Besides affordability, most people elect to buy a condo unit over a house because of the convenience.
Amenities are a big part of condo appeal. Owners appreciate having 24/7 access to a semi-private gym, and they are comforted by the fact that all of their online orders will be kept safe in a parcel locker. And while some amenities will forever be desirable, interests and needs evolve, making some amenities, obsolete.
Table of contents
Developers pay attention to fresh market trends when creating new buildings, but these trends are something that older buildings need to be aware of too. In order to remain competitive and attract/retain the best buyers, condos may need to renovate amenity areas from time to time. The renovations can be expensive, but if done correctly, they will ultimately improve property values.
Below is a list of some of today’s most valuable amenities.
Fitness centers
The fitness center is a condominium essential; there will always be a demand for sleek workout facilities. That’s because public gyms now charge members hundreds of dollars every month, and even that isn’t always enough to motivate people to use their membership regularly. Condo gyms are very convenient since many offer 24/7 access, and they can end up saving condo owners money too.
The thing is, people want more than a row of elliptical machines and a few sets of free weights. They want open spaces to participate in virtual training sessions or group classes, and private areas for stretching and recovery. They want a diverse collection of weight machines and cardio equipment.
Some condos have built outdoor tracks, basketball courts, spin rooms, yoga rooms and even saunas to aid with recovery. Most of these fitness areas also have bathrooms with showers. This is really helpful for families or people who live with roommates since the bathroom in their unit may not be available when they’re done with their workout.
Good lighting and mirrors are bonuses; people sometimes want to record content for their social media pages and love gyms that allow them to do this. But beware, this behavior can also become a nuisance for others who just want to work out without a phone in their hands.
Condos should not try to cram a gym into a corner somewhere. Owners hate gyms that feel like an afterthought. It’s important to provide the equipment and spaces to support physical and mental well-being.
Bike storage
Reliable bike storage remains another top condo amenity. New builds are allocating a shrinking number of parking spots for cars, especially in bigger cities where people don’t necessarily need to own a vehicle to get around.
Condo owners living in urban areas like using bicycles because they are the fastest and most economical way to get around. But not everyone can or wants to keep their bike in their unit because space is limited, and it can be difficult to squeeze the bike into an elevator during peak usage hours.
Leaving the bikes outside of the building is not a good option either. Bike thieves act quickly, and they know a good bike when they see one.
As such, racks that are placed in an access-controlled area, such as in an underground parking lot, and secure bike rooms, have become hot selling features.
Condo management software
Though it isn’t a traditional amenity, condo management software has become essential for condo communities. Staff and board members rely on it to streamline operations and improve communications, but owners prefer to have access to some form of online account too. With a platform like Condo Control, they can easily book amenities, make payments online, see all of the newest announcements, and review condominium documents, all from their phone or laptop.
It provides owners with that additional convenience they are searching for, and helps them stay engaged and informed (meaning they don’t have to bring so many questions to the board or management).
Furthermore, it helps to keep owners who do not live in the building in the loop. If the condominium allows for virtual meetings and e-voting, offsite owners can still vote and have their say, even if they cannot attend the meeting in person.
Implementing software is a relatively affordable upgrade when compared to repurposing an entire space, and your building can start enjoying the new amenity in a matter of weeks.
Package lockers
Just like their bicycles, condo owners worry about parcel deliveries being stolen. In the past, a courier would leave deliveries with the front desk staff. If staff were busy or away from the desk, the boxes and envelopes would be abandoned in the lobby, available for anyone to swipe.
Fortunately, package lockers are a tried-and-tested solution to minimizing package thefts and improving package management for the entire building.
Generally speaking, parcel lockers integrate with digital systems for monitoring, authentication, and communication.
The master locker component will have a digital screen that couriers use to open individual compartments and deliver items.
Couriers use the screen to enter delivery information and select the correct recipient. Owners are notified once the item has been registered in the system. The owner also receives a barcode and/or passcode via email or text message. They use the code to unlock the compartment that is holding their item(s).
Locker systems are highly customizable and can fit in small or large spaces. Some even have temperature-controlled compartments for grocery deliveries.
Package lockers are a win-win condo amenity. Not only do they give owners peace of mind when it comes to their deliveries, but they drastically reduce the workload for concierge staff too. When they don’t have to spend hours documenting and retrieving packages, these staff can spend more time helping owners and guests with issues that technology cannot address.
EV charging stations
While parking spots are decreasing in new builds, don’t be surprised to see more EV charging stations in condominium parking lots.
Drivers in North America are slowly but surely migrating to electric cars as prices come down and EV infrastructure becomes more accessible.
Condo developers are aware of this burgeoning trend, and many are incorporating a modest number of EV charging stations into building plans. In some cases, new condos must legally be able to reasonably accommodate EV charging stations.
At-home charging is transforming from a “nice-to-have” amenity to a necessity for condo dwellers. Boards are strongly encouraged to look into the feasibility of installing EV stations in their buildings as it is only a matter of time before someone makes a request to install one.
Conclusion
Space and amenities are two of the major factors that condo buyers consider when purchasing a unit. Since older communities cannot make bigger units (and newer buildings tend to have smaller units) amenities should be given some priority.
It can be challenging to budget money for amenity upgrades, so boards should choose wisely with considering what will provide the greatest return on the building’s investment.
