The interest for loft condos has increasing in the last few years. Structures that were not meant to be residential living spaces are transformed into open concept apartment units known as lofts. They are usually built in converted factories or warehouses and their unique features are the absence of interior walls and high ceilings. Traditional condo units are losing ground as more and more purchasers are turning to lofts. Here are a few tips to keep in mind when looking for lofts for sale in Toronto.
Your first move when shopping for a loft is to enlist the help of a knowledgeable real estate agent. You should search for someone with a lot of experience in the condo and loft market who will be able to explain the entire process.
Each possible building should be evaluated carefully. Ask who is the builder of developer as not all builders are created equal and some have a better reputation than others. Look for the common areas and look around to evaluate if they are well kept. When you purchase a loft you also own the joint areas along with the other loft owners. A homeowner association may not be managing the building as well as it could it the common areas are poorly maintained. Attempt to also find out how many units are owner occupied. If a large number of units are held by investors and rented out to renters, it could negatively affect the value of your property.
You will become a part of the homeowner association when you purchase your loft condo. This association collects dues, known as maintenance fees, to take care of elements such as common area maintenance, insurance, etc. The components covered will vary greatly from one building to the next as well as the amount of the dues. You should seek out what is covered by your maintenance fees. How the fees have gone up over the years is also an important information. In new buildings, maintenance dues may be set very low to attract buyers but you should anticipate raises in the years to come. The homeowner association will also handle the Covenants, Conditions & Restrictions for the building. These will cover such elements as pets, permitted renovations, etc and will vary from complex to .
How the building was insulated is another important thing to consider. Your heating and cooling costs will be impacted by this. You should also enquire about the the type of insulation used between the floors to diminish sound. This can ensue in a lack of soundproofing if it was overlooked by the developer. There is nothing worse than continuously 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 have a car, enquire about the parking arrangements. Some Toronto lofts building will sell units with a reserved parking place. Another option called “right to use” is to have a parking space assigned to your unit but it will vary each day. If you own an SUV or minivan, be sure that you see the parking area. Your vehicle may not fit as some parking spaces are designed for small cars only.
The loft lifestyle can be very appealing to a variety of buyers interested in a sense of community, convenience, minimal exterior maintenance and maybe even a sense of safety. For those wanting to live in the city’s downtown center, lofts also provide an unusual and attractive alternative. Just remember to do your homework and to ask lots of questions.
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