Contact Usfor a complete analysis of any loft you are considering purchasing, because each one has to be assessed on its own. Here’s what you need to consider when buying a loft in San Francisco:
- Benefits of Loft Ownership: With a loft you are generally only responsible for maintenance and repairs of your unit (see note on smaller buildings below), which means you have more time to enjoy other things in life. If you are new in town buying into a condo community also often presents opportunities to meet new people. If you are older and have difficulty with stairs, an elevator building can make life easier than a home which almost always has some steps, especially in urban environments. A high percentage of lofts do not have elevators, and because they generally have higher ceilings the amount of steps you’ll have to climb is significantly higher.
- HOA (Homeowners Association) Dues/what they cover: All buildings are different so you should review all the HOA documents in your disclosure package before buying to be certain what your HOA dues cover, but generally speaking they cover water, garbage, parking in some cases, & building insurance, but you will need your own contents(HO6) policy to cover your belongings. In amenity buildings you get more services but you will pay handsomely for them.
- Live/Work: A good percentage of lofts are classified as live/work, which gives you options that a regular condo does not. While you need to review the HOA docs to determine what those are in each building, generally speaking you can run a business out of them and live there, and because they are not strictly residential evicting tenants in much easier than condos. Some lenders do not loan on this type of building, so your KRG rep will direct you to one who does to avoid any issues with closing on your purchase.
- Repairs/Reserve Funds: In most condo buildings (except very small ones) a portion of your monthly HOA dues goes toward increasing reserve funds for repairs. Your disclosure package will tell you where a particular building stands so you can evaluate the likelihood of a special assessment.
- Inspections: Although having inspections is more important in single family homes, a loft inspection can let you know if there are any issues with your unit, and in smaller buildings if there are any issues in common areas. We always advise to have inspections before purchasing any property.
There are many other things to consider when buying a loft, but whether buying a loft, single family home, condo, TIC, or investment property, we will make sure that the process is as seamless and stress free as possible, you are fully informed about what you are buying so there are no surprises later, and will negotiate the best price possible.