For many young professionals, lofts represent the ultimate in urban living. They offer some of the most highly sought-after features in the real estate market, including wide-open space and rustic details. While many buyers are attracted to these qualities—and the lifestyles associated with them—some aren’t entirely sure what separates a loft from other home types.

If you’re wondering whether loft living is right for you, here’s what you need to know…

What is a loft?

A loft is defined as an apartment in a former industrial or commercial building, often a factory. These units are known for their distinctive architectural features, which typically include sky-high ceilings, open floor plans, ground-to-ceiling windows, and exposed brick and pipes.

Lofts have been popularized in part by artists, who find that their spaciousness and abundance of natural light make them ideal workspaces. Over the years, demand for this property type has grown exponentially among buyers of all stripes.

Hard loft or soft loft?

Due to the number of buyers interested in lofts, developers are building new spaces modelled on their aesthetic. They combine what many see as the best of both worlds: modern construction and industrial features. Qualities such as high ceilings, wooden beams, and exposed ductwork are built into these units, which are known as soft lofts.

While these newly-designed spaces are ideal for many urban dwellers, some buyers argue that they lack the sense of history and authentic feel of their older counterparts.

Hard lofts are the converted spaces within old industrial buildings. They often contain original hardwood, aged columns, and even higher ceilings than those you’ll typically find in soft lofts. What they almost never offer is new amenities and private outdoor spaces. They also tend to be less energy-efficient and (in many cases) noisier than what you’ll find in more recently constructed buildings.

Where to find the right unit

As a rule, lofts are located within a few areas of Toronto. For this reason, the neighbourhoods that work for your lifestyle will help determine whether this housing type is right for you.

The first thing to keep in mind is that hard lofts can be hard to come by. There are a limited number of industrial buildings that have been converted into housing in this city. Communities like Liberty Village (home to Toy Factory Lofts) and Queen West (the site of the iconic Candy Factory Lofts) are ideal places to start your search.

If you’re interested in a soft loft, you have many options. Electra Lofts (in King West) and Liberty Market Lofts (in Liberty Village) are popular buildings that epitomize this type of real estate. Both offer convenient amenities, and sit just steps away from modern retail and dining options.

Maintenance Fees

Paying monthly maintenance fees is part of owning a loft, whether it’s of the hard or soft variety. The good news is, they can vary widely from one building to the next—which means those on a budget can comparison shop.

While many buyers want to know which type of loft has higher fees, the answer isn’t always straightforward. Older buildings often boast sounder construction, which can make them low-maintenance. They also rarely come with amenities. These two factors can lead to lower fees.

Of course, that’s not always the case. Buildings that contain hard lofts have been around for a long time, and they need to be well-maintained to counter wear and tear. When they’re not, higher maintenance fees may result.

In contrast, soft lofts often have all the bells and whistles—from a state of the art gym to a rooftop terrace—and that can cost you. That said, there is a concerted effort made in some new buildings to keep fees low.

The bottom line

Like any property type, lofts are unique. Working with a skilled agent who knows what to look for can help you find one that meets your needs. Are you ready to start your hunt for the perfect Toronto loft?

Preparing to buy a home? For over 36 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at info@christensengroup.ca or calling us at 416-441-2888 ext. 772.