One of the many advantages to living in a condo are the amenities that are available right within your own home. Toronto condos offer no shortage of amenities to enjoy: pools, restaurants, children
How Do You Value A Condo’s Amenities?
Dated: June 21 2021
One of the many advantages to living in a condo are the amenities that are available right within your own home. Toronto condos offer no shortage of amenities to enjoy: pools, restaurants, children zones, rooftop decks, guest suites, meeting rooms, party rooms, concierge, the list can go on forever. So how much is each one worth and how does it contribute to your condo’s value?
First, let’s break down the three different kinds of amenities you can find in a condo:
- Communal facilities such as swimming pools and gyms
- Rentable items which do not belong to individual units
- Facilities that distinguish one room from the other
The trick with each of these different types of amenities is that they will bring different value for different people. That is what makes them more difficult to evaluate as opposed to individual units where a seller only has to worry about impressing one buyer. However, here are some safe amenities that large groups generally find value in when looking to buy a condo.
Everyone loves a condo that is conscious about the environment. It’s also great to lower your condo fees a bit as well. Look for Energy Star certifications wherever possible, as well as LED light bulbs and low flow water fixtures. This way you can enjoy a beautiful looking amenity without having to worry about how much it costs you.
While most condos in Toronto are built with specific safety standards, it doesn’t hurt to ask if the condo you’re looking at also has flood and hurricane damage. Toronto can get some high winds and bad weather and it’s important to feel safe in inclement weather. Additionally, the number one amenity people appreciate is a concierge. They are able to keep you safe by only allowing approved guests in and out of the building, while signing and guarding your packages while you are out and about.
When it comes to all of the amenities available in a property, residents are most willing to pay more in condo fees if their building provides a fitness centre. Having a gym and a yoga studio means you don’t need to pay for an additional membership and you can easily travel in your gym clothes and shower in your own home.
Not all condos offer balconies, a rooftop patio is a great way to get multiple uses out of a large outdoor space. It can be used for grilling, entertaining, gardening, and relaxing. It is relatively low maintenance but provides great value to a space.
At the end of the day, you might value one amenity more highly over another. Swimming pools tend to have a lot of maintenance and will cost residents more. If you’re a swimmer, you might not mind because you have easy access to your own pool. Others might never use it and might be put off from putting in an offer. What are the amenities that matter most to you when condo hunting? Let us know!