Condo ownership in Toronto is at an all time high. If you’re considering this then it’s important to narrow down what you want, and what you’re willing to pay for. With most condos, you might have to sacrifice certain things like space and a backyard but you can receive interesting perks in the form of amenities.
The Different Kind of Common Amenities
Amenities can come in many shapes and sizes but the most common are a parking spot, fitness centre, pool, concierge service, property maintenance, garbage pickup or even recreational activities (squash courts, yoga classes, etc.). Some of these are essential, whereas others might just be attractive.
Are Amenities Worth it?
Amenities for the most part are ingrained into condo living. Deciding which ones are personally important can help you weigh their value. If you’re a regular gym goer and have a car then it makes sense to have your own parking spot and an onsite gym. If you’re not much of a swimmer, then a pool isn’t something you should pay for.
Potential Resale Value
The right amenities can add value to your home and make it more attractive if you were to ever put it on the market. Not only can amenities raise the value but they can also grow or shrink your prospective pool of buyers. Some people need a party room or won’t even consider a place without a concierge who can sign for packages.
Consult your Budget
With anything regarding home ownership, the monthly cost of amenities needs to fall within your budget. You might want to buy the condo that offers 24-hour concierge service and a library but it might make more sense to choose the one that includes hydro or a parking spot, even if it’s only for your guests or for resale purposes.
Make the Right Choice for you
Everyone has a different idea of what amenities are important, so make a list before you start the search for your new home. Just remember, that you are paying for amenities and while the idea of some might be appealing, it’s really about what you will regularly use and enjoy.