Many buyers don’t focus on this, but just on the apartment itself.
But the bones, of which light and air are important components, are also important.
Keep looking…it can be a long process to find both in one place. Works better if you can enjoy the process of looking, and not be in a hurry.
I wouldn’t buy an apartment that didn’t meet my immediate and foreseeable needs because real estate purchases are a 7 year minimum investment (you need that long for the capital gain to outweigh the closing costs in most cases). I would never buy in an established building with shaky financials, if the condo or coop ends up declaring bankruptcy you could well lose a substantial chunk of money. A new building has its own issues and you don’t want to be buying into a building that the sponsor is going to continue to control for a long period of time or where the construction is a little iffy.
How would you feel living in a “meh” apartment?
It won’t be a good investment if it makes you miserable.
After living in a coop for 15 years, I think it’s amazing how important the building is to your life. I guess condos are a bit different, but still I think putting building first is a very smart strategy. That said, bones are important.
You can make a boring apartment nice, but not one without good air and light.