Lofts are a growing trend in Kansas City as more industrial space in the downtown area gets converted into beautiful, urban living space (think: old warehouses and factories).
What do you need to consider before buying a loft? Here are six things to know before you find that perfect living space.
#1—You’ll need a good realtor.
Buying a loft is not like renting an apartment; remember, this is a home purchase. To make sure you’re getting the best value for your money, find a Realtor who knows the Kansas City market and can educate you on your options. (For example, ReeceNichols has over 2,200 agents in 18 offices throughout the Kansas City region who understand the local market.)
#2—Get to know the neighborhood.
What is the neighborhood like on evenings and weekends? Is the loft in an area where you feel safe? Don’t just visit on a busy weekday. Stop by on a Saturday night or Wednesday evening to see what the traffic and noise levels are like.
#3—Think about the total cost of transportation.
How long will the commute be to your job? Will you need to pay for monthly parking? And will rush hour affect your travel time? Could you bike to work, or take the free streetcar? Know what’s involved in your daily transportation before you buy.
#4—Learn about the HOA’s rules and regulations.
Most lofts are governed by a homeowners association (HOA) that has specific rules for the people who live there—covering things like quiet hours, guest parking and storage. Ask your realtor to get you a copy of the rules.
#5—Find out if construction on all units is finished.
If your building is still actively renovating new loft units, then be prepared for the noise and hassle of construction — which could last weeks, months or even years. Keep in mind that this can also impact parking, foot traffic patterns and elevator operation.
#6—Don’t forget the inspector.
Yes, you’ll still need to have the loft inspected — even if the unit is newly renovated. Make sure an inspector gives it a thorough review before you sign on the dotted line. That way, you’ll be aware of any issues like water damage, bugs or city code violations.
ReeceNichols will help you find the perfect loft and can help you navigate the complexities of HOAs.
Contact us today.