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> That means that if you buy a condo in a building built in the 1970s, the building will become unsafe and need to be demolished in your life time. I don't know
by 101008 3y ago
> That means that if you buy a condo in a building built in the 1970s, the building will become unsafe and need to be demolished in your life time. I don't know if people are pricing this consideration.
Isn't possible to do some repairs to make it safe again, instead of completely demolish it? I live in a big city (South America) with a lot of old buildings. People treats property as something that will last forever, but if this is the case, a lot of people are going to lose assets - and I am also scare of the gov to check that these buildings are still safe.
- droopyEyelids 3y ago> Isn't possible to do some repairs to make it safe again This ends up being a complex question that's unique to every building, and needs to take into account the architecture, the soil (reinforced concrete is used in footers/pilings) and a ton of other factors. But what makes it extra scary? In most countries there is always a company that will tell you "Yes, it can be done, and for less than the cost of replacing the building". Even in the USA this happens and then we have deadly condo building collapses. I say "most countries" because I hope that there's some country where they have tight enough regulations to prevent it. Like maybe Norway or Luxembourg or something.