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Should We Buy An Old Condo With Problems In A Perfect Location?

Oυr аƖmοѕt a 100 year οƖԁ building іѕ turning condo аnԁ wе саn bυу ουr unit "аѕ-іѕ" whісh іѕ іn a very bаԁ shape wіth major problems (Ɩіkе plumbing). Oυr location іѕ thе best іn DC wіth everything уου wish fοr аt thе door. ShουƖԁ wе bυу?

5 Responses to “Should We Buy An Old Condo With Problems In A Perfect Location?”

  1. An above poster is on track. Stir in an appraiser to run comps for you but with the assumption that your unit is in good condition. Add estimates on how much it will cost to get it into that condition. Mix with a bit of number crunching and a pinch of common sense and that’s your recipe for success.
    Good luck.

  2. Depends on the price to value ratio, the agreement, and if the building will be worth it. You may fix it up to be very nice and the rest of the building will look condemned…look to the agreement for maintenance etc.
    Pay an appraiser $200 to take a look and give you their opinion. They will tell you value, value when fixed, approximate cost of repairs etc….I think it would be the best $200 you ever spent.
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  3. General rule in real estate is it’s better to buy the worst house in the best location then the best house in the worst location. You can always fix the problems, assuming it’s within your budget and you don’t mind the time and mess involved in fixing them.
    You may also want to check out the building history, 100 years old in DC it may qualify as a historic building. This can be good and bad. It may qualify it for “preservation funds” but may also limit what changes can be made to it.
    Also check with the public works dept, find out things such as when was the last time the utilities connection to the house were updated. I live in a 100+ year old building, recently we had the pipe connecting us to the city water main break, it was installed in 1898. The city isn’t responsible for water lines other then the main, it cost several thousand dollars to pay for the pipes replacement.
    Best advice I can give is to get the disclosure up front, before closing, get estimates on the repairs and see if they fall within your expectations. Check with local banks often the offer free home buyer courses. Should you decide to go ahead with the purchase be sure to ask about everything up front, questions after closing do you no good.

  4. Bring in a contractor and see if the repairs will stay within the value of the condo unit. If you put $40,000 into it, will the unit be worth enough to recover the investment. You have some homework to do.

  5. nope, only as an investment, I think so.

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