Buying a Loft Condo the Easy Way

The interest for loft condos has exploded in the last few years. Lofts are essentially apartments built inside buildings that were not destined to be residential living spaces. They are usually built in transformed factories or warehouses and their distinctive features are the lack of interior walls and high ceilings. More and more buyers are turning to lofts as substitutes to the traditional condo unit. 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 shopping 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.

Consider each potential building carefully. Find out who is the builder of developer as not all builders are created equal and some have a greater reputation than others. Look for the common areas and look around to see if they are well maintained. Joint areas are owned by all the loft owners so when you buy a loft you will also own these. A homeowner association may not be running the building as well as it could it the common areas are poorly maintained. 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 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 things such as common area maintenance, insurance, etc. The elements covered will vary wildly from one building to the next as well as the value of the dues. You should seek out what is covered by your maintenance fees. Try to also learn how the dues have increased over the years. You should anticipate raises in the years to come especially with new complexes where the maintenance fees may be set very low to bait buyers. The Covenant, Conditions & Restrictions for the building will also be handled by the homeowner association. These will cover such things as pets, permitted renovations, etc and will vary from building to building.

How the building was insulated is another important element to consider. This will have an effect on your heating and cooling costs. You should also find out about the the type of insulation placed between the floors to diminish sound. This can result in a lack of soundproofing if it was neglected by the builder. 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 enjoy a movie.

Find out about the parking situation if you have a car. Assigned parking place will come with the unit in some Toronto lofts complexes. Another alternative called "right to use" is to have a parking space allocated to your unit but it will change each day. If you own an SUV or minivan, be sure that you see the parking area. Some parking spots are designed for small cars and may not accommodate your car.

For those interested in convenience, a sense of community, minimal exterior maintenance and maybe even a sense of safety, the loft lifestyle may be very attractive. They also provide an attractive and unusual alternative for those wishing to live in the city's core center. Just keep in mind to do your legwork and to ask lots of questions.