Have you been thinking about buying a Loft? Lofts are a very popular type of housing in today’s market, and you’ve probably seen several listings if you’ve been house hunting. While Loft living is a great choice for many people, you should consider whether or not it’s the right choice for you. Here’s what you need to know about Loft life in order to make that decision.
What is a Loft?
First of all, let’s define what a Loft actually is. In some ways, lofts are like apartments. They are both homes within a larger community, except in the case of lofts you actually own the home as a private residence. In most lofts, you share amenities with your neighbors, such as a pool, fitness center, and the grounds. And unlike apartments, in a Loft you pay monthly fees to maintain these amenities.
Benefits of owning a Loft
Like anything in life, owning a Loft has its pros and cons. Here are some of the benefits you can expect when you live in a Loft:
- Less maintenance – When you own a Loft, someone else handles the maintenance. This can include taking care of the lawn, removing snow, and making repairs in community spaces. Be aware, however, that you will be responsible for repairs inside your own home in most cases.
- Amenities – Owning a Loft often means having access to amenities that you may not be able to afford in a single-family home. Some of the amenities your Loft community may have include a pool, gym, media room, or party room. Many Loft communities also offer classes and social clubs.
- Security – Loft communities often offer extra security you wouldn’t get in a single-family home, such as a gated entrance and on-site security staff. It can also be reassuring to know that there are many people close by in case of an emergency.
- Location – Condos are often built in prime locations, close to public transportation, restaurants, bars, shopping, and cultural attractions.
- Affordability – In most areas, lofts are more affordable than single-family homes. This can be great for first-time homeowners or those looking to downsize.
Disadvantages of owning a Loft
While there are many upsides of living the Loft life, there are also downsides to consider. These include:
- Lack of privacy – If you are someone who enjoys privacy, then Loft living may not be for you. Because of the shared living spaces and close proximity of neighbors, you will often be interacting with other people.
- Fees – Even when you pay off the mortgage for the Loft, you will still be on the hook for monthly maintenance fees. These can often range from $100 – $700 per month, depending on your location and the amenities in your community.
- Rules – If you like to do things your own way, then you may not enjoy living in a Loft. When you live in a Loft community, you are required to follow certain rules and regulations. If you want to make upgrades to your Loft, you will likely need permission from the HOA. There may be restrictions on the number and size of pets you can own as well as how many guests you may have.
- Slower appreciation – Finally, if you think of your Loft as an investment, be aware that condos are often slower to gain in value than single-family homes.