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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 converted factories or warehouses and their distinctive features are the absence of interior walls and high ceilings. More and more buyers are turning to lofts as substitutes to the traditional condo unit. When looking for lofts for sale in Toronto, keep these few things in mind.

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

Each possible building should be evaluated carefully.  Not all developers are made equal and some have a greater reputation than others so ask who is the builder or developer. Have a look at 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 running the building as well as it could it the common areas are poorly kept. Attempt to also find out how many units are owner occupied. The value of your loft could be negatively affected if a great number of units are rented out to tenants and owned by investors.

As a loft condo proprietor, you will become a member of the  homeowner association. This association gathers dues, known as maintenance fees, to take care of elements such as common area maintenance, insurance, etc. The components covered will vary greatly from one building to the next as well as the value of the dues. Ensure you find out exactly what your maintenance fees will cover. How the fees have gone up over the years is also an important information. In new buildings, maintenance dues may be set very low to attract buyers but you should anticipate increases in the years to come. The homeowner association will also manage the Covenants, Conditions & Restrictions for the building. These will cover such things as pets, permitted renovations, etc and will vary from building to building.

How the complex was insulated is another important element to consider. Your heating and cooling costs will be impacted by this. The type of insulation used between the floors to minimize the sound also be something you consider. This can result in a lack of soundproofing if it was neglected by the builder. Hearing your above neighbors walking around of the sound of a dog or cat running while you are trying to watch a movie can rapidly become very irritating.

Enquire about the parking situation if you have a car. Reserved parking spot will come with the unit in some Toronto lofts buildings. Another alternative called “right to use” is to have a parking space assigned to your unit but it will vary each day. If you drive an SUV or minivan, make sure that you see the parking area. Your car may not fit as some parking spaces are designed for small cars only.

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 appealing. They also offer an attractive and unusual option for those wanting to live in the city’s urban center. Keep in mind to ask lots of questions and to do your legwork.