What to Consider Buying a Loft

Toronto loftsLofts offer an exciting alternative to the classic apartment. Basic features include high ceilings, exposed pipes and ductwork, undefined rooms with minimal use of interior walls. Warehouse lofts often have concrete floors, exposed brick and large floor-to-ceiling windows.

When thinking of buying a condo or loft, there are certain pointers than can come in handy in making an informed purchase. As exciting as it is, buying a loft is a major investment and no different from buying a house. In other words, because it is a major decision, some considerations can ensure you make the right choices.

For instance, purchasing at pre-construction during the planning phase offers quite a number of merits. Most importantly, there are savings to benefit from given there won’t be any immediate maintenance as the property is brand new. For the interior design, a new building gives you the option to customize the décor and furnish of your potential purchase. But other than the merits of a pre-construction purchase, here are things to consider when looking for a loft.

For starters, your budget determines a great deal the kind of loft you will buy. How much are you willing to part with? One sure way of determining your budget limits is considering the amount you can comfortably pay as down payment. How much initial investment sum do you have? Is it enough for the kind of loft you want? If not, then you can proceed to get pre-qualified for a mortgage. However, note that the monthly remittent on the mortgage is your responsibility. That comes with accompanying taxes and other charges. To find out if you pre-qualify for a mortgage, visit your local bank to establish your situation. A real estate representative can help at this point if hired.

You also need to ponder other aspects of the purchase such as location and the developer of the property. In terms of location, go for lofts that are in well-known residential locations. You can also buy a loft in an upcoming realty development. The argument behind this has to do with appreciation and the future. Remember, at some point you might want to sell the loft and it has to fetch a good amount. How do you do that? Ensure the location allows for property value appreciation over time. Hire a professional real estate representative to search for the perfect loft.

In terms of the developer, reputable companies are renowned and will normally offer quality service. Ensure the developer is a reputable builder with an impressive track record to boot. In addition, also consider the suite design or the floor plan of the loft. In this case, you should look for easy to furnish lofts. A real estate representative should be able to see you through this. Again, it’s all about the future, when a need to sell the loft may arise and furnishing has to be redone at no hassle.

Finally, you should think about the type of loft you are looking for. Here are some loft styles that you may not have considered:

Bi-level/Artist Loft: The type of loft most people think of. Has grandiose ceilings (often 15 feet, or higher, high), with no, or minimal interior walls. The bedroom(s) may, or may not be separate. Even the bathroom(s) may be exposed in rare, usually in very modern design, settings.

Industrial Loft: Another popular type of loft, these are usually converted warehouses (the classic warehouse type being the meat warehouse, where the meat hooks have been left in the loft’s ceiling as part of the design). There are many of these types of lofts in Toronto. There has been such a demand in fact, that new lofts have been designed with the warehouse style in mind. It may be a challenge to get an actual warehouse loft, but talk to your real estate representative for more information.

Loft Type Unit: This can include a house or apartment that has some loft features, such as high ceilings, minimal use of interior walls, etcetera.

Attic Loft: A loft at the top of a house that had typically been used for storage, but due to the open space, has been converted to a loft apartment.

For more information please contact Neil Stephen

Bosley Real Estate Ltd., Brokerage