The interest for loft condos has exploded in the last few years. Lofts are basically apartments built inside buildings that were not meant to be residential living spaces. They are traditionally built in converted 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 alternatives to the regular condo unit. When looking for lofts for sale in Toronto, keep these few things in mind.

Your first move when shopping for a loft is to enlist the help of an experienced real estate agent. Search for someone who can explain the entire process and who has a lot of experience buying and selling in the condo and loft market.

Consider each possible building carefully.  Not all developers are made equal and some have a greater reputation than others so find out who is the builder or developer. Have a look at the common areas and see if they are well maintained. When you buy a loft you also own the joint areas along with the other loft owners. A homeowner association may not be managing the building as well as it should it the common areas are poorly maintained. Find out how many units in the complex 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.

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 things 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. You should seek out what is included by your maintenance dues. How the dues have increased over the years is also a valuable information. In new buildings, maintenance dues may be set very low to bait buyers but you should anticipate raises in the years to come. The homeowner association will also handle the Covenants, Conditions & Restrictions for the building. These will cover such things as pets, permitted renovations, etc and will vary from complex to .

How the building was insulated is another important thing to consider. This will have an effect on your heating and cooling costs. 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 developer. There is nothing more annoying than continuously hearing your upstairs neighbors walking around or the sound of a dog or cat running while you are trying to watch a movie.

Find out about the parking situation if you have a car. Some Toronto lofts complex will sell units with a reserved parking place. Another alternative called “right to use” is to have a parking space allocated to your unit but it will vary each day. Make sure that you look at the parking area particularly if you drive a large SUV or minivan. Some parking spots are designed for small vehicles and may not accommodate your car.

For those looking for convenience, a sense of community, minimal exterior maintenance and perhaps even a sense of safety, the loft lifestyle may be very appealing. They also offer an attractive and unusual alternative for those wishing to live in the city’s core center. Just remember to do your homework and to ask lots of questions.