When shopping for a new condo to buy you’ll find yourself looking at more than just the layout, kitchen finishes and bathroom style. The amenities that are included with your purchase can also make a difference in whether you feel ready to buy or not. When builders offer new buyers access to amenities like BBQ spaces, workout rooms, pools and free parking, they can help encourage the purchase.
Amenities can make all the difference
Condos in the GTA usually offer a number of amenities to their prospective buyers. They help to sweeten the deal, and offer them access to features that usually wouldn’t be accessible or affordable otherwise. Having certain features available on site can lure buyers to invest in the building.
When buying into a condo development, condo fees are an almost guaranteed expense. These fees cover expenses related to public areas around the building including window replacement, roof repair, lawn maintenance, snow removal and the cleaning of public areas. Additionally, they also cover the inclusion of several amenities. These amenities can vary from one building to the next, so it’s a great practice to find out what amenities are included before you decide whether or not to invest in a condo.
At AllinRealty, our clients in Burlington and surrounding GTA areas are increasingly demanding amenities that allow them to live, work and play within their condo community. We partner with leading developers that offer just that. Check out our latest developments and listing and “live the life”!
Top amenities for condo buildings
Although the preferred amenities will depend on the tenants’ interests and needs, there are a few that are sure to offer the best value for the condo fees you’ll have to pay. These common amenities can also help entice renters or buyers in the future, should you decide to flip your unit, resell it or put it up for rent.
Some popular amenities might include:
- Outdoor common areas
- Included parking spot
- A pool and/or spa space
- A gym or workout room
- Office space
- A BBQ area
- A doorman/security
Benefits of included amenities
There are a number of benefits to ensuring that there are amenities included with the purchase of a condo unit. While the interest in these amenities will vary depending on the needs of these new owners or tenants, there is no denying the appeal of included features.
The quality and number of included amenities can attract buyers to a property. Whether searching for a pre-construction condo or one that’s already built and ready for immediate sale, considering the amenities can help a buyer decide on whether it’s worth the investment.
Helps maintain resale value
When buying a condo, the amenities that are included will not change much over time, so they can help maintain the resale value of the unit down the road. As the housing market adjusts and the resale value of your unit changes, the amenities covered by the condo fees can help ensure the perceived value of the unit stays strong.
Appealing to potential renters
If a buyer is looking to purchase a condo to use as a rental unit, offering some amenities included with the rent can help draw people in. Renters are often going to visit a number of different units and buildings when deciding where to apply, so having amenities that sweeten your offer can help ensure that your unit won’t sit empty for long.
Provides value to the condo fees
Having amenities included with the existing condo fees can help a home owner or prospective renter justify their monthly cost. Although condo fees are a standard and expected expense for anyone looking to buy a condo unit, the value add from on-site amenities can help justify the amount.
The perceived value is up to the buyer
When it comes down to deciding whether the included amenities are worthwhile or not, it really comes down to the buyer or renter. They will have to decide for themselves whether they’ll make use of the amenities enough to make them worthwhile. A working professional might find high value in an on-site office space but not be interested in a pool or spa, while another buyer might use the workout room daily but have no use for an office center.
Time to buy and enjoy condo-living amenities
With the housing market on a continued upswing and interest rates projected to increase later this year, now is an excellent time to buy a condo. Whether you’re looking to break into the housing market with your first purchase or are adding to your portfolio, investing in real estate is almost always sure to be a good investment.