How old is too old when buying a unit?

Is there any general rule on buying units that are old? As in at what stage too they become too old?

For example, I am looking at established units in smaller blocks (i.e. nore more than 3-4 storeys) around Penrith (NSW) and most of the blocks are approx 40 years old. One unit in particular is in a 3 storey complex with 15 units, strata is around 800 p/q and the common property appears to be well maintained with recent additions such as solar panels, upgraded security on the ground floor parking etc.

 

Anything predating Captain Cook wouldn't meet code, so I'd steer clear of those.

As for anything else, very subjective based on maintenance.

 

Would prefer a 40 year old red brick 3 storey over a 10 year concrete box.

 

Not quite, strata came into existence in qthe 1960's, prior to that there was company title.

 

well maintained 3 storey walk-ups are my preference.
no lifts - no pools - no gyms - minimal fees.

however there is always a risk that there are maintenance issues like replacement of a roof or the old sewer pipes etc.

p.s.
Strata Subdivision came into force 1 July 1961.
The first strata titled building in the world was at 189 Liverpool Road, Burwood, Sydney

 

For investment or PPoR?

Plenty of great choices in the old buildings, particularly if they are well maintained and funded through the sinking funds. Personally I'd take an older block with a good history than a newer model in most cases given the general standard of modern construction, which appears lacking in a lot of areas.

Ensure that if it's for investment you consider stairs and security. Also, the time of day you visit any opens as older style blocks tend to get VERY hot on the top floor in summer. Pick something that is 8 units max in the block, preferably less. Scarcity is key when investing in the unit market. Plenty of great blocks to choose from so don't be deterred by age.

- Andrew

 

Title of thread should be reworded to 'How new is too new when buying a unit?'

I wouldn't touch anything less than 10 years. Anything over 30 is fair game. Reckon the best blocks were the ones built in the 60s and 70s.