The interest for loft condos has increasing in the last few decades. Buildings that were not destined to be residential living spaces are converted into open concept apartment units known as lofts. They are traditionally built in transformed 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. When shopping for lofts for sale in Toronto, keep these few tips in mind.
Securing the help of an experienced real estate agent should be your first move when searching for a loft. Search for someone who can clarify the complete process and who has a lot of knowledge buying and selling in the condo and loft market.
Each potential building should be considered carefully. Ask who is the builder of developer as not all developers are made equal and some have a greater reputation than others. Have a look around the common areas and see if they are well maintained. 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 kept. Seek out how many units in the complex are owner occupied. The value of your property could be negatively impacted if a great number of units are rented out to renters and owned by investors.
You will become a part of the homeowner association when you purchase your loft condo. Such things as common area maintenance, insurance, etc are taken care 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. Make sure you find out exactly what your maintenance fees will cover. How the dues have increased over the years is also a valuable information. You should anticipate increases in the years to come especially with new buildings where the maintenance fees may be set very low to bait buyers. The homeowner association will also handle the Covenants, Conditions & Restrictions for the building. These vary from complex to complex and will cover things such as pets, permitted renovations, etc.
How the complex was insulated is another important thing to consider. This will have an effect on your heating and cooling charges. You should also enquire about the the type of insulation placed between the floors to reduce sound. This is often neglected by builders and it can result in a lack of soundproofing. There is nothing worse than constantly hearing your above neighbors walking around or the sound of a dog or cat sprinting while you are trying to enjoy a movie.
Find out about the parking arrangements if you own a car. Some Toronto lofts building will sell units with a reserved parking spot. Others have a “right to use” which signifies that you are assigned a parking space but it will change each day. Make sure that you look at the parking area particularly if you drive a large SUV or minivan. Some parking spaces are designed for small cars and may not fit your vehicle.
The loft lifestyle can be very attractive to a variety of buyers interested in a sense of community, convenience, minimal exterior maintenance and perhaps even a sense of safety. They also offer an attractive and unusual option for those wishing to live in the city’s core center. Remember to ask lots of questions and to do your legwork.
