Loft living is still popular today
It’s hard to believe that loft living started off as a cheap option for struggling artists to live and work. They found vacant industrial space in run-down buildings and made it their homes – perfect for living and working with open spaces and great lighting. But soon the charm of loft space caught on to the more affluent buyer and neighborhoods quickly changed from cheap loft living to the hot-spot in housing and redevelopment. Loft living is still popular today. Why is loft living a worthy real estate investment for you?
Loft living = urban living. If you want to live near work and in the hustle and bustle of a city, then loft living might be perfect for you. Generally, lofts are found in repurposed buildings – former hotels, industrial buildings or warehouses. They’re located in busy downtown areas, usually pedestrian friendly and near shops, restaurants and nightlife. They have wide open spaces, vaulted ceilings and lots of windows and character (exposed brick and ceilings). Lofts appeal to buyers with a wide-range of tastes and preferences.
Like an apartment or condo, the maintenance of the interior and exterior common space is no work for you – but you’ll pay for it through maintenance fees. Make sure you understand the costs of these fees before you purchase! And check the structural history of the old building and construction quality as well, to be confident you are purchasing loft space in a sound building.
It’s still about location with loft living. Is the building in an up-and-coming neighborhood? How is the crime in the area (it is urban living!) and what kind of security does your building provide? Make sure you are comfortable with the location of the building and its potential value-appreciation before signing on the dotted line.
Loft living is an attractive living option for many hip and successful people – those who want to live and work near the hub of the city. With open floor plans and great lighting, it’s easy to see how lofts started as an ideal work space for struggling artists and is now a popular investment option for all kinds of home buyers. What are your thoughts? Have you moved into loft space? What have been your experiences? Let us know we’d love to hear your thoughts?
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.