Condo developers are getting creative with amenities. Toronto’s city planners require a certain amount of a condo’s space dedicated to amenities for a project to get approved. The city doesn’t tell developers to include a pool or guest suite—developers have taken the lead in looking at amenities as a way of making their buildings more desirable real estate.
The most common amenities are concierges, party rooms, games rooms, guest suites, terraces, fitness centres and pools. Some buildings also have yoga studios, libraries and sports facilities.Are the extra expenses of maintaining such facilities worth it? Owners ultimately cover the cost of servicing amenities through maintenance fees, along with paying into a reserve fund.
Consider the condo pool. Often too small to do a lot of swimming, it may not be a popular feature. Some pools are larger, while others have great city views to make them attractive. But amenities should be used regularly to justify their expenses, especially with rising maintenance costs as they age.
Fitness centres can be essential for many residents. Why pay monthly fees for gym membership when you can work out in your own building? However, many fitness centres in condos have a limited selection of equipment. The value of a fitness centre ranges from building to building.
These days, even smaller buildings have concierges. They can be great for security but are yet another expense. To have someone monitoring visitors is useful; it can be a deterrent to break ins.Developers are pushing the envelope when it comes to luxury buildings, and some of the new features may trickle down to the mainstream. Bazis and Plazacorp’s 1 Yorkville will have 14,000 square feet of space for its spa, outdoor pool and hot tub in its wellness centre. In addition to its rooftop terrace, it’ll also have a theatre on its top floor that could be used for festival screenings.
Buildings without amenities could save owners money when buying condos and on maintenance. Some amenities, however, are useful for security, entertaining guests, staying fit and giving kids somewhere to go without playing in the streets. Value depends on how much a feature costs and whether or not you use it.
Which amenities are worth having in new condos?
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