Things to Consider When Buying a Loft in Seattle
Seattle is the fastest-growing city in the U.S with an annual growth rate of 3.1%. The city’s real estate market has also seen growth in the past three years, with an increase in demand for multi-family flats and lofts. There are also many Downtown Seattle lofts for sale as people prefer to relocate in a booming economy of Seattle.
According to Komo News statistics, Seattle is one of the coolest metro cities in the U.S. This is one of the compelling reasons to invest in Seattle real estate.
In January 2020, the home sales were up by 6% as the average sales price per square foot in Seattle was $445. The median rent price in Seattle is about $2,600, and the median price for home ranges between $600,000 and $713,900.
Most of the citizens in the U.S prefer a loft for a combined purpose. They aim to have a place where they can live and work at the same time. And looking for a loft in Seattle requires thorough research, so you must consider these following points before you invest in a loft property.
Plan your Budget Wisely
Lofts are typically open spaces with no segregating walls and doors. They have high-rise ceilings and windows for effective ventilation. Lofts are usually converted from a historical home or an older warehouse. Hence, they are costly compared to other high-end flats or apartments.
To own a loft, you need to plan your finances and be prepared for redecoration or renovation if required. The location of your loft makes a huge difference in the total pricing. Some of the most popular places in Seattle for lofts are Eastlake, Belltown, Pioneer Square, Fremont, Queen Anne, and Capitol Hill.
Study the Purpose of Your Investment in a Loft
Lofts are not readily available in a city like Seattle. If you find one on sale, then it will be quite expensive. Constructing a loft from an old industrial space requires a lot of refurbishing. Hence, the prices differ with the amount of renovation done. But before you take the plunge in investing in a loft, you must identify your property purchase goals.
You will have to plan well in advance and draw out parameters as to why you want to purchase a loft. If you’re going to combine your work and living space, then lofts are the best options. But if you’re going to use it only for residential purposes, then you will have to redesign the space accordingly.
Review the Price of Your Loft
Due to pandemic, the rates of properties all over the U.S. have hit very hard. There won’t be an increase in the price unless the inflation rises. And the current federal policies are also favorable for the buyers as the mortgage rate will remain low. So, you must plan your finances and spend wisely while selecting the best location as per your budget.
Study the other market prices, consult the industry experts, discuss with your friends and family, and then decide whether you wish to buy a loft or rent one. There are several aspects of property ownership that you have to consider before you make the purchase decision. For instance, if you don’t own a car, then you must look for property that doesn’t charge you for a parking space.
Conduct an Inspection and Study the HOA Documents
You must not miss the opportunity to check all the downtown Seattle lofts for sale. This will give you a wide range of options to select from. Shortlist the properties and get it inspected from a genuine authority. Many property sellers may divert your attention from conducting an inspection and checking the resale certificate. But you stay adamant and get the property and the property papers thoroughly inspected.
There are many documents you must review that include a resale certificate, any pending lawsuits, two years of board meeting notes, reserve study, house rules and regulations, pet policy, and rental restrictions.