Buying a Loft Condo in Toronto
It is 2016, and you have decided to purchase a loft in Toronto, you have probably thought about it for some time, planned, and made a permanent decision. However, before you go loft hunting, it is imperative to note that looking for Toronto lofts may not be similar to looking for a condominium. When you understand the difference, you are equipped to be successful in your search. Here’s your top 2016 guide to gear you up for your successful search.
Hard lofts versus soft lofts
Hard lofts are existing structures that have been renovated and restored for residential use. Essentially, they consist of old factories, office buildings, churches, or department stores. They also include buildings whose structure was reconfigured as opposed to being demolished. Conversely, soft lofts are new structures that are newly built with the design that is generally associated with lofts. This means big windows, high ceilings, and a raw concrete or ductwork that is exposed.
There’s scarcity of lofts in Toronto
Unlike condominiums, lofts are not too many in Toronto. There is even less lofts in the Mississauga area. Try finding available lofts of qaulity in the MLS Mississauga listings. There are fewer than 100 lofts, which makes up between 2%-5% of the condominium market. Hard lofts are only found where old structures exist. This is unlike condominiums that are on every street corner downtown. Additionally, converting an existing old building into residential units is more difficult compared to building a new structure. As such, developers typically avoid hard loft projects due to the tedious nature of reconfiguration. Their Return on Investment is not as much as building a new high-rise building with soft lofts.
It is a difficult task to buy a loft as they are more expensive than generic condominiums. Therefore, you need to know exactly what you want before you go shopping for a unit. It will be challenging, but once you get the right one, you will have your money’s worth.
Lofts benefit people who crave open space
Lofts may be unique and in short supply; nonetheless, they are larger compared to a newly constructed condominium. With the increase in construction costs, it is normal to expect that the units will be smaller for developers to save on construction costs. A small unit was 700square feet before, today; the same priced unit is 500 square feet. The smallest loft unit may be about 800 to 900 square feet. However, in some reconfigured old buildings, they are massive in size. A good example is the Candy Factory in Toronto where units are over 4000 square feet.
Layouts may be funky
You will need to compromise on some of the unconventional features that reconfigured lofts have. For instance, the Brewery lofts were a rehearsal building full of stages. Some owners of these lofts decide to keep these stages as elevated open bedrooms. There are also lofts on Toronto’s east end where bathrooms have no walls. Therefore, the bathroom is the first thing you see when you walk through the door. Therefore, you need to keep an open mind.
Therefore, when you find a loft that has the original finishes that you require, you are in luck. Soft lofts normally do not have these original finishes. They may be replicas, but never the authentic material. You also need to make location tradeoffs if you need to use the subway. Most hard lofts are located in the industrial areas. This may prove to be an inconvenience for you. Besides, your view will be obstructed when you get a hard loft, as it is likely that it was a church or a factory. Therefore, if you need a great view from a high-rise, be sure to get a soft loft. Regardless of the scarcity of lofts in Toronto, with the right information and real estate agent, you will get that prized loft you have always wanted.