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Lofty living

The latest trend in housing is all about lofts. Whether you’re in Kitsilano, East Vancouver or Yaletown, lofts are popping up everywhere.

Vancouver has always been an ideal spot for lofts. Surrounded by mountains and ocean, our downtown core can only grow up. A continued demand for downtown homes, easy access to jobs and proximity to stores, theatres and restaurants has kept the sale of these units on an upward swing.

The condominium lifestyle offered by a loft appeals to many, including generation Xers, baby boomers and seniors. They’re a great option for buyers who may be looking to scale down, first-time buyers wanting to get their foot in the real estate market or investors looking to purchase a long-term asset.

So what should you do if you’re interested in loft living?

Choose a REALTOR®. A REALTOR® can help determine what is important to your life and assist you in finding it. Whether you’re looking to downsize because your kids are adults and out of the house or a first-time buyer wanting to live in the heart of the city, a REALTOR® will know the best place to look. REALTORS® can give you information about the community where you plan to buy including shopping, golf courses, community centres and great coffee shops.

How much? Pre-qualify for a mortgage. Evaluate your finances and ask your financial institution how much you can borrow. There are numerous advantages to getting a pre-approved mortgage. You can lock in at today’s interest rates and still get a lower rate if they change. More importantly you’ll have clout when negotiating for a home. Your REALTOR® can negotiate on your behalf, and you don’t have to worry that someone else is going to scoop up your dream home while you’re waiting for the financial institution’s approval. Ask your REALTOR® for a budget worksheet so you can review costs such as taxes, closing and moving costs. That way, you’ll know exactly how much money you’ll need on hand.

Consider your options. Are you interested in a new or a resale unit? Are you looking for an established neighborhood or up-and-coming one? You might prefer a new unit where you can select everything from the flooring to the cabinet work. Or you might find that a resale unit with restaurants and shops close by is more suited to your needs. Decide what is most important to you. Your REALTOR® will review your options with you and help you select the unit and area that suits you best.

Neighbour to neighbour. If you’re considering an unfamiliar neighbourhood, explore it on foot, during the day and after dark, and investigate schools, community facilities and shopping centres. Your REALTOR® will know the area, so ask questions. The type of activities available in your neighbourhood as well as the lifestyle you want are just as important as the flooring and layout, so make sure you’re happy with the location.