In the last couple of years, many major cities have seen an increase in the popularity of lofts. Basically lofts are living spaces that have been designed on the basis of open floor plans and were extremely popular as artist live/work spaces although now it is quite popular among different segments of people. They also use these as live/work spaces. Many of yesterdays factories are today’s modern living spaces.
Lofts were originally factories or office buildings and were converted to large living spaces. Lofts share common amenities in the building as well as hallways and laundry rooms. Modern designed lofts are keeping in mind just one sole idea, that these will be permanent living spaces for the people that purchase them. There are more and more lofts coming up that have spacious and luxurious interiors just like a single-family homes.
Some points you should think about if you are considering buying a loft:
1. Convenience: The most important aspect of lofts is convenience. Loft buildings have their own association & this usually accounts for the common amenities like an exercise room, pool, basketball court or a party room. There are several loft developments where you can have other conveniences like dry cleaning and/or a car wash. Some bigger loft properties offer convenience stores, a car wash, dry cleaners, a children park and/or a dog walk which makes life a lot easier and more fun for the people living in these urban areas.
2. Upkeep: Most people give up the single family home because of the amount of upkeep they require. If you have a single family home, it will need to be painted at least once every 4 to 5 years, do ongoing repairs, and even shovel snow in the winters and cut grass in the summers. So with a home in the suburbs you need to do summer maintenance as well as winter maintenance. On the other hand, in a loft, you will be financially responsible for the maintenance and repairs of the shared areas, but you will not do it on your own. To begin with, every member of the condo association pays for the maintenance and the management of the loft association and will oversee each and every part of maintenance of the building.
3. Appreciation: This is another important aspect. As compared to single family homes, lofts appreciate slightly better. This is on a nationwide level and the appreciation in your area may be completely different. If you have a loft in a downtown area, near colleges, a financial district or anywhere there are a large concentration of jobs, then you can expect fairly good appreciation. In fact, surveys have shown that in the last 3 years, several loft buildings & neighborhoods have experienced some of the nice price increases.
One more point I would like to make is this article is dealing with the True Loft, not the brand new buildings that were built to look and feel like a loft. They usually do not have the high ceilings or the large open spaces that you see in a True Loft. Lofts are very unique living spaces and if you do decide to purchase one of these you will never regret it!