Buying A Loft Condo The Easy Way

Over the last few decades, the interest in loft condos has been increasing. 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. 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.
Enlisting the help of a knowledgeable real estate agent should be your first move when searching for a loft. Search for someone who can explain the entire process and who has a lot of knowledge buying and selling in the condo and loft market.
Evaluate each possible building 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. Common areas are owned by all the loft owners so when you purchase a loft you will also own these. A homeowner association may not be managing 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 large number of units are owned by investors and rented out to tenants, it could negatively affect the value of your loft.
As a loft condo owner, you will become a part of the  homeowner association. Such things as common area maintenance, insurance, etc are taken care by dues, also known as maintenance fees, which the association gathers. The dues will vary greatly from one building to the next as will the elements covered. You should find out what is included by your maintenance dues. How the fees have gone up over the years is also an important information. You should anticipate raises in the years to come particularly with new buildings where the maintenance dues may be set very low to attract buyers. The homeowner association will also manage the Covenants, Conditions & Restrictions for the building. These vary from building to building and will cover things such as pets, permitted renovations, etc.
How the building was insulated is another important element to consider. Your heating and cooling costs will be affected by this. You should also enquire about the the type of insulation placed between the floors to diminish sound. This is often neglected by builders and it can ensue in a lack of soundproofing. There is nothing worse than continuously hearing your above neighbors walking around or the sound of a dog or cat sprinting while you are trying to enjoy a movie.
Enquire about the parking situation if you have a car. Some Toronto lofts building will sell units with a reserved parking place. Others have a "right to use" which signifies that you are assigned a parking space but it will vary each day. Make sure that you visit the parking area particularly if you drive a large SUV or minivan. Your car may not fit as some parking spots are built for small cars only.
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 alternative for those wishing to live in the city's core center. Remember to ask lots of questions and to do your homework.