Condo and Loft Homebuyer's Guide
Find out if these urban abodes are right for you to buy, live in
By Alyson McNutt English, FrontDoor.com | Published: 6/12/2008
If you're looking for amenities, attractive prices and a low-maintenance lifestyle in the city, a condo or loft may be right for you.
A condo is generally an individual unit in a larger building or structure that was built as housing. A typical condo complex may look like an apartment building, but each unit is owned, not rented. A homeowners association (HOA) governs the condo community, collects dues and maintains the common areas.
A loft is a living space carved out of a building that wasn't built as a living unit. Many lofts are built out of converted warehouses or old factory buildings in a city's urban center, making them an appealing alternative for professionals who work downtown. Lofts typically do not have interior walls, have more open space and higher ceilings than other homes, and require minimal maintenance. Loft developers will sell them as move-in-ready units or as empty "shells" for buyers interested in designing the space themselves. An HOA also governs the loft building.
"There's an interesting phenomenon happening today in urban centers. People are moving back into the cities," says Tim Vasko, founder and chairman of the luxury condominium and property search website RealEstock.com. "They're realizing it's much more cost-effective to live and work in the city center."
If you're considering buying a condo or loft, follow these six steps to guide you through the process:
