Buying a Loft or a House
When it comes to time to buy a home, those who are living in a larger city typically face choice to either buy a loft or a house. Both can seem appealing, but depending on your wants and needs, there are pros and cons to both. Let’s weigh out the options and see which one might be best for you, a loft or a house!
Loft Pro – Still in the City
Depending on where you live, this is ideal. Many want to remain in the city, but have something to call their own. Owning a loft in the city can still keep you where you love to be, and it could also potentially save big on your daily commute to work in no time.
Loft Con – Not Totally Your Home
Yes, the unit you live in is yours, but the building you live in is not. You can’t change the welcome mat at the entrance of the building, paint the walls in the lobby, or change out the paintings in the hallways. Everything you can do is confined within the walls of your unit.
Loft Pro – Minimum Maintenance
Leaky roof? Cracked foundation? Luckily these usually aren’t things you’ll have to worry about when you own a loft. After all, the unit is yours, but the building isn’t. This could save you a lot of money down the line.
Loft Con – Harder to Sell
It’s no secret that getting a loft is easier than selling one. Typically it’s a younger crowd buying lofts. When it comes time to sell, you might find yourself hanging onto the loft for a while depending on how quick it may sell. This is something to heavily consider when thinking about buying a loft.
Home Pro – Time Away From the City
Granted, this is a personal preference, but there are many out there who prefer to get away from the city. Most lofts are usually located in the downtown section of a city, or heavily populated areas. When buying a house, the possibilities are endless when it comes to where you want to live. Whether it’s a smaller neighborhood, a crowded suburb, or even out in the country with a couple of acres of land.
Home Con – Relying on the Housing Market
The housing market crashing can happen at any time, and you may face dealing with a buyer’s market, rather than a seller’s. There are always risks to purchasing a home, but that doesn’t mean one like this has to impair you from purchasing a home altogether.
Home Pro – Backyard
Depending on your lifestyle, this can be a deal breaker for whether or not you should but a home or a loft. Whether you have children or pets, having an outdoor space of your own is something you won’t be able to get when owning a loft. Some places do have areas for pets, or provide access to a dog park, but it’s a community one. The idea of having your own yard has to be left if you go with a loft.
Again, all of these things listed are entirely personal preferences. Some of these pros could actually be cons to you, and vice versa. Regardless of what you’re truly looking for in a house or loft, be sure to contact our Home Loan experts once you’re ready to buy.