Loft Buying Steps
Steps To Take Before You Buy
Once one has decided upon a loft property they would like to purchase, here is a brief list of precautionary steps:
- Research the project developer of your new potential property, verify prior constructions, search public records to see whether a lawsuit was ever and query current loft owners to get their feedback. Enlisting the services of a professional, view the blueprint drawings of the loft building to ensure the construction suitably meets city codes and structural standards.
- Ask Questions?
- How old is the building? What material was used in the construction?
- How is the building heated and cooled? Pay careful attention to the manner in which the building was insulated, both in converted and new construction, as this crucial element will ultimately have an impact upon your long-term heat and cooling costs. The relevance of this issue is particularly telling in Chicago on account of its wide range from freezing cold winters to steamy summers.
- What type of insulation has been used to buffer the sounds between floors? Ask about the structural components of the building, i.e. renovations from empty warehouses to livable lofts require special attention to soundproofing and insulation floors are the foundation for good soundproofing because this is where most of the sounds and vibrations of a large room will be absorbed, Hence, check to make sure the floors are level and in good condition."
- Are periodic checks conducted on the building’s heating/cooling/electrical systems, how regularly are these done?
- How old are these systems?
- Who is responsible for the maintenance of common building areas?
- Peruse the Chicago Department of Building inspector's final report for the purpose of certifying the loft construction was legally and properly built,
- Conduct a final walk-through accompanied by a professional inspector
- Just as the construction needs to be solid, so should the finances of the newly constructed or renovated condo loft. Before committing to any property, investigate the condo association's stability and the property's value. The condo association's budget is an important indication as to how maintenance upgrades and repairs will be handled.
Does the association have reserves for repairs and insurance for fire and other liabilities? Obtain a copy of the property's latest financial statement to analyze its financial stability.
PEACE OF MIND
Fortunately lofts, which long ago entered the mainstream market, are equipped with high-end construction and do adhere to professional standards for building codes. This point is mentioned to alleviate buyer’s anxiety attributed to the possibility of buildings being found in non-compliance with regulatory codes or of other liable property disputes arising after purchase.