With property prices still at their peak, buyers are currently leaning towards more affordable condominiums. One option is older resale condos—these are more affordable, often larger in size, and have good potential rental yields. However, it’s important to note that due to their larger size, the total price of these older condos might be higher. But before buying an old condo, be sure to pay attention to its age, even for freehold properties. Do more research to avoid regrets like the ones below, or at least to help manage your expectations.
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Regret 1: No Shelter from Unit to Carpark, Limited Maintenance
A couple who bought an older condo in the prime District 10 had this to say:
“We moved because we wanted a larger condo with more space. We had anticipated some issues with an older condo and thought they wouldn’t be a big deal, but we had never actually lived in one before.
One of the worst things is the lack of shelter from the carpark to our unit. On rainy days, it’s incredibly annoying when we have things to carry home. Sometimes the rain is so heavy that even an umbrella doesn’t help.”
It’s not uncommon for some older projects to lack underground or sheltered parking, as land was not as constrained when they were built. In such cases, you might have to brave the rain to get to your vehicle. This also means you need to keep an umbrella in your car, as it might start pouring just as you get home. Sometimes, even an umbrella is of little help, for instance, if you have a baby in the car and only one free hand to hold the umbrella.
Another issue is maintenance:
“Maintenance is also a problem; some parts of the estate are old and dilapidated. While some touch-ups are necessary, I guess most people here are already thinking about an en bloc sale.”
In areas like District 10, more unit owners are investors rather than owner-occupiers. They may have a greater interest in an en bloc sale and want to keep maintenance costs to a minimum before that happens.
Regret 2: No Elevator, Plus En Bloc Anxiety
A retiree mentioned the impact of the lack of an elevator in his old condo, a problem he had not anticipated at all:
“I don’t completely regret buying this condo, but at my age, I really do. I’m getting older, and my current condo doesn’t have an elevator. I live on the third floor. Walking up the stairs is tiring for me, and it’s even worse when I have to carry heavy things. When it rains heavily, the stairwell can get very slippery. It’s an old estate, so things like wheelchair access are non-existent.”
For those buying a walk-up apartment, it’s crucial to consider this potential issue as you age.
There’s also the concern about an en bloc sale:
“This didn’t bother me before, but now that the estate is getting older, I’m constantly worried about whether it will be sold en bloc. I was thinking of doing some renovations, but it seems like a waste if it gets sold later. This uncertainty is unsettling.
That said, I still love the location and the relationships I’ve built with my neighbors over the years, so it’s hard to consider moving.”
Renovating during a potential en bloc sale doesn’t guarantee compensation, as the apportionment method (i.e., how each owner gets paid) is negotiated with the buyer. In some cases, apportionment is based solely on the property value share, where renovations are not a factor.
Regret 3: Insufficient Natural Light
A couple felt their old condo didn’t get enough light:
“Another issue for me is that the windows in older estates generally only take up half the wall. I prefer the floor-to-ceiling windows in new condos. The lighting in our old condo is relatively poor, even though we have the freedom to choose the window design.”
Floor-to-ceiling windows were less common in condo projects from the 1990s or earlier. In that era, large windows were not as popular, and some even considered them a privacy risk. Trends and preferences can change unpredictably over time. The current preference for open-plan kitchens over enclosed ones is another example of this, although this trend became more popular because home sizes are shrinking, not just due to a preference for open kitchens.
Regret 4: Poor Elevator Maintenance
A buyer of a condo unit on the East Coast said their elevators were old and dangerous, but there were no funds for replacement because everyone was waiting for an en bloc sale.
“There was a month when one of the two elevators was always out of order, and I could end up waiting 15 minutes just to get home. Last year, both elevators broke down twice, and I lost my food delivery because it took hours to repair them, and the delivery person couldn’t climb up to my floor.
Another time, the elevator broke down at 10 p.m. I had just gone out to buy dinner for my family, and when I came back, I was stuck downstairs. In the end, I had to climb 17 floors so my kids could eat. If I hadn’t taken the stairs, I would have had to wait until 1:30 a.m. for the elevator to be fixed.”
Regret 5: Pipe Leaks from Neighboring Units
A resident of an old condo said the pipes in his apartment were very old and prone to leaking, and leaks from neighbors also affected him:
“The building dates back to the 1970s, and the pipes are old and corroded. My upstairs neighbor had the worst leak, but it actually affected me more because water from their toilet leaked through my ceiling into my bathroom. There was even one time when water leaked into my dining room.
Last year it was my turn, as water from my place leaked into the unit below. I guess the repair fees we’ve paid are enough to buy a whole new condo. The security guards are on a first-name basis with the contractors.”
Regret 6: More Unsavory Tenants as the Building Ages
A couple quickly realized after buying their home that cheaper units with higher rental yields could attract unscrupulous landlords and tenants. They currently own a unit near Chinatown:
“Everything about the condo is great, we love the location, but the problem is the increasing number of shady tenants. There are a lot of KTV and massage parlor staff living here now, and it seems they even bring their ‘business’ into the condo. We’ve reported it to security many times.
It quieted down a bit during the pandemic, but now this crowd is growing larger than ever before. It’s not Orchard Towers here, but sometimes it feels just as chaotic.”
We suspect this project is attracting tenants from other old condos like People’s Park Complex, possibly related to the en bloc plans for People’s Park. However, this factor is difficult to foresee when buying a home. Nevertheless, this is much less likely to happen in newer projects with much higher rents.
Whether you’re looking to buy an older condo, a resale unit, or a new launch, contact Anjia SG for assistance.
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