In today’s real estate markets across our great country, there are a number of real estate buyers who are making a conscious decision to pursue living in a loft or a condo as well. Today, we wanted to discuss some of the pros and cons many buyers have found about owning and living in this type of property.
On the positive side, living in a loft or a condo offers a buyer convenience. For example, here in Minneapolis, nearly all of these properties are in a downtown setting: very close to all of the theaters, to the nightlife, to all of the various amenities that are offered by a “downtown” setting. With this convenience, many condo owners have found the ability to save on their monthly gas expense (little to no drive time involved.) In addition to the monetary value of the gas and time in an automobile, is your actual time in the car when “stuck in traffic” and not having to drive out to the suburbs.
Many of these properties offer upgraded appliances and the trendiest of amenities. We’re talking about stainless steel appliances, top of the line lighting fixtures. Really the best of the best.
In most of these properties, you will also find outstanding amenities in the building itself. For those die-hard work out fanatics, you will find often times top of the line workout rooms with treadmills, etc.
On the negative side, many of the lofts and condos are not pet friendly. Though some of the buildings certainly do accept pets, taking “Spot” outside in the middle of the night can be a real time consuming process. In addition, many of these buildings have high association fees. Compared to living in a single family home out in the suburbs, life in a condo or a loft downtown really can increase your monthly payment. In fact, we have seen a number of the various buildings here in Minneapolis with monthly association fees over four to five hundred dollars a month.
Though there certainly is no right or wrong answer, living in a condo or a loft offers a homeowner a number of distinct positives and negatives. As with any type of real estate, it is important to consider the resale market for your property. If it is time to look at selling the condo, have a top real estate agent inform you on market conditions, how many homes are on the market, and what the average market time may be.
Ryan O’Neill is a licensed agent with RE/MAX Advantage Plus. As the founder of The Minnesota Real Estate Team, Ryan and the team help clients buy and sell Minneapolis Condos and Minneapolis Lofts.
[tags]selling and buying lofts for sale, condos, minneapolis lofts and condos, downtown condo living[/tags]
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