Let’s start this one off with a quick disclaimer - This is not a be all and end all guide. These are a few of the basic things we look at when looking at the quality of a building. In order to get a much more detailed view on this, we recommend having an inspector look at the unit, along with the common areas and roof. Also, if the building has it available, any depreciation reports or envelope reports etc.
So the first thing we look at is the building age. Something newer is less of a concern typically, especially if it falls into the 2-5-10 warranty that comes with a newer build. On the other end of the spectrum, we have those buildings built in the 60’s and 70’s. These are not necessarily bad buildings, but will need to be checked for some fundamental upgrades.
TOP TIP:
Thanks for joining us for this week's topic! Thank you to James for reaching out and asking this week's question!
Until next week everybody,
So the first thing we look at is the building age. Something newer is less of a concern typically, especially if it falls into the 2-5-10 warranty that comes with a newer build. On the other end of the spectrum, we have those buildings built in the 60’s and 70’s. These are not necessarily bad buildings, but will need to be checked for some fundamental upgrades.
- Exterior (envelope)
- Plumbing
- Roof
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As building codes and standards are continually improving, so is building/system integrity. We currently sit in the year 2019, therefore buildings built in 1999 are now 20 years old. Crazy to believe I know! In the late 90’s a lot of changes took place to the construction of new buildings, concrete became the primary material for envelope finishing, plumbing systems were much more up to date and roofing was made more solid. For this reason, don’t be put off by the fact it’s a ‘20 year old building’ or the similar. Overall, a lot of the same standards put in place then, are the same now. Meaning they are, for the most part, very effective and reliable. In the year 2000, a 20 year old building meant something completely different than today's 20 year old buildings!
Once again, we recommend taking a comprehensive look through any minutes and reports available should you be looking to purchase into a building, but these are some of the major items we like to address first!
Once again, we recommend taking a comprehensive look through any minutes and reports available should you be looking to purchase into a building, but these are some of the major items we like to address first!
Thanks for joining us for this week's topic! Thank you to James for reaching out and asking this week's question!
Until next week everybody,
Jay Mcinnes
T: 604.771.4606
jay@mcinnesmarketing.com
Ben Robinson
T: 604.353.8523
ben@mcinnesmarketing.com