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I am looking to buy some townhouses that are 35 to 40 years old. They are in decent shape now but what about 30 years from now? How can the owners come to a consensus to rebuilt the townhouses? What if some don't want to rebuild or can't afford to? Don't you think the value of the units in the complex would go down the tube if this happens?
Houses dont need to be rebuilt. You simply repair as necessary to maintain it. You will pay townhouse dues and if its well run and dues are set appropriately there will be no out of pocket expense.
We have houses around here from the 1700s. 315 years old. The houses still look great. They are well maintained.
Agreed, you don't "rebuilt" townhouses, or any kind of house. Each homeowner maintains the house and property as he or she sees fit.
All property owners must maintain their properties according to local code. If these townhouses are condos or are subject to a homeowners' association, there may or may not be additional standards.
Whether or not the development "goes down the tubes" depends on much more than one or two homeowners not maintaining their properties.
When you say you are looking to buy "some townhouses" does this imply to rent them out? Quite often the more rentals, the quicker such places can go down the toilet. Generally all absentee owners are interested is was the rent paid. They usually care less about money set aside (Reserve Funds) to replace/rebuild when needed.
Buildings can last a long time if properly repaired. There's lots of townhouses out there much older than 35 years.
In my province though I know there has been some fighting over that in strata complexes though. The below link if one where one owner was forced to sell to a developer and the other two didn't want to do expensive repairs: Vancouver condo sold to developer against owner's will - British Columbia - CBC News Might want to take a look at if there are any similar cases where you live.
Houses dont need to be rebuilt. You simply repair as necessary to maintain it. You will pay townhouse dues and if its well run and dues are set appropriately there will be no out of pocket expense.
We have houses around here from the 1700s. 315 years old. The houses still look great. They are well maintained.
Where are you from ? and can you please post pics ? or tell me what to "google" to see them ? I am very interested !
Maintenance is the key. Some HOAs simply don't to a very good job. We have several townhome communities in our area that are about 40 years old and they are in sad shape. Masonite siding is literally falling off the buildings in places, the roof soffits are visibly rotting away, porches and decks are deteriorating... One is in such sad shape that owners have to just walk away. Nobody even puts in lowball offers.
Check into the ongoing maintenance plan and reserves before you buy any townhouse, regardless of age.
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