How Do You Value Condominium Amenities?
Monday Nov 23rd, 2020
All Toronto condos for sale have something or the other to be offered to fellow residents. That includes the pool, restaurant, gym, children area, parking area, a hall, etc. Well, each of these facilities adds to the cost in some way. So, buying a new Toronto condo requires a huge amount of assessment in valuation. One needs to be crystal clear in understanding how the amenities and the pricing matter.
When it comes to amenities, you must try to follow the golden rule: "If it brings value and needs some investment of money and effort, give it a shot. You never know what you are up to until you try."
What requirements do we need to keep in mind? To be precise, it is subjective since not every person is going to like all the things in the same way. If we look into the regular amenities provided by most of the apartments, we can have a list of them, starting with a gym to a clubhouse. With that, let us look at some necessary amenities that have to be considered for a proper valuation.
Amenities are served in three variations:
- Rentable items which do not belong to individual houses
- Facilities like swimming pools and gyms
- Facilities that distinct one room from the other
Factors to Value Condominium Amenities
Each of its values differs between units and is based on several components that include quality of the area, offerings from the competitors, location, renter choices in the market and seasonality. Here are a few of those factors.
Healthy Green living is a priority for everyone today. So, they look for LED light bulbs, Energy Star certifications, and low flow fixtures of water as this makes a difference in the environment as well as the energy costs. People interested in buying a new Toronto condo look for environmentally responsible materials used in construction.
Most of the Toronto condos for sale have specific regulations and safety standards and regulations built into the property's zoning areas. Especially with flood damage and hurricanes to the buyers' minds, they are more concerned about the safety of the building due to high winds and weather damage.
Location is not a specific amenity to the building itself, but it is an essential factor for buyers. Is it close to the schools, work and college? Is the grocery store or the nearest café within walking distance? Are there any dining options or retail outlets on the ground floor? While these can be some perks for some buyers, it can be a yes-yes for some others. Those of you that prefer not to have a car choose a location that's within walking distance to most daily routines.
This varies from person to person. You might find someone who loves to work out regularly. So, a fitness center is vital to him. Contrarily, others who never entered a gym would not find this advantageous. Consequently, they may consider their maintenance dues a waste of money.
Fitness centers are a must-have. Moreover, they are ranked highest in terms of the percentage of residents that are willing to pay more when it comes to the individual apartment. A gym and possibly a yoga studio become a necessity since everyone takes care of their wellness in all ways possible.
Many people frequently watch out for developed units with dryers and washers, along with high-end kitchen appliances and hardwood floors. Buyers also look into guest suites.
Without any doubt, you could say the number-one amenity that people look for is the concierge. Be it mainly for the reason of safety or because they don't like going to Canada Post to pick up packages. You get an automatic concierge that works 24/7 in most new Toronto condos. Not to mention, that is much because of its popularity.
A hall for functions and possibly partying
Probably not a bad idea; instead, it is exciting. You never know the people around you, they may like to have parties, or some may want to keep official functions, and for that, a hall is always handy.
A game room or maybe a sports centre
Board games are always a perfect way to get to know your surrounding community of Toronto condos for sale, and also a way for fitness is to have tennis or badminton courts. It will be a leisure time pleasure.
On top of these amenities, the top three conveniences that can significantly increase revenue are Fitness centers, pet friendliness and swimming pools.
Although business centres or conference halls and other customary areas like a beautiful garden remain on the list, it's easy to comprehend how other life-easing facilities are climbing the ladder. Things like moving concierges, text notifications, and of course, package services are continuing to be in demand in the future.
All these are just some everyday things that you should keep in mind while you are going to get new Toronto condos that are up for sale. But as said, the choice is always subjective. It is you who should decide on whether to pay for it or not for the Toronto condo.