Buying a property is going to be the biggest single investment you’ll ever make. As such, you’re going to have to do some homework before taking the plunge. One type of property that has increased in popularity is the loft. However, it’s short on supply and there aren’t many around. It’s a bit more challenging when you’re in the market for a loft.
You need to be knowledgeable and avoid certain pitfalls so that you don’t throw money away. You also want to make sure that if you sell, you will make a tidy profit. Here are a few things to consider when buying a loft in Toronto.
1. Hard Or Soft?
There are two kinds of lofts; hard and soft. Hard lofts are existing structures that have been restructured for residential use, such as a factory or even a department store. Soft lofts are newer and built from the ground up and includes things one would associate with a loft such as high ceilings, exposed concrete and ducts.
2. Location Issues
In the case of hard lofts, these may be in locations that were once considered as an industrial neighbourhood. As such, you may not have convenient access to public transit as well as some of the basic necessities.
The area may not have a subway line, so if this is an important consideration, which it is for many people, than a hard loft might not be for you. A better location with shops, transport, schools and hospitals may be your answer. Many times, a good neighbourhood is what clinches the deal.
3. Inspecting In & Out
You may be inexperienced (well, many people are) when looking for the right place. One thing you must do is to inspect the place in and out. If this means hiring a professional to do so, then so be it. If not, you have no idea of the condition of the loft or indeed the building.
After taking over, the last thing you need is to be hit with one problem after another. If the building is an older one, you have no idea how long it will last or what kind of maintenance is required.
4. Talk To Neighbours
It’s a good idea to speak to neighbours to find out more about the building and the neighbourhood. This can convince you of whether you are doing the right thing or it can give you a warning as well. People may say that a building is no good or it’s too noisy or it’s prone to vandalism or any number of other reasons, both good and bad. This helps you make a more informed decision.
5. Research The Construction Company
You must research the construction company that’s building your loft. Find out how long they’ve been in business, if they are trustworthy or if there have been complaints against them, if they built the loft or if they are just renovating it, as well as other pertinent information. You’re going to be spending a lot of money and you want to enjoy your new home, not be faced with one disaster after another. Not researching can cause this to be the biggest catastrophe of your life. Find out as much as you can before investing.
Since lofts aren’t common in Toronto, very few people have experience in what to look for and what to avoid. You could end up buying something of little value. It’s a perfect stage for a con artist. If you have to hire a specialist who is experienced in lofts, it could be worth the investment.