Luxury condos evoke the image of opulence and a hefty price tag. While that may be true, those aren’t the only defining characteristics. The location of a condominium development may influence its perception and the ultimate price tag for example.
Downtown condominiums have seen a surge in popularity in the recent past owing to their proximity to social amenities. In a bid to woo buyers, developers continue to offer a slew of features and amenities that push some of the developments in the realm of luxury. At times they go too far and pass on the costs to the buyer.
Ultimately, luxury is relative. A rooftop swimming pool or even pet spas can be considered top of the range by one individual and still not evoke any awe in another. We’ll explore some of the features in luxury condos that a buyer should look into before buying and those worth ignoring.
FEATURES TO LOOK FOR BEFORE BUYING LUXURY CONDOS
There are many reasons why buying a condo can be a good investment. And not just for individuals. Companies can also opt to buy condos for a variety of reasons including:
- Tax savings
- Having a convenient place to host out-of-town guests
- Having a place to host employees when they visit a city
There is an endless list of features that developers advertise in their luxury condos. However, there are what you should consider “irreducible minimums.” These are features without which your condo investment may not pan out. The following is a top ten checklist.
1. CONVENIENT LOCATION
Location is the first mantra of any real estate investment. The luxury condos should be located in an ideal place with proximity to social amenities, shopping facilities, etc. as well as adequate transportation. While some condo developments feature shopping facilities within the building or complex, it would still be nice to have variety and choice in where you can shop.
Desirable locations make selling your luxury condos easier since the buyer is also looking at the surrounding atmosphere.
2. SQUARE FOOTAGE
Whether buying in the city centre or out in the suburbs, a buyer should weigh the square footage carefully. Unlike single homes, your condo doesn’t have an attic or storage sheds for your stuff. If you plan on having a home office for example in your luxury condo, you’ll need the square footage. This can be in the form of an extra bedroom or dedicated space. At the same time, it’s worth noting that the extra square footage will cost you.
Extra storage space is one of the top reasons luxury condos are expensive. The area footage comes at a premium.
3. STORAGE SPACE
As a buyer, you’ll need sufficient storage space within your condo unit to store your stuff. Inspect the condo before buying to ensure that storage spaces are adequate for your needs. Vast corridors, ample kitchen cabinets, and closets are just some of the things you should check when considering the luxury condo.
4. TOP-OF-THE RANGE APPLIANCES
Not all luxury condos will feature the appliances you want. However, at the very least, they should be upgraded appliances. Most recent condos feature new top of the range appliances. Look for quality stainless steel ranges, microwaves, refrigerators, etc. The house fixtures should also have a touch of class while serving their purpose. For example, bathroom fixtures, doors, etc.
5. AMPLE PARKING FACILITIES
Parking is a top priority when considering any condo investment. Luxury condo buyers should look for adequate parking either within the building complex or in a nearby dedicated structure. The parking slots should be well labeled and assigned to the various unit holders in the building.
Parking slots are normally allotted depending on the number of bedrooms in the unit. So for example, a three bedroom unit maybe allotted more parking slots that a one bedroom. Some developments feature gated parking structures that provide additional security.
6. COMMON AREAS AND AMENITIES
Common areas are the hallmarks of community living. Joint or shared spaces in a condo development include shared roadways, stairways, hallways, swimming pools, lawns. These should be well maintained, spacious and well lit to provide that extra touch of distinction.
Additionally, condo buyers should look for amenities that promote their health and well being such as gyms, spas, tennis courts, etc. Residents get to enjoy the benefits without having to travel long distances for a healthy lifestyle. This makes high end health clubs and fitness studios among the most popular luxury features in a condo development.
Common areas are the defining feature in condo developments, Look for quality and unique amenities when shopping for luxury condos.
7. HI-TECH SECURITY
Ample security should be a top priority when looking for luxury condos to buy. For example, most condo developments feature a 24-hr camera and video surveillance in addition to manned gatehouses, security guards, well-lit areas, locked exterior doors, etc. These are designed to guarantee security to residents and their property.
8. SOCIAL ACTIVITIES
Does the condo feature social activities for both adults and children? Community living is what makes condo living enjoyable. Having regularly scheduled activities, eg, golfing, book clubs, pottery clubs, cooking clubs, etc. for adults and fun activities for the kids improve the desirability in luxury condos. The social events don’t have to be in-house. Some condo developments offer outside activities such as hiking adventures, visits to the museums, etc.
9. ENVIRONMENTALLY FRIENDLY FEATURES
Environmentally friendly features are increasingly a top priority for buyers. Savvy luxury condo buyers look for energy efficient appliances, LED light bulbs as well as low flow water fixtures. These not only have an impact on the environment but also translate to reasonable utility bills for the buyer in the long run.
Luxury condos are great as living spaces and investment properties. Their location in vibrant city centres with proximity to social amenities make them ideal for professionals. Ultimately, performing your due diligence is necessary to avoid any pitfalls before signing on the dotted line.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at firstname.lastname@example.org
“Toronto’s Condo Authority”