Hi

I am looking into buying a town home in Mississauga, found one, excellent location, looks good, good school around and priced reasonable. The only issue is that the house is around 20 years old now. Of course, I will have a home inspection. But, just wondering whether it make sense to go for an aged house or not? Again more from an investment prospective, is it a good move?

This is a freehold house and no maintenance fee issues.

Thanks for all helps/advices.

T

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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"

There is nothing wrong with an old home as long as it is well maintained. A home needs replacement of its vital organs ( furnace, roof, a/c) almost every 18-25 years and a fresh coat of paint usually every 5-7 years. You may pay attention to whether the windows have been replaced by energy star windows or low grade replacements and if they have been done brick-2-brick or retrofit. You should check if any money was spent on insulation upgrades etc.

The appreciation in the future would depend on its location, neighbourhood development projects and how you take care of it. If the current owners have not spent on renovating/modernizing it, you may have to shell out money a few years down the road to modernize it.

What is the primary reason for your buying this home? The price, location/demographic mix, schools, condition of home or future appreciation? Answer to this question would help you in making a correct decision.

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK