In the last few decades, the appeal of loft condos has been exploding. Lofts are essentially apartments built inside buildings that were not destined 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 buyers are turning to lofts as alternatives to the traditional condo unit. When shopping for lofts for sale in Toronto, keep these few tips in mind.

Enlisting the help of an experienced real estate agent should be your first move when shopping for a loft. You should search for someone with a lot of knowledge of the condo and loft market who will be capable to explain the complete process.

Consider each potential building carefully.  Not all builders are created equal and some have a greater reputation than others so find out who is the builder or developer. Look for the common areas and look around to see if they are well maintained. When you buy a loft you also own the common areas along with the other unit owners. Poorly kept common areas may be a clue that the homeowner association is not managing the building as well as it could. Try to also find out the number of units are owner occupied. If a large number of units are held by investors and rented out to renters, it could negatively impact the value of your loft.

You will become a member of the homeowner association when you buy your loft condo. This association gathers dues, known as maintenance fees, to take care of elements such as common area maintenance, insurance, etc. The elements covered will vary wildly from one complex to the next as well as the amount of the dues. Make sure you find out exactly what your maintenance fees will cover. How the dues have gone up over the years is also a valuable information. You should anticipate raises in the years to come especially with new buildings where the maintenance fees may be set very low to attract buyers. The homeowner association will also handle the Covenants, Conditions & Restrictions for the complex. These vary from complex to complex and will cover elements such as pets, permitted renovations, etc.

Another important element to consider is how the complex was insulated. Your heating and cooling charges will be affected by this. You should also enquire about the the type of insulation used between the floors to reduce sound. This can result in a lack of soundproofing if it was neglected by the developer. Hearing your above neighbors walking around of the sound of a dog or cat sprinting while you are trying to enjoy a movie can quickly become very annoying.

If you own a car, enquire about the parking arrangements. Assigned parking place will come with the unit in some Toronto lofts complexes. Others have a “right to use” which signifies that you are assigned a parking space but it will vary each day. Be sure that you visit the parking area especially if you drive a large SUV or minivan. Your vehicle may not fit as some parking spaces are designed for small cars only.

The loft lifestyle can be very attractive to a variety of buyers looking for a sense of community, convenience, minimal exterior maintenance and maybe even a sense of safety. They also provide an attractive and unusual option for those wanting to live in the city’s urban center. Remember to ask lots of questions and to do your legwork.