A loft is a type of property, typically a single unit within a multi-unit building. It can be in a high-rise building or a smaller walk-up building. Usually, a loft is one of the many units within a property.
Urban living is becoming more fashionable with the rise of lofts typically created from industrial buildings with high ceilings and exposed ductwork. When buying a loft, it’s essential to consider the various features that will make it a great home.
Building Development
Since lofts are typically built within industrial buildings or schools can be completed in phases. However, it’s essential to remember that these construction projects can take a long time to complete. In addition to the inconvenience of construction, it can also affect your quality of life. Ask your real estate agent about the various phases of the project and the development plans for your area.
Location
Some areas surrounding the loft might not be ready for residential development. However, this shouldn’t be a problem if the buildings are renovated and become desirable living spaces. The good news is that this type of project can help boost the local economy by attracting more urban professionals.
Even if the neighborhood revitalization movement is underway, it can take several months or even years before the plans are fully implemented. Also, the building might be farther away from crucial locations, such as schools, major roads, and public transportation stops.
HOA
Like condominiums, lofts are often associated with a homeowners association. This type of organization has strict rules and regulations and can be costly to maintain. Before you start the process of buying a loft, it’s crucial to understand the association’s rules and regulations thoroughly.
Energy
Many lofts are not energy efficient. Large windows, poorly designed concrete floors and brick walls can allow in too much heat or cold. Before you start the process of buying a loft, it’s important to understand the association’s rules and regulations thoroughly.
Ask your agent about the energy-saving features implemented in the building. These include radiant heated floors, double-paned windows, and tight seals around doors and windows.
Takeaway
Even though the cost of buying a loft will likely increase in 2022, it’s still important to consider the various factors that will affect your decision. Buying a loft can be as competitive as finding a single-family home in certain areas. You should also be flexible about your requirements and look for multiple properties close to your desired location.