A Guide To Loft Living

Lofts have gained tremendous popularity in the Greater Toronto Area in the past decade. They do offer a certain appeal. They have high ceilings, big windows, brick walls and an open concept. All together, these features definitely provide a desirable alternative for many urban professionals.

Typically, a loft buyer is someone who prefers to live in a city— to be close to restaurants, shopping, theatres and parks— and also prefers to own a living space that’s atypical and out of the ordinary.

There are two types of lofts available for purchase: “soft” and “hard.” Newly constructed lofts that are built from the ground up, incorporating the interesting loft characteristics, are referred to as "soft" lofts, while lofts that are converted from former commercial/industrial buildings such as factories, warehouses, schools, and churches, are known as "hard" lofts. Some familiar loft buildings in Toronto include: the Candy Factory, the Massey Harris Building, the Chocolate Company and the Merchandise Lofts.

Initially, the loft concept began when former commercial spaces in downtown cores were converted into sunny, large, unique living and working environments. This idea began in New York City and in parts of Europe, and quickly spread to the G.T.A.

Thereafter, demand sky-rocketed to the point where buildings were being designed and built specifically for lofts. The units in these buildings typically boast soaring arches, powerful steel girders, and massive beams. Demand today continues to soar for this form of ownership.

What was once viewed as a marginal residential option that catered primarily to "artists," has now become a fashionable style of living for many condo buyers who are opting to break free from conventional apartments. One of the most appealing features of lofts is the fact the open concept can be customized to suit most any taste and style.

Today, there are over one hundred lofts in Toronto.

If you decide that loft living is for you, here are some essentials to consider before making that important purchase:

Firstly, the old adage that real estate is location, location, location holds particularly true for lofts. Is the neighbourhood safe? Is the building close to shops and favourite restaurants? Is the general area appealing?

Secondly, when you are viewing lofts, aside from the allure it offers, you should also consider practicality. Is the loft large enough to fit all your possessions? As with any condo purchase, you should consider the view, the building rules and by-laws and the amenities. Traditionally, lofts will not have the same level of amenities as some of the newer high-rise condominiums. Perhaps your lifestyle doesn’t require those amenities, perhaps it does. This is something to consider.

Lastly, another important consideration when purchasing a loft is the surrounding properties. You don't want your building to be engulfed by a lot of factories that can be an eye sore. Also, you want to ensure any nearby, old and dilapidated building isn’t scheduled to be demolished and replaced with a building that will obstruct your view. This will not only lead to less enjoyment of your property, but it will also have a negative impact on the property value.