Issues on the life capacity of condominium units may extend only for 50 years. It can either be falsified or legitimate depending on the situation.
How do we see ourselves after 50 years? Probably dead? Old enough to forget things? Already settled in a pension house? Now, how do we see the world for the next 5 decades? There may already be flying cars and heavy traffic in the air. How about housing and residences by then?
Many individuals remain skeptical in buying a condominium unit. There seems to be no promise for the industry as the building can depreciate overtime and the facilities can become obsolete. It is, admittedly, a struggling battle of many condo owners to relish the peak of the business now and plan ahead for the future possibilities.
Condo units may be cheaper and the location more practical but the assurance of its duration of business remains an issue. The Peterson Group Bespoke Condominiums and Residences, business affiliate providing luxury apartments and residential to expatriates in Singapore, Hong Kong, Kuala Lumpur, Malaysia and Jakarta, Indonesia, have stated in its earlier statement that the time of devaluation may come soon.
Depending on the construction and the materials used, a building may extend its time up to a hundred years. By then, it has already a lot of stories and reconstruction but when it comes to depreciation value, the location may be a big factor. According to reviews, if the condominium is located in a prime area, it has higher probability to withstand time. On the other hand, many city centers are already too crowded and with the present expansion of various road projects, current cities may already be signing their dues.
Another concern of condo tenants are the shifting business ideas of condo owners. With the possible loss of business due to undermining factors, other projects which can be more mainstream and beneficial can be a reason of demolition.
Now, how about the tenants? Is it right to let them live on the streets when they have paid for a condo?
An ample amount of complaints and unimaginable chaos can be infused when it happens. However, when we think about it, condominium owners would have also sold their units when 50 years have passed. It is an accepted notion that these tenants would have already found a stable housing of their own.
Like mentioned earlier, there are only a number of condominiums likely to depreciate in the coming years with today’s technology and sturdy materials and it all depends on a number of factors.