|
WAN
Stranger
Registered: 10/20/14
Posts: 1,895
Last seen: 7 years, 7 months
|
Buying 38-year old studio..is it wise?
#21966423 - 07/19/15 05:57 PM (8 years, 6 months ago) |
|
|
Hello. I recently came across a studio in a part of the city that I like. The price is a steal--they are only asking for 110K. But the building is like 38 years old. I consulted with my mother, and she told me that with a building as old as that, there are, or soon will be, renovations popping up here and there. So it's not just the actual price that we see, soon there will be added on costs from these major renovations. And it's not just money that I would have to fork over, either. I would have to deal with the hassle of it all.
Other than this, the building has shared laundry machine and dryer. This is another point against the studio. I have read a story where a guy was washing his clothes, he left to do some stuff, and when he came back, all his clothes were taken out of the machine and sitting out there dripping wet. Someone had stopped the machine in mid-cycle to get his clothes out. Boy was he mad. I guess this is another thing I will have to consider.
The rest of the stats on the studio: strata fee at 220 a month. Currently rented out to a long-term tenant at 560. Property tax is 644. One parking.
would you recommend me to buy this unit? Thanks.
|
Atreyu
Never Ending


Registered: 03/18/14
Posts: 4,083
|
Re: Buying 38-year old studio..is it wise? [Re: WAN]
#21966443 - 07/19/15 06:04 PM (8 years, 6 months ago) |
|
|
I am confused about why you told us the side story about the washing machine and why you would even be 'worried' about that.
Post pictures of the place if you will.
What are your intentions here, WAN?
--------------------
つ ◕_◕ ༽つ N = R* • fp • ne • fl • fi • fc • L
|
ReposadoXochipilli
Here, there, inbetween



Registered: 08/30/05
Posts: 7,501
Loc: Sand and sunshine
Last seen: 19 days, 21 hours
|
Re: Buying 38-year old studio..is it wise? [Re: WAN]
#21966452 - 07/19/15 06:06 PM (8 years, 6 months ago) |
|
|
need more info on you. income? future plans?
from what you have given me i would say no, seems like it might be ok if you plan on leaving it rented and don't mind bleeding a little monthly and dealing with the renovations but all in all it sounds like a losing prospect unless real estate in that part of the city is on it's way up.
--------------------
|
zappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 7 months
|
Re: Buying 38-year old studio..is it wise? [Re: WAN]
#21966458 - 07/19/15 06:07 PM (8 years, 6 months ago) |
|
|
38 is not old. Most of the stuff around here is much older.
--------------------
|
WAN
Stranger
Registered: 10/20/14
Posts: 1,895
Last seen: 7 years, 7 months
|
Re: Buying 38-year old studio..is it wise? [Re: Atreyu] 1
#21966462 - 07/19/15 06:09 PM (8 years, 6 months ago) |
|
|
Quote:
Atreyu said: I am confused about why you told us the side story about the washing machine and why you would even be 'worried' about that.
Post pictures of the place if you will.
What are your intentions here, WAN?
I related that story to illustrate the drawbacks of not having in-suite washing machine and dryer (the building has shared laundry). It is something I would have to contend with if I do buy the unit. Also, my mother told me that not having in-suite laundry would make it difficult to rent to people.
My intention here is to convert my money into something with real, lasting value. My parents invest in the stock market and so far, I am not impressed with the outcome. I do not want my money (I am and will continue to be working, so I will have money) to be in the stock market at all. And the only viable alternative to that is the real estate market. I am not even looking to make money from renting. I just want my money to be safe and not get eroded by inflation.
Edited by WAN (07/19/15 06:10 PM)
|
WAN
Stranger
Registered: 10/20/14
Posts: 1,895
Last seen: 7 years, 7 months
|
|
Quote:
ReposadoXochipilli said: need more info on you. income? future plans?
from what you have given me i would say no, seems like it might be ok if you plan on leaving it rented and don't mind bleeding a little monthly and dealing with the renovations but all in all it sounds like a losing prospect unless real estate in that part of the city is on it's way up.
Right now I can save about 1700 dollars a month, net. I live near Vancouver, BC, Canada. We have one of the hottest housing market here. I plan on working for the next 10 years at the very least.
I want to convert my cash into something with real value, so it doesn't sit there and lose its value. And I don't want to put my money in the stock market.
|
ReposadoXochipilli
Here, there, inbetween



