@Account Closed
I can’t speak for the 1965 and newer. However, I have bought several buildings built prior to 1910, so I have some experience with your situation.
I think the first question you should ask the agent/seller is when was the last time the building was sufficiently updated(plumbing, hvac, electric, etc). I live in a building that was built in 1920, but completely gutted to the stud and operates like new. So if that’s the case you would probably have a standard purchase.
Hopefully your building falls somewhere in the middle, where they have done some things, but not quite enough.
Assuming no major structural issues, I would focus very heavily on inspecting the electric and plumbing systems. Those can be an absolute nightmare if you aren’t careful. Check the ages of the HVAC systems. Those three can be major expenses.
I would also get an experienced contractor to do a walkthrough and gather as much details on repairs as humanly possible. You can get caught in the cash bleed of a thousand needles if you aren’t careful on old buildings.
If you can avoid, I would frankly avoid homes that need the major systems extensively updated. A full rewire of a building is not fun.
Lastly, make sure you factor in a large fudge factor for repairs(20 to 30%) and hopefully pay a low price for the building.
Good luck!
