Things To Consider When Buying A Loft Condo
- By Stefan Hyross
- Published 06/4/2009
- Buying
- Unrated
Over the last few decades, the interest in loft condos has been increasing. Lofts are basically apartments built inside buildings that were not destined to be residential living spaces. They are usually built in transformed factories or warehouses and their unique features are the absence of interior walls and high ceilings. More and more purchasers are turning to lofts as substitutes to the traditional condo unit. Here are a few tips to keep in mind when looking for lofts for sale in Toronto.
Securing the help of a knowledgeable real estate agent should be your first move when searching for a loft. Look for someone who can clarify the entire process and who has a lot of experience buying and selling in the condo and loft market.
Consider each potential building carefully. Find out who is the builder of developer as not all builders are created equal and some have a better reputation than others. Have a look around the common areas and evaluate if they are well maintained. When you purchase a loft you also own the joint areas along with the other loft owners. Poorly maintained common areas may be a sign that the homeowner association is not managing the building as well as it could. Find out how many units in the building are owner occupied. If a great number of units are held by investors and rented out to tenants, it could negatively impact the value of your loft.
As a loft condo proprietor, you will become a member of the homeowner association. This association collects dues, known as maintenance fees, to take care of things such as common area maintenance, insurance, etc. The elements covered will vary
wildly from one building to the next as well as the amount of the dues. Ensure you find out precisely what your maintenance fees will include. Try to also learn how the fees have gone up over the years. You should anticipate increases in the years to come especially with new complexes where the maintenance dues may be set very low to attract buyers. The Covenant, Conditions & Restrictions for the building will also be managed by the homeowner association. These will cover such things as pets, permitted renovations, etc and will vary from complex to complex.
Another important element to consider is how the building was insulated. Your heating and cooling charges will be affected by this. The type of insulation used between the floors to reduce the sound also be something you look into. This can result in a lack of soundproofing if it was neglected by the builder. Hearing your above neighbors walking around of the sound of a dog or cat running while you are trying to enjoy a movie can rapidly become very irritating.
Enquire about the parking situation if you have a car. Assigned parking spot will come with the unit in some Toronto lofts complexes. Others have a "right to use" which means that you are allocated a parking space but it will vary each day. If you drive an SUV or minivan, make sure that you see the parking area. Your car may not fit as some parking spots are designed for small vehicles only.
For those interested in convenience, a sense of community, minimal exterior maintenance and perhaps even a sense of safety, the loft lifestyle may be very appealing. For those wishing to live in the city's urban center, lofts also offer an unusual and attractive alternative. Just keep in mind to do your homework and to ask lots of questions.
Securing the help of a knowledgeable real estate agent should be your first move when searching for a loft. Look for someone who can clarify the entire process and who has a lot of experience buying and selling in the condo and loft market.
Consider each potential building carefully. Find out who is the builder of developer as not all builders are created equal and some have a better reputation than others. Have a look around the common areas and evaluate if they are well maintained. When you purchase a loft you also own the joint areas along with the other loft owners. Poorly maintained common areas may be a sign that the homeowner association is not managing the building as well as it could. Find out how many units in the building are owner occupied. If a great number of units are held by investors and rented out to tenants, it could negatively impact the value of your loft.
As a loft condo proprietor, you will become a member of the homeowner association. This association collects dues, known as maintenance fees, to take care of things such as common area maintenance, insurance, etc. The elements covered will vary
Another important element to consider is how the building was insulated. Your heating and cooling charges will be affected by this. The type of insulation used between the floors to reduce the sound also be something you look into. This can result in a lack of soundproofing if it was neglected by the builder. Hearing your above neighbors walking around of the sound of a dog or cat running while you are trying to enjoy a movie can rapidly become very irritating.
Enquire about the parking situation if you have a car. Assigned parking spot will come with the unit in some Toronto lofts complexes. Others have a "right to use" which means that you are allocated a parking space but it will vary each day. If you drive an SUV or minivan, make sure that you see the parking area. Your car may not fit as some parking spots are designed for small vehicles only.
For those interested in convenience, a sense of community, minimal exterior maintenance and perhaps even a sense of safety, the loft lifestyle may be very appealing. For those wishing to live in the city's urban center, lofts also offer an unusual and attractive alternative. Just keep in mind to do your homework and to ask lots of questions.
Stefan Hyross
Stefan Hyross specializes in writing on various real estate topics including Toronto lofts and condominium developments. Feel free to read more articles or even search for lofts for sale in Toronto and obtain a condo evaluation.
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