Things to Consider before Investing in a Loft in Toronto
Sunday Jun 04th, 2017
With an increase in real-estate options in Toronto, the market for them has also grown substantially, leading to a considerable increase in the number of people buying Lofts. As attractive as the investment may seem, there are dangers along the road to buying a property if you don’t have the right knowledge to make a wise judgment. A lot of things need to be considered to ensure that you don’t pour all your hard-earned money down the drain. Having the correct knowledge may not just come handy for a domestic buyer, but also for someone who’d want to make an earning out of it. It is useless to cry over spilled milk, so keep your facts in check whenever going out to buy a Loft so that you don’t get conned into buying something worthless. As Lofts are not common in Toronto, many people do not know what to look for when buying a Loft.
Here are a few helpful guidelines that will help you fetch the best Loft within your budget:
1. Better Location Equates To Better Property Value:
Location is very important; it adds value to your property. Your family would have wished to move to particular area around the city and you’re probably looking for a loft there but don’t limit your choices. Think about the surrounding area, as you’d want your kids to live in safe and friendly environment and even if you don’t have a family, neighborhood can be a deal breaker. The Loft should have all the basic necessities close by or easily accessible like grocery store, hospital, transportation, school etc. You can also check the property value of your neighborhood and decide whether you’re getting a good deal or not.
2. It’s Your Right to Get the Best Version of the Loft That Is worth Your Money:
As a buyer, don’t be afraid to ask to make improvements in the Loft as per your requirement. The money you pay is worth getting the best version. So, it’s okay to ask the previous owner of the Loft to do some changes, as per your desire, before they leave. There is also a difference in cost for hard Loft and a soft Loft as you can easily add the features if you buy a Loft that is still in the construction phase or will be in the construction phase after the transaction. There may also be lofts that were initially a hospital or industrial building, so you might require an array of changes there.
3. Check The State Of Your Place In And Out:
It’s difficult to buy a property if you don’t have the right experience. There can be many problems in your Loft and the building itself which are not that apparent to you. And these problems will start swarming at you after you have made the deal. So, get your Loft properly inspected by a professional or someone you know who is more experienced than you. And even if all seems well, it’s best to have a second opinion from someone who is more critical. Especially when dealing with older buildings, you don’t know how long they will last or how much maintenance will be required.
4. Learn about the Construction Company Heading Your Loft’s Project:
It’s always good to make a rational decision about where you want to live and that decision is based on a trustworthy construction company building your Loft. You would not want to spend your money on a construction company that is unknown or infamous in the market. So, learning about the company beforehand would greatly benefit you in the long run. Learn more about the project, whether the company was responsible only for the renovation of the place or did they built it, etc. Please note, every minute detail is important for your future home. It’s worth asking for!
5. Don’t Compromise On One Of The Best Feature Of Your Loft:
The best thing about Toronto Lofts is that they offer a wider space than newly built condos. Especially Hard Lofts are bigger and more spacious than most condos but they are difficult to find. So, if you come across a Loft that is huge in space, don’t waste time and consider making the deal. Currently, the smallest condo unit is of 500 square feet whereas for Loft it is 800 square feet. And if the Loft was previously an industrial unit, it may be even larger, so don’t compromise on the size of your Loft.
6. Know Your Neighbors:
It’s likely that you have other residents near your Loft or around the block. Talk to your neighbors, learn to more about them and figure out whether they are helpful and understandable. It’s good to have knowledge about the people living near you beforehand. You would not want annoying neighbors to ruin your new home experience. This act of socializing can help you figure out any problems with your Loft that may only be apparent to the residents. So, this can be very advantageous for you in order to save your investment.
7. Get Complete Details About Your Loft From Your Realtor:
Ask your realtor about the complete details of your loft. Learn when the building was constructed, the constructor’s information and about the people who have rented the Loft previously. It’s also good to know about the absolute value of your place. Ask about the property value of the land, the purchase value and the current value. Also, learn the estimated future value of the place in case you need to sell it in the future, and make sure you’re not making an unprofitable deal. It is also good to have some background knowledge about what kind of building your Loft was previously. This can help finding defects in the water system or uncovering any contamination that may have been present and might still pose a threat. So, be vigilant about the extra details and ask the right questions!