Lofts are spacious, comfortable and somewhat affordable – they integrate the sublime concepts of condominiums and houses. Essentially, you get the best of both worlds with a loft.
Renting a loft in Toronto is different from renting an apartment in a building. One of the differences is that you deal directly with the landlord, who is the property owner. The concern about this is that the investor may decide to sell the unit to make a profit off of the principal.
That said, the average renter usually stays at the same apartment for only a handful of years. So, this could be considered a reasonable and convenient housing situation for tenants.
As you start weighing your options, searching around the real estate market and finding the best location for you and your needs, there are several things that you need to know about renting a loft in Toronto.
Here are five tips for renting a Toronto loft:
1. Monthly Rent is Quite High
Because lofts are typically new, modern and luxurious, and they are situated in condominiums, the monthly rent will be generally higher than what you would pay in an apartment building.
Therefore, you need to be prepared to dole out anything from around $1,500 to $5,000 a month for a loft. Interestingly enough, the lower end is what you will usually pay for a one-bedroom apartment in uptown, Leaside or Forrest Hill now anyway.
2. You Don’t Need to Pay Realty Fees
When you’re in the market to rent a loft, it would be a wise idea to take advantage of a realtor. They know the best owners, they can get you the best deals and they can get you a loft that is tailored to your needs.
Moreover, you are not required to pay any realty fees – that is up to the loft owner.
3. Lofts Are Always Superior to Apartment Complexes
Again, lofts are situated in condominiums, which means they are bind by the by-laws of the condominium corporation. In other words, you will have access to amenities, the comforts of a condo and neoteric settings – when was the last time an apartment complex was truly updated?
In the end, you will find that lofts are always superior to apartment complexes.
4. Be Ready to Show the Necessary Documents
Since you will be renting directly from the owner, you will likely be required to provide more documents than you would in an apartment building. These will consist of a wide array of papers, including an employment letter, a credit report and income statements.
A property investor doesn’t want to get himself into a relationship with a horrific tenant. Remember, today’s laws benefit the tenant far more than the landlord, which means the owner needs to protect himself as much as possible.
5. Know How to Live Well in a Toronto Loft
Lastly, you need to understand how to live well in a Toronto loft. Whether you live in the loft for 13 months or five years, you want to maximize your humble abode.
Here are a few tips to consider:
- Make a plan on how to properly place your furniture.
- Establish a proper storage space since closets are lacking in lofts.
- Utilize open-backed shelving to divide spaces.
- Define each room with area specific area rugs.
- Lighting is a big component – use the lighting at various heights.
By knowing how to live well in a Toronto loft, you will never want to leave your space.