How Important Are Condo Amenities When Selling Or Buying In Toronto's Condo Market?
Wednesday May 15th, 2019
In the past decade, the development of condominiums has seen an exponential rise in Toronto. Various existing and new real estate developers have provided the property buyers with a number of options to choose from. Here, the facilities on offer by the developers become the deciding factor for the investors.
The potential buyers for Toronto condos for sale take a number of factors into consideration before making the final condo purchase. Various factors that are looked into include condo amenities, locality, feasibility, tax advantages, etc. The surveys conducted and the trends observed over the years depict that amenities offered as a part of the condominium are the most crucial deciding factor. Let us try to understand the probable reason behind this.
How amenities become the deciding factor in buying Toronto condos for sale?
Toronto condos offer plenty of exciting amenities to the buyers. The main reason that buyers are lured by these amenities is- these amenities aren't really affordable otherwise. For example, getting access to lavish clubhouses, gyms, swimming pools, and golf courses might not be practical or affordable singly by individuals. However, these Toronto condos for sale offer these amenities and many others to the buyers as an added facility.
Over the years, the real estate market has seen a significant change in the pricing of the condos. The reason for this boom is the change in the facilities that the developers provide in their Toronto condos for sale.
Importance of condo amenities for the buyers
The first and foremost thing to keep in mind here is- you pay for the amenities on offer. Yes, when you purchase a Toronto condo, you also purchase the facilities and amenities that are available with it. Hence, it is important to not forget the fact that you are paying for the amenities. Thus, if you are as it is paying for a utility, why not make the most out of it?
To simplify the aspect for you, here’s a significant division that can be made when looking at the type of amenities that Toronto condos for sale offer. Given below are amenities segregated into different categories, as per their real-estate market value.
1: Basic Amenities- Deciding factor
These are the most popular and ordinary amenities that all the condo buyers look for, especially in Toronto. Hence, these become the deciding factor for a condo purchase.
Concierge: Undoubtedly, this is an essential amenity for every individual. In today’s busy lives, everyone would want to have this facility to ease out their work. Majority of the Toronto condos offer 24/7 concierge service to the residents.
Gym: Most of the individuals often make plans for joining a fitness gym to lose weight or keep an exercise regime for body strengthening. However, how often do they actually stick to their plan is the question! In today's world where everyone is busy in their professional lives, the gym takes a backseat because of n number reasons. Hence, having a gym facility available as a part of the condo you are living in would be a great idea. At least, it would require less motivation to actually use a gym facility! Moreover, as mentioned, since you have already paid for it, it is better to make use of the service.
Rooftop Deck: Having a rooftop deck is definitely under this category! Who wouldn't like to have a larger open space for relaxation? Whether you wish to have a communal BBQ there or just enjoy your family time, it is always great to have a good outer space. It gives the residents a lavish breathing room and enjoys their time.
2: Amenities that would be good to have
These amenities form the second category in terms of importance. Aside from the amenities mentioned above, these should also be a part of the condo if one wishes to get a good price out of it.
Party room: Having a large room to host a party or a get-together sounds like a nice idea even if one might not need it so frequently. Hosting a party often involves large costs and renting a room separately for even would make it even more expensive. Hence, having it as an added facility with your Toronto condo would be a nice idea.
Guest suites: Again, a guest room might not be very frequently used, but again, wouldn’t it be nice to have one? It is sweet of the residents to be considerate about the guests they might have over.
Swimming pool: A swimming pool is essential for many! While it might be for exercise purpose for some, it might be a relaxing activity for the others. Or, for those with kids in the family, it is an enjoyable activity for the kids and a bonding time for all.
Sauna: A sauna isn't much different from a swimming pool in utility, so, it would be safe to say that the two go hand-in-hand when we talk about amenities for Toronto condos for sale.
3: Amenities that boast about the developer
The amenities listed under this category might not be very essential, but, are a nicer idea to have access to, as an added facility. Also, they are counted under luxury by most. Hence, having them as a part of the deal definitely enhances the outlook of it.
Games: A games or billiard facility might not be an amenity that is specifically asked for, by the Toronto condo buyers. However, going as per the trends observed, buyers do look for Games or Billiards facility when they are looking for Toronto condos for sale. Foosball, ping-pong, darts. Etc. are nice to have access to, for fun and entertainment purposes.
Tennis/ Squash courts: In Toronto, tennis and Squash lovers do exist. There are quite a few individuals who look for tennis court facility as an amenity in their locality as a part of the condo facilities.
Yoga Studio: A Yoga Studio is a place where some rediscover themselves. It is a place that offers peace, relaxation and gives many a newer way of life. With lives becoming busier, people often look for different ways to maintain a healthy lifestyle. And, Yoga happens to be one of them!
4: Additional facilities adding to the market value
These are the amenities which are only used once in a while by the people residing in Toronto condos. However, every single amenity counts when the pricing of the condo is laid out.
