Buying A Loft Condo The Easy Way
Over the last few years, the interest in loft condos has been exploding. Lofts are basically apartments constructed inside structures that were not meant to be residential living spaces. With their absence of interior walls and high ceilings, lofts are usually constructed in transformed warehouses and factories. Traditional condo units are losing ground as more and more buyers are turning to lofts. When shopping for lofts for sale in Toronto, keep these few things in mind.
Securing the help of an experienced real estate agent should be your first move when searching for a loft. You should look for someone with a lot of experience in the condo and loft market who will be capable to explain the complete process.
Consider each potential building carefully. Ask who is the builder of developer as not all developers are made equal and some have a greater reputation than others. Look for the common areas and look around to evaluate if they are well maintained. When you buy a loft you also own the common areas along with the other unit owners. A homeowner association may not be running the building as well as it should it the common areas are poorly kept. Seek out how many units in the building are owner occupied. If a great number of units are held by investors and rented out to renters, it could negatively impact the value of your loft.
You will become a member of the homeowner association when you purchase your loft condo. Such things as common area maintenance, insurance, etc are handled by dues, also known as maintenance fees, which the association gathers. The elements covered will vary greatly from one building to the next as well as the value of the dues. You should seek out what is covered by your maintenance dues. Attempt to also learn how the fees have increased over the years. In new complexes, maintenance fees may be set very low to attract buyers but you should anticipate increases in the years to come. The Covenant, Conditions & Restrictions for the complex will also be managed by the homeowner association. These will cover such elements as pets, permitted renovations, etc and will vary from complex to .
Another important element to consider is how the building was insulated. This will have an effect on your heating and cooling charges. You should also find out about the the type of insulation used between the floors to reduce sound. This can result in a lack of soundproofing if it was overlooked by the developer. There is nothing worse than constantly hearing your upstairs neighbors walking around or the sound of a dog or cat running while you are trying to watch a movie.
If you own a car, find out about the parking arrangements. Some Toronto lofts building will sell units with an assigned parking place. Another alternative called “right to use” is to have a parking space allocated to your unit but it will vary each day. Be sure that you visit the parking area particularly if you drive a large SUV or minivan. Some parking spaces are designed for small cars and may not accommodate your vehicle.
For those looking for convenience, a sense of community, minimal exterior maintenance and maybe even a sense of safety, the loft lifestyle may be very attractive. They also offer an attractive and unusual alternative for those wishing to live in the city’s urban center. Just keep in mind to do your homework and to ask lots of questions.
