I have some questions on real estate. I do have some theoretical ideas but would like to hear from others, particularly if you’ve gone through the experience:
1) What’s the typical life span of an apartment in a high rise building? Normally, for an independent house, we expect it to be at least 70-80 years with good maintenance.
2) What happens when, say after about 15-20 years, the apartment is ‘too risky’ to stay in? If it begins to fall apart with the foundations etc. cracking up? Obviously you cannot expect any profit on resale. You’ll yourself want to move out and not risk losing everything (& everyone)…
3) Has any one had the experience/opportunity to witness the unfolding of such a scenario (as in point 2)?
4) What happens at the end of the lease on a leasehold plot that’s housing the apartment complex? Any experiences on that front. [Ignoring the fact that most could be on a 99-year lease].
5) Do we normally take a home insurance to cover ourselves from these and other possible disasters? I don’t come across much discussion on home insurance.
Thanks.