In Canada, when you purchase a condominium unit, part of your monthly carrying costs will include condo fees. These can range from a few hundred dollars to several thousand, depending on your building’s features, the number of units and the square footage of your unit. They cover elements like maintenance of common areas, including any amenities. The type of amenities your building has will greatly influence the price of condo fees, so it’s not uncommon for buyers to weigh which luxury amenities they need and which they can do without. Here’s a breakdown:
Pool or Hot Tub
Without a doubt, pools and hot tubs definitely drive up condo fees due to the constant maintenance they need. However, for many renters looking for a luxury property, a pool and hot tub are non-negotiable parts of their luxury lifestyle. Even if you yourself might not use either on a regular basis, keep in mind that if you’re buying your home as an income property or for potential resale, this feature will make it more marketable.
Executive Boardroom or Office
Many high-end condominiums include some sort of a workspace, but the quality of these can vary quite a bit. They range from simple boardrooms with little more than a large table and chairs, to dynamic co-working spaces with private office nooks and coffee stations. Determine how much time you spend working outside the office and whether this is a feature you would use regularly. Many people find that their unit’s own den or second bedroom makes a perfectly fine office.
Fitness Area
It’s almost universal for luxury condominium buildings to have a gym or fitness centre. Many of these have an equipment selection to rival any gym franchise and often boast a great view. Determining whether a condo’s gym will be a selling point of you, consider how you currently use your recreation time. Do you already belong to a private gym or fitness community? Would you prefer the convenience of one in your building? Is the equipment something you would use? Something else to take into consideration is that many condominiums don’t permit personal trainers to coach on premises and some of them don’t offer any kind of group classes.
Pet Features
More and more luxury buildings are incorporating services that cater to another type of resident: a luxury pooch! These include ground-floor pet washing stations and sometimes even covered dog walks or pet play areas. Most of these don’t require that much maintenance and therefore won’t be reflected in your condo fees but go a long way to making your and your dog’s life easier. If you’re buying an investment property and don’t plan to rent to a pet owner, however, this might not sway you.
