Tips on How to Buy a Loft Style Condo In Miami

If you’re planning on moving to Miami and you’re looking for a residence that offers affordable rent, resort-level amenities, and a low maintenance lifestyle that is carried out by your property management, then a Park Grove condo or a loft-style condo may be right for you.

Let us first distinguish between a condo and a loft

 

Condo

A condo like Park Grove condo is usually an individual residential unit that is contained in a larger structure that also houses similar condos. Each of these units has an individual owner. It’s just that they all share the common superstructure that holds all the units. The communal facilities are governed and maintained by the homeowners association, HOA.

 

Loft

A loft is a living space that has been retrofitted out of a building that wasn’t initially meant for residential occupancy. These structures originated from York City where due to space concerns unused warehouses and old factory buildings were converted into residential buildings. Unlike a Park Grove condo, a loft does not have interior walls. And they have much higher ceilings. There are also options of purchasing an empty shell and then the buyer converts it into a locked themselves.

Lofts are more common in areas like New York but they’re beginning to win more devotees in areas like Miami. Loft-style condos are now highly sought in Miami with the target demographic being the same group that would be interested in Park Grove condos.

Loft-style condo

The original concepts were that a residential space was carved out of abandoned warehouses and factories but modern design buildings are embracing this concept and creating loft-style condos from the ground up rather than retrofitting abandoned buildings.

The loft-style condos have the following characteristics: an open floor plan, high ceilings like those you’d get at Park Grove condos, floor-to-ceiling windows, exposed walls and ceilings, and concrete or natural floors.

If you’re considering purchasing a loft-style condo then you’re advised that you take the following steps

 

Consider if it fits in with your lifestyle

Loft-style condos provide you with an attractive choice for a variety of buyers who typically would also be interested in Park Grove condos. The advantage is that you can include being near social amenities like parks, schools, and malls because the developer is highly considerate of the environment in which the development is brought up.

Loft-style condos provide a centralized security system and also the maintenance of communal facilities is carried out by the homeowners association. If you enjoy living in close proximity to your neighbors, then a loft-style condo would be ideal for you because you will get a sense of community. Developers of loft-style condos attract potential buyers by providing amenities like concierge services, swimming pools, fitness facilities, and much more.

 

Engage the services of a real estate agent with proven experience

Just as you would engage the services of a real estate agent when purchasing Park Grove condos, you need to do the same for loft-style condos. To avoid buyer’s regret which would easily happen if you purchase something that you realize does not meet your needs then the experience of a real estate agent will go a long way in avoiding this. The process of transacting in a condo is very different from a single-family unit. There are a lot of nuances that only an experienced real estate agent will help you navigate through. You should do your due diligence when identifying your real estate agent, the best way to do this is through a referral from a friend or through thorough online research where you carefully read reviews of people who have transacted with this real estate agent.

 

Know what you want

Before you start your search you should have a checklist of the expectations of your new condo. A good indicator is that a large percentage of the loft-style condos should be owner-occupied. In this scenario, the property is very well maintained because the owners are the residents, this is the case at Park Grove condos. You should also do your research on the developer of the complex and ascertain their reputation by reviewing other developments that they have done. 

Get to know the HOA rules

Although you will own your condo, a large part of your lifestyle will be determined by the HOA rules because they are responsible for maintaining the common areas and set the rules governing the property which might include factors like whether you can keep pets or not, the operating hours of communal facilities, and also issues like parking spaces and the dues for maintaining these facilities and paying for shared utility costs if there are shared utilities.

Consider the insurance

With a loft-style condo and a normal condo such as Park Grove, there are two levels of insurance. There is insurance that covers communal facilities like the building. This insurance for the building is covered by the dues collected by the HOA. But then it is also advisable to have an insurance that covers your individual unit and its contents. When selecting the cover amount always go for a higher figure because the contents of the home will be more expensive to replace at a later date because their future value will be higher than their current value. For example, if you purchase a TV at $1,000 today and lose it 10 years from now the technology might have evolved and the only models available 10 years from now to replace it will be of a different technology which is costlier.

So those were some of our tips on acquiring a loft-style condo.