OLD CONDOS

As with anything in real estate, it's important to look at both sides of the coin. If you're eyeing a unit in a building that's been around for 20+ years, here are three key considerations that don’t always make it into the brochure:

1. Galvanized Pipes: The Hidden Trouble Beneath the Walls

Many older condos were built using galvanized steel pipes. These pipes may look sturdy on the outside, but time and water are their worst enemies. Internal rust buildup, corrosion, and leaks are common—and sometimes, it's not clean water that leaks out.

If you’re set on an older building, check if the pipes have already been replaced, or factor in the cost of a future replacement. (Tip: this could also give you some leverage when negotiating the price.)

2. Elevators: Million-Peso Machines

Elevators are among the most expensive assets in a condo—and when they start showing their age, replacements can run into the millions. A well-run building would have funds earmarked for this, but poorly managed ones? They often pass the bill to unit owners, sometimes with little warning.

Always look into the financial health and track record of the condo corporation before signing anything.

3. Fiber-Ready? Not Always.

In a time when connectivity is everything, you'd expect all buildings to be fiber-ready. Surprisingly, some aren't. Either the infrastructure was never upgraded, or the property management is holding off due to costs or internal red tape.

Be sure to check if high-speed internet is available—or at least possible—in the unit you're eyeing.

Older condos definitely have their charm—bigger layouts, prime locations, and sometimes even better construction.

I’m not discounting them at all (in fact, we're in a search for good buys). But it's important to go in with eyes wide open. The devil is often in the details.