Do you need a condo buying guide in your life? When you take a look at Toronto’s skyline you’ll be amazed at how many cranes you see – there’s as many of them as there are buildings! This is a city that’s on the rise, literally and figuratively!
Your Condo Buying Guide
Condos are simply a way of life here, but did you know that there are plenty of different kinds of condos? When you think of a condo, you might be thinking of a tall glass structure that lacks character, is as small as a shoebox, and looks about the same as every other building.
There’s more to life than boring condos, though, and we can be your condo buying guide to a different world – a world of lofts! What’s a loft, and what makes it different? Here’s everything you need to know in this handy Toronto condo buying guide…
What is a Loft?
If we are thinking of an ideal loft apartment in Toronto, what comes to mind is a converted space, such as a former factory, church, or abandoned warehouse, that’s been converted into a collection of living spaces. These are spaces that have a history, weren’t being used, and are now being converted into condos.
The most exciting aspects of a loft is finding out what your building used to be. Are you living in an old toy factory? A former studio space? Converting these spaces not only results in better places to live, but helps retain a certain historical vibe that is important for the city – and exciting for the people living there.
Soft or Hard?
You might have heard the terms “hard loft” and “soft loft” being thrown around time and time again – but what’s the difference? A hard loft is a former industrial space that has been remodeled to act as a place to live. You’ll find exposed brick and pipelines, large factory windows, and high ceilings.
Thanks to the popularity of hard lofts, you’ll see a lot of soft lofts cropping up. These are loft spaces that are meant to mimic the look of hard lofts. It’s kind of like a spin on a traditional condominium, while mimicking the finishes that make hard lofts so attractive without actually using older buildings.
The one-of-a-kind charm that comes from living in a loft is the reason why these buildings are remodeled and reborn – not (always) developed out of fresh air. There’s nothing like living in a historically significant building that retains its era’s charm. The people who live here tend to form their own community around the building, taking pride in the space they call home.
Take the Lofts at 90 Sumach, as an example. Nestled in the heart of Corktown, these lofts used to be a CBC warehouse that housed creatives, stages, and props. Now it’s home to many, and feels like a community all its own thanks to that artistic edge. There’s nothing anonymous about it, and it definitely beats any no-name condo buildings that you’ve seen before.
Hard to Come By
New lofts typically spring up in Toronto’s older neighbourhoods, the ones that have these significant buildings in the first place. That’s why you’re likely to see lofts being built in places like Leslieville, the Junction, or the Distillery District. What do all these places have in common? They’re located in some of Toronto’s most prized neighbourhoods for buyers.
If you’re living in a loft, consider yourself lucky. These are incredibly exclusive places to live, with potential buyers lining up to get a chance inside whenever the opportunity comes up. Because of this, it’s important to work with an agent who has connections in the area when it comes to finding a loft to buy.
The Value of a Loft
What makes a loft a good investment? If you’re worried about getting your money’s worth on a traditional condo, maybe you should consider a loft. Due to their style, their exclusivity, and (typically) their location, lofts are a sound investment with good resale value. It helps when you have a loft in a growing section of the city, but choosing the right one can also go a long way.
Lofts make up a such a small section of the overall condo market, and with an already low vacancy rate, the demand for lofts will continue. These are unique spaces, with lots of history, which makes them a good investment opportunity for today, tomorrow, and years down the road.
Are you curious about loft living? If you’ve just finished reading this condo buying guide, and want to know more about your options, contact me today and we can start talking about where you want to buy. Call us at 416.443.0300 email us at Erica@ericareddy.com, or contact us here to get started!