Registered: 08/30/05
Posts: 7,501
Loc: Sand and sunshine
Last seen: 19 days, 21 hours
|
Re: Buying 38-year old studio..is it wise? [Re: WAN]
#21966476 - 07/19/15 06:12 PM (8 years, 6 months ago) |
|
|
depending on how much money you have there are safer investments then real estate, it can be very volatile.
rule of thumb being you want positive cash flow out of any rental, that hopefully you can save to deal with problem tenates and other upkeep.
38 years old might not be that old depending on your area of country but in the southwest that means due for new water pipes, ac and ducts, insulation, ect ect
imo if the taxes are more then the rent then it is a losing prospect.
--------------------
|
ReposadoXochipilli
Here, there, inbetween



Registered: 08/30/05
Posts: 7,501
Loc: Sand and sunshine
Last seen: 19 days, 21 hours
|
|
you be better off buying a single family home and putting a grow op in it or renting to a long term tenant that is chill. obviously positive cash flow is ideal.
i personally don't like HOA and attached walls, i know in the city it is a way of life but i don't like it, lots of drama with people that have too much time on their hands.
--------------------
Edited by ReposadoXochipilli (07/19/15 06:15 PM)
|
Atreyu
Never Ending


Registered: 03/18/14
Posts: 4,083
|
|
....Please, please tell me I am not the only one.
I thought you meant,
--------------------
つ ◕_◕ ༽つ N = R* • fp • ne • fl • fi • fc • L
|
zappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 7 months
|
|
Quote:
ReposadoXochipilli said: depending on how much money you have there are safer investments then real estate, it can be very volatile.
rule of thumb being you want positive cash flow out of any rental, that hopefully you can save to deal with problem tenates and other upkeep.
38 years old might not be that old depending on your area of country but in the southwest that means due for new water pipes, ac and ducts, insulation, ect ect
imo if the taxes are more then the rent then it is a losing prospect.
Depending on where you live there is nothing safer than real estate. The taxes will never be more than the rent. But I don't live in Vegas. Much of the price runup in the Southwest was pure unsubstantiated speculation. That is not the case here.
--------------------
|
Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
|
Re: Buying 38-year old studio..is it wise? [Re: WAN]
#21966508 - 07/19/15 06:22 PM (8 years, 6 months ago) |
|
|
Quote:
WAN said: Hello. I recently came across a studio in a part of the city that I like. The price is a steal--they are only asking for 110K. But the building is like 38 years old. I consulted with my mother, and she told me that with a building as old as that, there are, or soon will be, renovations popping up here and there.
so the building is 38 years old, what style of construction is it, what type of roof, can you modify your unit to include your own laundry appliances and who actually owns the building and will they be responsible for structural repairs to things such as the exterior walls and it's supporting member, the roof, stairs and elevators and other common areas
|
ReposadoXochipilli
Here, there, inbetween



Registered: 08/30/05
Posts: 7,501
Loc: Sand and sunshine
Last seen: 19 days, 21 hours
|
Re: Buying 38-year old studio..is it wise? [Re: zappaisgod]
#21966510 - 07/19/15 06:22 PM (8 years, 6 months ago) |
|
|
The rest of the stats on the studio: strata fee at 220 a month. Currently rented out to a long-term tenant at 560. Property tax is 644. One parking.
yea the speculative market is nuts, its only worth what some dumbass will pay, and they will pay way too much if a property is in the right area.
im happy i bought a home 6 years ago, had it's ups and downs but all in all best choice i could have made as a 22 year old, made my rent to towards something.
--------------------
|
Cosmic_Flame
THE BREAKFAST EMPRESS



Registered: 11/16/12
Posts: 4,184
Loc: Under The Sea
|
Re: Buying 38-year old studio..is it wise? [Re: Atreyu]
#21966524 - 07/19/15 06:26 PM (8 years, 6 months ago) |
|
|
Quote:
Atreyu said: ....Please, please tell me I am not the only one.
I thought you meant,

