The loft buyer's guide

1. Set a monthly budget, not just a price

Get a mortgage pre-approval, then add property tax and the maintenance fee to see the real monthly number. Lenders count the fee when they qualify you, so a suite with a lower fee can raise what you are approved for.

2. Decide between a hard loft and a soft loft

A hard loft is a conversion of an old industrial or commercial building, with the original brick, timber or concrete. A soft loft is a newer building with a loft's proportions and modern comforts. Read hard lofts vs soft lofts before you start booking showings.

3. See it in person

Visit at different times of day. Check the light at the back of the suite, listen for noise from the street and from neighbours, and look at how the bedroom is separated. Walk the halls, the lobby and the garage: how a building is kept says a lot about how it is run.

4. Make an offer with the right conditions

Most resale loft offers include a financing condition and a condition for your lawyer to review the status certificate. In a competitive situation there are ways to stay protected and still be attractive to the seller, and a loft specialist will walk you through them.

5. Do your homework on the building

Your lawyer reads the corporation's finances, rules and legal position and tells you whether anything should stop you. In an older conversion, pay attention to the reserve fund and to planned work on windows, the roof and the heating system. What the status certificate contains.

6. Budget for closing costs

Plan for land transfer tax, legal fees, title insurance and adjustments for prepaid fees and taxes. In the City of Toronto there is a second, municipal land transfer tax. The calculators estimate both.

7. Close and move in

Your lawyer registers the transfer and you get the keys and fobs. Book the elevator for your move with the property manager, and arrange condo owner's insurance to start on closing.