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Hi There,
I am looking to buy a unit in Westmead. The building is 20 yrs old. I am now in confusion should we buy such old unit or not?
Regards
Kvadhar
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Older units can be great value – they are often better constructed than some of the modern “affordable luxury” (whatever that is?) units and have added value because they are in established communities.
Get your solicitor to do all your searches thoroughly to make sure there are no surprises around the corner in terms of special levies or essential work that has been delayed. Pay particular attention to the sinking fund – it should have enough money in it but it should also have been used appropriately for repairs and maintenance – and check the minutes of the EC to make sure there are no other problems in the building.
If you do all that and all the boxes are ticked, older buildings are less of a gamble than off-the-plan purchases.
And don't be put off by all the discussions on this forum – the hundreds of thousands of people who are happy in strata tend not to write websites like this. And when things do go wrong, then we're all here to offer help and advice.
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My villa was built in 1974 and the Building Inspection pre-purchase said that considering the age it was in good shape. Of course there are some small problems, but with high ceilings, a big yard with plenty of grass and plants that I do not have to worry about, great area with good transport and facilities, I am very happy.
I have applied to solar panels and seeing as several villa's in the Strata already have them I am not expecting any problems. I am also waiting for the EC to meet to discuss the other repairs, but I have had good advice from the Strata Manager about what belongs to me and what belongs to the Owners.
I have owned 3 properties. The first about 7 years old when I purchased and the second about 30 years old. My current property I bought off the plan.
With the two older properties, you knew exactly what you were getting. You get a building inspection done that will point out any visible problems. You can decide whether these problems are too big to consider purchasing, or small enough not to really matter if the property is right. With my two older properties, nothing ever eventuated from any “problems” found on the building inspection.
Then there is the “new” place. Of course, being new it looks fantastic. Perfect infact. But nothing is ever perfect. With a new building you get “settling” that can result in cracks. May be nothing, may be something. Then you may find other problems that need addressing, usually the week after the builders guarantee has expired.
For me, neither is better. They both have advantages and disadvantages.
I still go by the older (>30yr) property regularly. To my knowledge it nor the building has ever had any major works done to it since I sold it. My current place however seems to have something new to address every week!