lmfao I thought so too, I was all excited thinking I was going to see posts about all the diff equipment they were gonna get and what their setup was gonna be..OH WELL much disappoint
-------------------- Pull the blinds and change their minds....
|
WAN
Stranger
Registered: 10/20/14
Posts: 1,895
Last seen: 7 years, 7 months
|
Re: Buying 38-year old studio..is it wise? [Re: Prisoner#1]
#21966532 - 07/19/15 06:28 PM (8 years, 6 months ago) |
|
|
Quote:
Prisoner#1 said:
Quote:
WAN said: Hello. I recently came across a studio in a part of the city that I like. The price is a steal--they are only asking for 110K. But the building is like 38 years old. I consulted with my mother, and she told me that with a building as old as that, there are, or soon will be, renovations popping up here and there.
so the building is 38 years old, what style of construction is it, what type of roof, can you modify your unit to include your own laundry appliances and who actually owns the building and will they be responsible for structural repairs to things such as the exterior walls and it's supporting member, the roof, stairs and elevators and other common areas
You ask a lot of very intelligent questions. Unfortunately I do not have answers for some of them, except that I am pretty sure there is no structure inside the unit for the would-be washing machine to drain the dirty water off (sorry I dont know what this is called in English). Also you reminded me. I need to ask the agent whether this building is sitting on crown land. If its private, then each of the owners would own a small slice of the land so that some years down when the building is really too old to be hospitable, we can maybe knock down the building and then sell the land to some developer.
Edited by WAN (07/19/15 06:30 PM)
|
Patlal
You ask too many questions



Registered: 10/09/10
Posts: 44,797
Loc: Ottawa
Last seen: 9 hours, 48 minutes
|
Re: Buying 38-year old studio..is it wise? [Re: WAN]
#21966541 - 07/19/15 06:31 PM (8 years, 6 months ago) |
|
|
Quote:
WAN said: Hello. I recently came across a studio in a part of the city that I like. The price is a steal--they are only asking for 110K. But the building is like 38 years old. I consulted with my mother, and she told me that with a building as old as that, there are, or soon will be, renovations popping up here and there. So it's not just the actual price that we see, soon there will be added on costs from these major renovations. And it's not just money that I would have to fork over, either. I would have to deal with the hassle of it all.
Other than this, the building has shared laundry machine and dryer. This is another point against the studio. I have read a story where a guy was washing his clothes, he left to do some stuff, and when he came back, all his clothes were taken out of the machine and sitting out there dripping wet. Someone had stopped the machine in mid-cycle to get his clothes out. Boy was he mad. I guess this is another thing I will have to consider.
The rest of the stats on the studio: strata fee at 220 a month. Currently rented out to a long-term tenant at 560. Property tax is 644. One parking.
would you recommend me to buy this unit? Thanks.
My house is soon to be 50 years old if it isn't already. All it needed was a minor refreshers and aesthetic renos.
Everything that count's is intact: - Roof doesn't leak and the attic is very well built. - The foundation isn't cracked - No heating/cooling issues - No plumbing problems.
I discovered some electrical issues but they were an easy fix. Leaving a unaccessible electrical junction hidden in a wall but otherwise safe.
38 years old is fine for another 25. Maybe a few decades more if you maintain it properly
--------------------
|
Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
|
Re: Buying 38-year old studio..is it wise? [Re: WAN]
#21966584 - 07/19/15 06:40 PM (8 years, 6 months ago) |
|
|
Quote:
WAN said:
Quote:
Prisoner#1 said:
Quote:
WAN said: Hello. I recently came across a studio in a part of the city that I like. The price is a steal--they are only asking for 110K. But the building is like 38 years old. I consulted with my mother, and she told me that with a building as old as that, there are, or soon will be, renovations popping up here and there.
so the building is 38 years old, what style of construction is it, what type of roof, can you modify your unit to include your own laundry appliances and who actually owns the building and will they be responsible for structural repairs to things such as the exterior walls and it's supporting member, the roof, stairs and elevators and other common areas
You ask a lot of very intelligent questions. Unfortunately I do not have answers for some of them, except that I am pretty sure there is no structure inside the unit for the would-be washing machine to drain the dirty water off (sorry I dont know what this is called in English). Also you reminded me. I need to ask the agent whether this building is sitting on crown land. If its private, then each of the owners would own a small slice of the land so that some years down when the building is really too old to be hospitable, we can maybe knock down the building and then sell the land to some developer.
these are all questions you need to be asking, write them down so you can get answers, write those down as well and make sure everything that what you're told is in any contract you sign, take the contract and read it and have a lawyer read it
|
Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
|
Re: Buying 38-year old studio..is it wise? [Re: Patlal]
#21966591 - 07/19/15 06:41 PM (8 years, 6 months ago) |
|
|
Quote:
Patlal said: 38 years old is fine for another 25. Maybe a few decades more if you maintain it properly
like zappa said, there are plenty of homes that are much older and still very inhabitable
|
|