Hello friends! Today, we're delving into the intriguing topic of "Amenity Overload" in Real Estate. Specifically, how should buyers approach the lineup of amenities on offer in modern high-rise condo complexes? Let's explore.

With the bustling lifestyles of Millennials and Generation Z, condos have surged in demand. The allure of a luxurious pool, state-of-the-art gym, theatre room, and top-notch concierge services cannot be denied. Such amenities unquestionably elevate the condo living experience.

Many condo buildings boast party rooms, perfect for hosting social events or celebrations when your guest list is big enough for your unit living space. Additionally, there are external amenities, from tennis and basketball courts to gazebos and barbeque setups. Some complexes even provide guest suites, fully furnished spaces available for nightly rental, offering a place for overnight guests. A 24/7 concierge service, ensuring security and handling mail and deliveries, is often the most coveted amenity. And for fitness enthusiasts, having an in-house gym can be both a time and money saver.

Other perks include rooftop terraces—precious open spaces in high-density areas—and temperature-controlled swimming pools. Then there are luxury touches like hot tubs, saunas, games rooms, even virtual golf settings, and climbing walls in some ahead of the time and modern buildings.

However, while these offerings sell a sought-after lifestyle, there are factors to consider:

Convenience:

The principal advantage of having these right in your building is the sheer convenience, no need to brave the weather and traffic to experience the luxury.

Cost-effective:

If you see yourself as an active user of such amenities, you would be paying more outside to leverage these in a 3rd party setting. 

Maintenance Fees

There is a downside as well. When you have a loaded building with all the amenities, you would essentially pay to maintain all of those based on the square footage of your own unit on a proportionate basis. Whether you end up using any of the amenities or not, you would still need to pay for the maintenance as part of your monthly condo fees. If we are not using them on a regular basis, it might work out more economical to have an external pay-per-use membership or join a fitness club.

Over-crowding

There could be peak timings where the pool table is not available, or the theater is pre-booked for several weekends in advance, and rare availability of guest suites when you really require them. This takes away the cost benefit if the resource is heavily used in the practical side of usage.

The right answer for this amenity overload in a condo setting is very subjective. As it plays a role in upping your monthly expenses, it should be purely based on one's individual circumstances and needs. Every individual and family need is different when it comes to expectation and usage of amenities. If you are an active swimmer and regular on fitness, this lifestyle and monthly sharing of the costs would work more than ever for you. On the other hand if you don’t end up using majority of the amenities at your disposal, it would be considered an unnecessary expense.

You would need to carefully analyze your personal lifestyle before making an investment decision, review the amenities and determine which are the ones which are non-negotiable for your lifestyle and you would be happy to pay for them. Ensure that the buildings you see indeed have those amenities in your search process. If you are not heavy on the usage, it might be beneficial to consider something with less amenities and in trade-off a more palatable monthly fees.

When we get into a Real Estate investment we should always think about future resale as well. With condo living the monthly condo fees typically would increase with the age of the condo building, as it would require more maintenance and upkeep costs. 10 years down the line due to the higher monthly fees it might attract less prospects to your property. 

In a summary I would want to say that see realistically what are your needs and requirements on amenities and finalize something which meets them and has a reasonably monthly expense. Rather then getting into something which has lot of loaded amenities, which you don’t anticipate using, and the expense has a probability of spiralling in the coming years.

Hope this was helpful and would ask you to share with your friends and family looking to get into a condo lifestyle. For any help in Real Estate matters, our team at Elixir is a call away for the best representation in Real Estate. Take good care and will see you soon!

Wish you all the very best! Reach out to our dedicated team at Elixir for any queries you have in Real Estate and we will do our best to help.

Mudit Mehta 

Broker of Record

ELIXIR REAL ESTATE INC.

Off: 416-816-6001 | [email protected]

.