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Loft or Condominium?

April 09, 2012 | Comments: 0 | Views: 170

Most urban centres will provide home buyers with a wide range of choices for their accommodation needs. Just two of these choices include lofts and condominiums; but generally speaking, buyers interested in lofts will also be keen to view condominiums and vice versa. Nevertheless, despite the many similarities, there are some distinct differences between these two types of property that may or may not make them suitable for your needs. If you are trying to decide between buying a loft or a condo, special consideration of these differences is necessary.

First of all, we should mention that in today's real estate market, condos and lofts are often seen as interchangeable. In fact, in many regions lofts and condos are legally the same. With both types of properties, an owner holds title to personal living spaces, but also shares ownership of some common living spaces. These common spaces may include the lobby, garage, gym and pool, landscaping and more. In addition, most loft and condo owners will be part of a strata or some kind of organization that determines a special code of conduct with respect to the responsibilities of individual owners when it comes to maintenance of shared properties.

However, there are some specific features that make lofts and condominiums different. Most real estate investors picture a loft as a somewhat more rugged property with a design that often embraces tall ceilings, open spaces, and more modern decoration. Exposed brick, concrete or granite counters, hardwood floors, and exposed beams are just some of the features we associate with traditional lofts. Indeed, the quintessential loft is essentially a conversion of an historical or industrial building. The repurposing of these properties from commercial or industrial to residential has had a significant impact on the overall style of lofts. We associate lofts with urban centres, and many of the best lofts are found in gentrified neighbourhoods. Still, the popularity of lofts has changed the way they are built; and today, even brand new buildings often feature lofts.

Alternatively, condominiums and town homes are usually new. Sometimes there is a great deal of crossover between the design elements of lofts and condos, but condominiums are much more similar in style to detached single-family homes. Room divisions are more distinct, and some of the more rustic attributes of lofts are not found in condominiums. Home owners are certainly responsible for the decoration in their home, but condos more typically feature carpet, and more traditional kitchens, bathrooms, and bedrooms.

While not always the case, lofts tend to be less expensive than condos as they can be more similar to a studio-style apartment than a home. Moreover, buildings with condos often offer more amenities than lofts including larger gyms, private landscaping, and sometimes even concierge service. As such, strata fees are typically higher for lofts. However, though most of these points allow you to make sweeping generalizations about the differences between lofts and condos, the lines are grayer today than in the past. Depending on your chosen neighbourhood, price range, and required amenities your real estate agent should be able to help you find the perfect property, whether it is a loft or condo.

Whether you're looking for Vancouver lofts for sale or Vancouver condos for sale, check out our site.

Source: EzineArticles
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