Asked by AT TAN
I am interested in a condo unit but am concerned that it is already 32 years old. Considering that it is a leasehold 99 years unit, if supposing I stay for 5 years or longer, the unit will already be almost 40 years old.
My question is: Will the age of the unit affect the potential financing capability of the next owner that i sell to? I heard there are banks that are unwilling to lend up to at least 80% LTV for such old units. This will affect my ability to re-sell the unit as the next owner will have to come up with more cash.
My question is: Will the age of the unit affect the potential financing capability of the next owner that i sell to? I heard there are banks that are unwilling to lend up to at least 80% LTV for such old units. This will affect my ability to re-sell the unit as the next owner will have to come up with more cash.
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