Asked by l***@gmail.com
How future proof is owning a condo unit compared to a landed property?
The scenario I imagine is once something happens to the condo, such as a fire, natural disaster or even just negligence from the management - what happens to the the value?
If the condo is so old or damaged that it cannot live on in that state, or management decides to sell it for a complete relaunch (or to another developer who wants to turn the place into a shopping mall), will owners of condo units forgo their investment in the worst case, or will they always own part of it, perhaps even part of the land the condo is built on? Do property developers have to buy back the units they sold first before they can make those decisions and if so, what are the prices based on? Or do they have to guarantee you the existence of a unit with the measurements you originally bought no matter what happens?
The reason I ask this question is because I do not only want to invest for myself but perhaps my children or grand-children one day, so I am wondering if my investment will survive the life cycle of the building.
The scenario I imagine is once something happens to the condo, such as a fire, natural disaster or even just negligence from the management - what happens to the the value?
If the condo is so old or damaged that it cannot live on in that state, or management decides to sell it for a complete relaunch (or to another developer who wants to turn the place into a shopping mall), will owners of condo units forgo their investment in the worst case, or will they always own part of it, perhaps even part of the land the condo is built on? Do property developers have to buy back the units they sold first before they can make those decisions and if so, what are the prices based on? Or do they have to guarantee you the existence of a unit with the measurements you originally bought no matter what happens?
The reason I ask this question is because I do not only want to invest for myself but perhaps my children or grand-children one day, so I am wondering if my investment will survive the life cycle of the building.
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