All this means is that you need to make the right decision from the off, only buy a space that needs converting if you have given the idea of converting, and all that it entails, a lot of thought, as you will not be able to just move in and make do for a while in an empty apartment space.

What then is the attraction of buying a loft apartment, bearing in mind that the space you are buying was never intended to be a home?

You may think it much more sensible to stick to the traditional property market and buy a purpose built home that does not involve anywhere near as much work. However, there are several reasons why a converted loft apartment could be suited to you.

One of the biggest selling points is the originality factor. When buying a loft conversion, you are, in essence, buying into an imaginative and unique vision which inevitably results in a property that will be far from run of the mill.

If you have had enough of the proportionately small and uninspiring properties available on the market, a loft apartment could well be for you.

Another big selling point is the open plan nature of the majority of loft apartments as open plan living is increasingly desirable. The effortless balance between an open, airy space and a space with more secluded private areas is very difficult to achieve in a conventionally built house.

With regard to purchasing an unconverted office or factory space to turn into a loft apartment, the driving force that inspires the purchase is often a thirst for a unique challenge, and a desire to achieve a creative transformation from useless to flawless.

Letting your imagination run wild and transforming what is essentially a soulless box into a wonderful, one of a kind, living space is likely to be extremely rewarding. And another bonus is that, in terms of practicality (wiring, pipes etc), as far as converting non residential buildings is concerned, old office and factory spaces are amongst the simpler of options for renovation.

The other benefit of loft apartments is often the location. Such spaces tend to be located away from main roads and usually near green areas or even canals. Certain spaces will actually back onto several different gardens at once leaving a great view for the occupants, a great view that will often be enjoyed through large, sometimes even wall-to-wall, windows that are common in this type of space.

Part of the appeal then of a loft apartment can be the notion of living in a light, airy and peaceful retreat, hidden away from the hustle and bustle reality of everyday city life.

Who lives in a place like this?

Generally loft apartments are popular with young professionals due to the fashionable nature of the apartments and their proximity to the city centre.

However, there is an awful lot of space for a single young professional or even a professional couple and so it is not uncommon for families to be interested in such spaces, especially if there is somewhere safe for the children to play nearby, as the only downside for families is the lack of a private garden.

Where can you find a loft apartment?

Due to a decline in local industry many old warehouses in many parts of Britain are crying out to be converted.

Loft apartments can be found pretty much anywhere throughout the country but these are some of the hotspots:

• West Yorkshire/South Lancashire (Bradford, Halifax, Burnley)
• Stoke/Staffordshire
• Northamptonshire (Corby, Northampton)
• Derwent Valley (Matlock, Belper)
• East London (Spitalfields, Stratford)

How can you find a loft apartment?

The best method for finding the right apartment space is to research into the areas that are suited to you and that you know have some availability, and then consult the local estate agents in the areas you have short listed.

The internet can be a great source of inspiration with regards to getting a general idea of what you are after. Try visiting websites such as City Scope (www.cityscope.co.uk) and The Space Station (www.thespacestation.co.uk) for information and ideas.

Remember, as with any purchase, plenty of viewings are vital. You may think it is less important when purchasing an empty box but atmosphere and character can differ immensely from place to place.

The financial perspective

When buying an already converted loft apartment getting a mortgage should not be a problem. However, problems can surface when you are looking to purchase a property in order to convert it.

Empty spaces, not designed to be living spaces, are classed as non-standard properties and, unfortunately, very few main stream lenders are open to deal with them.

The reason being that the risk of the buyer defaulting on the mortgage and leaving an unfinished, unsuccessful project, which will be difficult to sell, is one that the majority of lenders are not willing to take.

However, where there is a will, there is a lender, three in fact, who specialise in lending for the renovation of non-standard properties.

1. The Norwich and Peterborough Building Society

This building society is ideal for first-time converters as their mortgage service includes guidelines on how to get the work done, including a standard three-stage model of conversion work which you will probably have to adhere to.

See their website (www.npbs.co.uk) for more details.

2. The Ecology Building Society

This unique building society based in Yorkshire gives mortgages purely on properties which give an ecological payback including dilapidated properties and non-standard properties in need of renovation or conversion.

See their website (www.ecologybuildingsociety.co.uk) for further details.

3. Buildstore

This option is ideal for those that have minimal capital at hand because all of the money needed for each phase of the renovation is made available before any work is done and is not just released after the completion of the each stage as it is with the other two options.

See their website (www.buildstore.co.uk) for more information.

Ensure that you check out all three options properly before deciding which one is most suited to your needs.

Avoiding the potential problems

As with any purchase of this nature, particularly if you are attempting a conversion from scratch, for all of the advantages, there is plenty of scope for things to go wrong.

Comprehensive surveys are extremely important as they will pick up on common problems for such spaces such as pervasive damp, rotting materials and structural inadequacies.

But, perhaps the most important thing is ensuring that you are in a position to take on such a commitment, both financially and in terms of time. Not to mention mentally!

Planning a project like this down to every last painful detail is so important and so is tight budgeting; projects of this nature have a habit of consuming your money at an alarming pace should you not be prepared, so make sure that you are!