Very good advice
“Perhaps the best thing to do if you are intent on buying a condo is to look
for an old building that has maintained a reasonable level of quality that has been around for longer than thirty years. Chances are, if they have made it that far without serious concerns, they will probably be ok for a long time in the future.

—Tyson Noce  Author of  "101 Reasons Not to Buy a Condo"

Why an older condo?
There are some very good reasons to buy a well-run older condo.
1.
They give you a lot more bang for your dollar. The units are far larger with 1200 square foot two-bedroom apartments and 1500 square foot three-bedroom units not uncommon.
2.
The builder has been gone so long no one even remembers him. Any construction defects would have become obvious a quarter century ago.
3.
There is a long history that can be studied so you know what you are getting into.
4.
These buildings are communities. Some residents have lived in them for over a quarter century. There is a sense of stability, security and community in them.
5.
Low turnover. There are condos with only one or two units up for sale at a time; no more than that.
6.
They are smaller condos with only 80 to 120 units per building.
7.
The owners live there. Very few, maybe as low as 10%, are rented. Even then, they are rented only to single families. Overcrowded rooming houses, boarding houses and short-term rentals are not tolerated.
8.
Live-in superintendents, people you know and trust, are on call in case of emergencies. This can be a great comfort if you forgot your keys, you need someone to let in a repairman or if there is a medical emergency.
9.
These condos are not cheap because the sellers, and their agents, know they are good-quality properties. Yet compared to the new massive condos, they are a bargain.
10.
Higher condo fees discourage lower-income purchasers. I know this may sound elitist but you do not want new low-income owners becoming a majority who will block needed condo fee increases.
11.
Many of the units need interior renovations. This can be a lot of work but there can be a lot of satisfaction in modernizing a 1970's apartment.

If you follow Tyson's advice and follow my tips on buying a resale condo, you should do fine.

Disadvantages?
1.
It can be hard to find an older condo building that is well maintained, well managed, is in great shape and is in an area where you want to live.
2.
Once you find one, you may need patience while you wait for a suitable unit to come on the market.
3.
Renovating an older condo unit can take a lot of time and money. You must be willing to spend both to bring your new home up-to-date.
4.
As in all condos, keep an eye on the financial statements, read the Reserve Fund Study and the monthly board minutes. If conditions start to change for the worse, you may want to sell and move on.

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