Most downtown areas will give home purchasers an extensive variety of choices of types of places to live. However, usually the two main types are condominiums (condos) and lofts. Smart buyers will look into the advantages of both and spend some time touring a few of the properties to ensure they make a wise decision. While there are similarities between the two there are also some distinct differences that set them apart.
Condos
Condominiums are basically apartments but instead of renting the unit you own it and can sell it whenever you want. In some cases, you may also lease the unit to other residents. The units are generally found in buildings with a wide range of numbers. Condos are private residences and are owned by families or individuals. In the right location, these can be very solid investments as you build equity over time as opposed to renting when you just pay rent to the owner.
Many buildings which house condos have a HOA (Home Owners Association) Fees. These can vary widely but are meant to spread the costs of maintaining the property among the owners.
Some examples of what these fees pay for are:
• Gatemen
• Repairmen
• Snow Removal
• Landscaping
• Building Maintenance
• Swimming Pools
Lofts
Lofts are similar to condos in that they are privately owned residential units. Traditionally, most people identify with warehouse lofts, where old industrial spaces are converted into residential units. These most often have exposed brick walls, air ducts and maintain an industrial feel. However, they are so popular that original warehouse lofts can be hard to fine. Modern contractors are building lofts now that resemble these structures by duplicating the aspects that make lofts special.
This includes:
• High roofs
• Large windows
• Open Space (less walls)
• Less finished walls
It is important to note that buildings containing lofts can also have HOA fees, so it is wise to ask these questions before committing to a unit. One advantage of lofts is that most have a very unique feel and they are rarely alike. When beginning your search ask to see many types of loft. When you find you gravitate to one style, it will be then be easier focus on finding a space that meets your design tastes.
The Easy Way to Decide on a Loft or Condo
Basically, condo’s are like apartments but you own them. Lofts are also privately owned, but tend to be in old warehouses, or have the characteristics of large open industrial spaces. Both are great choices because the build equity and provide you a home of your own. If you have questions please visit our About page and contact us. We will be happy to help you find your dream home.
Condos
Condominiums are basically apartments but instead of renting the unit you own it and can sell it whenever you want. In some cases, you may also lease the unit to other residents. The units are generally found in buildings with a wide range of numbers. Condos are private residences and are owned by families or individuals. In the right location, these can be very solid investments as you build equity over time as opposed to renting when you just pay rent to the owner.
Many buildings which house condos have a HOA (Home Owners Association) Fees. These can vary widely but are meant to spread the costs of maintaining the property among the owners.
Some examples of what these fees pay for are:
• Gatemen
• Repairmen
• Snow Removal
• Landscaping
• Building Maintenance
• Swimming Pools
Lofts
Lofts are similar to condos in that they are privately owned residential units. Traditionally, most people identify with warehouse lofts, where old industrial spaces are converted into residential units. These most often have exposed brick walls, air ducts and maintain an industrial feel. However, they are so popular that original warehouse lofts can be hard to fine. Modern contractors are building lofts now that resemble these structures by duplicating the aspects that make lofts special.
This includes:
• High roofs
• Large windows
• Open Space (less walls)
• Less finished walls
It is important to note that buildings containing lofts can also have HOA fees, so it is wise to ask these questions before committing to a unit. One advantage of lofts is that most have a very unique feel and they are rarely alike. When beginning your search ask to see many types of loft. When you find you gravitate to one style, it will be then be easier focus on finding a space that meets your design tastes.
The Easy Way to Decide on a Loft or Condo
Basically, condo’s are like apartments but you own them. Lofts are also privately owned, but tend to be in old warehouses, or have the characteristics of large open industrial spaces. Both are great choices because the build equity and provide you a home of your own. If you have questions please visit our About page and contact us. We will be happy to help you find your dream home.