Cinema: This amenity has often seen mixed reactions. There are a few buyers looking for Toronto condos for sale with this facility especially available as they are cinema lovers! However, there are certain buyers who do not find it much worthy to have cinema as an amenity they’ll be paying for.
Car wash: Most of the buyers looking for Toronto condos own a car these days. And, it might sound like a convenient job to do it yourself, it really isn't when one has to do it regularly. It is a nice facility to have your car cleaned and find it shining when you enter your parking lot!
Multimedia/ Business meeting room: This room is like a simple, community room where one can sit and enjoy or do his/her own chores at peace. Professionals often utilize it for their business purposes while there are students who go to this room to study. Or, have a quiet time working upon their project!
5: Lavish Amenities
These are the amenities that not every Toronto condo for sale offers to its residents. However, those with a larger community planned or ample of land do offer it as a luring factor the buyers.
Bowling Alley: Yes, it is definitely not one of the amenities that one specifically needs as a part of their condo facilities. And, most of the condo developments don’t even offer it. Only the most lavish ones in the prime locations might offer it to their residents.
Video game room: this might sound like an exciting place only for the kids in the family or young gaming enthusiasts. It is sweet to have a video gaming room dedicated to enthusiasts.
Library: This is a place which people of all ages might relish. Whether it is kids that we are talking about, housewives or retirees, they like having a niche of books available as a condo facility.
What are the amenities that every condo resident need in today’s market?
Condo developers all across Toronto have been trying their best to provide the residents with the best and top-class amenities to residents. Potential residents and even investors have grown more discerning to have the perfect mix of amenities. A condominium should be an ideal location for a bachelor, family, working professionals, and almost every type of resident.
If you are putting a Toronto condo for sale, each additional amenity increases the evaluation of the building. However, the developers and investors must decide the amenities that are essential for Toronto condos to provide a complete lifestyle. Find out the amenities that are a must have in the Toronto condos that you are planning to buy.
Ample space in the common area
The expectations of residents are increasing day by day. People want private spaces for growing and improving oneself. The best condominium should provide the residents with an emotional connection with the place they stay in. Multiple Toronto condos for sale are adding private spaces to provide the residents their own space. There are larger suites, areas that are tailored to different hobbies and lifestyles.
Different Toronto condos are opting for this way of development where resident’s way of living and hobbies are looked after properly. Condominiums are offering experiences which are on-par with luxury resorts and villas. Many developments are giving importance to family bonding. Developers are providing space for children’s playrooms, wine rooms for family events, music rooms and many such entertainment spots where families can bond and grow together.
Such a change in the development of Toronto Condos is providing the right balance of great and necessary amenities. Providing amenities which residents can personally connect to is a benefit for potential residents and well as developers.
Technology and connectivity
The world is growing into a tech-frenzy place where no human being can stay without the modern and latest tech available in the market. Your Toronto condo should have all the latest tech and connectivity is a requirement that every buyer has in this market. However, technology is an amenity that one will not be able to see during a showing.
People stay in luxury resorts and five-star hotels and their expectations of living are growing as the market is growing. There are multiple Toronto condos that have started developing condos that have smart home technology. Residents can control the lighting, temperature, music and much more just with their smartphone even when they are away from home. Multiple Toronto condos have incorporated voice control assistants as well which provides the users a seamless living experience.
Condo developers around the world are developing new properties keeping in mind how technology is advancing in this modern era. There are condominiums which have anticipated drone package delivery which is a futuristic approach. Developers have created landing pads in anticipation of these drone package deliveries.
Complete fitness and well features
This generation of residents gives more importance to fitness and health more than anything. Every Toronto condo for sale must have a fitness center that is well-equipped and caters to the requirements of every individual. There should be a separate room for yoga and meditation where people can relax and calm themselves. Also, facilities for massages, spas, and therapists is a must in every development.
People are also giving importance to the surrounding and the quality of air and water around the property. Toronto condos have started to implement circadian lighting around the site. There are also purification systems for air and water to improve the quality of living.
Condominiums around the globe are giving more and more important to wellness. There are inclusions of shower infusers which helps in reducing the drying effects of chlorine along with circadian lighting. This helps in accommodating the body's natural rhythm and eventually increase the energy, productivity and also help with the mood.
Environmentally friendly amenities
Residents have started giving more importance to green life as well. Toronto condos developers have started including energy-efficient appliances for an eco-friendly way of living. Developers have started using low volatile organic compound paints, CO sensors, windows designed to minimize heat loss and heating and cooling systems.
People know how important it is to save energy and water and how their small efforts can also make a huge difference. Therefore, Toronto condos for sale that reduce the usage of water and energy are appealing to many buyers who want to contribute to the planet.
Amenities make a vast difference in the pricing of the condominiums. It goes unsaid that the condominium with maximum facilities on offer will range way higher in cost as per the real estate market. This is because amenities when considered singly as a service cost an individual a huge sum. However, when they are provided as a part of the condo, they seem to be way lower in costs in totality. As a result, they still give the Toronto condo an upper edge in costing. Thus, it is safe to say that amenities will always have a positive impact when it comes to selling or buying a condo.