5 costly mistakes loft buyers make
The most common and most expensive ones, and how to avoid each.
1. Shopping by price and ignoring the monthly fee
Two lofts at the same price can differ by hundreds of dollars a month once the maintenance fee is counted. Compare total monthly cost, not just the asking price. The monthly cost calculator does it for you.
2. Falling for the photos and skipping the status certificate
Brick and beams photograph beautifully. The status certificate is where an underfunded reserve fund or a coming special assessment shows up, and in an older building those numbers can be large. Make your offer conditional on your lawyer reviewing it. What the status certificate contains.
3. Not asking what "loft" means in this building
The word is used for century-old conversions and for new condos with tall ceilings alike. They live differently and resell differently, so know which one you are looking at. Hard lofts vs soft lofts.
4. Underestimating open-plan living
A bedroom with partial walls or no window is part of the charm until you work nights, have a guest or try to sell to someone who wants a door. Stand in the space and think about sound, light and privacy, and about heating and cooling a tall room with big windows.
5. Not looking at what sold in the building
Asking prices are what sellers hope for. Sold prices for similar suites in the same building are what the loft is worth. Ask for them before you offer. Request recent sold prices for any building.
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