Home Improvement | Apartments

As a whole, the process of taking out a loan for an apartment is quite simple, as long as the apartment in question features two or more bedrooms. When it comes to granting loans for these types of purchases, banks and lenders usually have no problem doing so. However, problems begin to form when an individual wants to take out a loan in order to purchase single bedrooms, or studio styled apartments. Banks and lenders usually do not like granting loans for the purchase of these types of apartments, because, in the event of defaulting, the bank would more than likely have a difficult time earning the loaned money back through a resell of the property.

Banks and other financial institutions classify loft, studio, and one bedroom apartments as a unit or living space that does not feature a wall separating the bedroom from other sections of the living space, and are usually less than 40 square meters in size.

So for those individuals wanting to purchase a one bedroom, loft, or studio styled apartment, where do they turn to? They turn to individuals known as specialist lenders. Specialist lenders are lenders who are willing to take the risk and offer a loan to an individual to purchase such a one bedroom apartment. However, the loan they offer is accompanied by a higher rate of interest, as opposed to the interest on a loan offered by a bank.

If an agreement is made, lenders usually offer up to 80 percent of the value of the apartment. For an investor, the same amount is reserved for the, but the one bedroom apartment must be located outside of the inner city limits. The same amount also applies to low doc loans, and once again the apartment should be located outside of the inner city limits.

Do you desire a carefree sort of living situation in which immovable walls and preset distinctive rooms do not define your space for you? Do you feel the need to have every aspect of your life set into a pattern? Do you crave the wide-open floor plans of a loft style apartment, complete with floor-to-ceiling windows revealing a full, panoramic view, or do you prefer the structured living style of a more traditional apartment? If you’re unsure of the direction that your living arrangements are heading, continue reading to hear the best (and worst) of loft-style and traditional apartments.

To sum it up, a traditional apartment has definitive rooms separated by floor-to-ceiling walls and accessible through doorways with or without a door. The square footage of such a home varies upon the number of rooms, such as a one or two bedroom with or without a den or office. Bathrooms are always separate and are not included in the overall square footage.

On the other hand, a classic loft-style apartment is one grand space with an average living space of 1,000 to 2,000 square feet. High ceilings (with windows to match), worn wooden floors and exposed building elements such as brick, pipes, beams and duct-work with cavernous spaces beyond the reach of the average resident are just a few of the aspects that lure tenants to the city-life, industrial-chic abode.

The historic Soho district of New York City is the proud address of the creation of the loft apartment. Stuck with large manufacturing buildings that couldn’t support modern technology, the building owners of the 1950′s risked losing everything if these colossal buildings remained unoccupied. The art community of the area was struggling to find affordable studio space that was large enough to house their apparatus and spread it out so the atmosphere could compliment that necessary of an artist. The combined efforts lead to the loft-housing boom, as the artists couldn’t afford both an apartment and a studio to work. A series of pulleys and trap doors were installed to hide any domicile items of the resident when a nosey landlord would come around, as it was slightly illegal to live in such a building.

Even though the classic loft apartment is converted from an old manufacturing or warehouse building, more and more contractors are actually meeting the growing demand of loft apartments by creating these buildings from the ground up. These new-fangled reproductions are referred to as “hybrids”.

Both a traditional and loft apartment come in different shapes and attributes, with or without fireplaces and such details. Secured video entry, in-house fitness center and a pool are a just a few of the luxury items that may or may not come with your apartment, no matter which style you choose.

There are many types of apartments offered for peoples various needs. For budget-minded single people like me, a loft or single bedroom apartment may be better suited for me than a three-bedroom suite in the heart New York City. Here I will discuss the different possible apartment types that you can either buy or rent. If you know of another type of apartment dwelling, please share!

Studio Apartments These apartments, in my mind, are often associated with the artistic type. This is probably because I relate it to an art studio, which is an open room for the artist to create. But in reality, studio apartments are great for single people who don’t need a large space to live (they are generally 300-600 sq ft, although they can come larger), who are on a budget, or who like open spaces. There is typically one room that functions as the living room, kitchen, dining room, and bedroom while the bathroom is typically separated.

One Bedroom Apartments These apartments are typical for single occupants or couples. They usually contain one bedroom, a separate bath, a living room with a full kitchen usually separated by a wall, counter, or half walls. Sizes can vary greatly in this type of apartment depending on the location and price.

Two Bedroom, Three Bedroom, Four Bedroom Galore Two + bedrooms are great for smaller families and can be similar to the one bedroom layout in an apartment complex. In two bedroom apartments, there is usually a larger bedroom (similar to a master bedroom) with a smaller bedroom. When you get into apartments with more than two bedrooms, there are a vast array of set-ups and most of the time, the bedrooms are similar in size. Smaller apartments usually have one entrance while larger apartments may have two separate ones.

Some Special Perks Some apartments come with special perks in their apartments that home owners may take for granted. These include, but are no where limited to, a foyer, nook, laundry room, and separate dining area. What special features does your apartment have?