It’s easy to be seduced by condo amenities like infinity pools, light-filled fitness centres and marble-finished party rooms. These features often drive people to the condo lifestyle in the first place. When you’re buying for yourself, it might be easy to recognize which ones are worth it. Maybe you’re self-employed and would use the ground floor co-working space daily, or your spouse is a morning swimmer who would get a ton of use out of the indoor lap pool.
If you’re buying an income property, however, things get a little murkier. How do you know which amenities really attract tenants and which ones will just increase condo fees without any real benefit to you?
Gym
Opinions are usually divided here. Many condo gyms are small, with limited equipment. Some people prefer the social aspect of larger gym chains and don’t feel the need to have one in their building, particularly if they’re unlikely to meet new workout buddies or have access to group classes there.
Also, many condos prohibit personal trainers from using residential fitness facilities for business, which can be a deterrent for gym-goers who use personal trainers. That being said, a simple condo gym doesn’t always require a lot of maintenance and is unlikely to impact condo fees drastically. Having an in-building gym is definitely never a bad thing to highlight when you’re looking for a renter.
Pool
By far, pools are the most common source of high condo fees because they require so much maintenance. Many people point out that in some parts of Canada, an outdoor pool isn’t even usable for most of the year. However, many people thrive on pool culture during warmer months and find it great for socializing and meeting neighbours.
Some condos are starting to incorporate high-end features like juice bars and hot and cold plunge pools, which could be useful if you’re trying to attract a luxury rental market, but should a pool be a deal breaker when looking for an investment property? Probably not.
Party Room
This can mean almost anything, from a non-descript basement room that provides extra space but not much else, to a lavish room with high-end kitchen, dining and bar facilities.
Overall, facilities like these can be a lifesaver if you have a small unit because people love hosting, although some buildings require you to pay both usage fees and a security guard.
If you think the renter will host parties on a regular basis and they love the feel of an upscale space, it might be something to consider. But if you’re buying in an area with plentiful entertainment options in the neighbourhood, it might not be at the top of their list.
Children’s Playroom
These are just starting to be included in newer condo buildings, as more families choose to live in urban areas and developers respond to that. With news that this demographic of condo dwellers is on the rise, investing in a building with a playroom to expand your potential tenant base might be a good idea. There’s a good chance this will positively affect resale value too.
Business Room/Co-Working Space
Like a party room, this can describe many different setups, often just a windowless room with a large table and chairs, suitable for study groups. While it may not be the most useful amenity, it’s also unlikely to impact condo fees.
However, as more young condo dwellers are working remotely, business rooms that function more as co-working spaces are increasing. These might include communal working tables, coffee stations or private meeting rooms.
This definitely gives you more flexibility in terms of tenants, but if you’re buying in a high-density employment where office towers are plentiful, it may not be necessary.
