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Exercising your Options When are Condo Amenities a Good Investment? If you’ve purchased a fancy gym membership for 2015 and are already finding it hard to stick to your new regime, you may have wasted a lot of cash. But what if your fitness centre was in your building – would you get better value? Amenities in today’s new condo market have reached new heights, with full-size fitness centres, pools, rooftop patios with barbecues, lounges with chef’s kitchens, guest suites and other common-use areas expanding your home beyond its four walls. Developers are selling more than just homes – they’re selling a lifestyle. But amenities don’t come for free – they can add to your purchase price and strata fees. So when is it a good idea to purchase a home with lots of extras and when are you better off sticking with that local fitness centre membership? Hani Lammam with Cressey Development Group advises buyers to purchase homes where there are as many amenities as possible – provided they can afford the asking price and the associated strata fees. “There is a maintenance cost associated with amenities,” he says, “but they can also protect your resale value.” Cressey is currently conducting presales on Beverley in White Rock, which will include a two-storey club featuring a fitness centre, steam room and pools. The development also includes a lounge, guest suite, garden, patio and playground. “It’s difficult to say how much the fitness centre adds to the [purchase] cost of each unit at Beverley,” says Lammam, “but it’s a very small percentage because it is spread out among all the owners. It’s likely less than five per cent. In terms of additional monthly fees, it depends on what’s included. ‘Wet’ amenities, such as hot tubs and pools, can add 15 per cent to your strata fees.” With the price of a high-end annual gym membership running around $1,000, taking that hit to your monthly strata fees can be a good investment,
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according to Katie Dunsworth-Reiach, personal finance expert and co-founder of Smart Cookies. Strata fees for larger units run around $5,300 a year, with 15 per cent (about $800) paying for amenities. That’s substantially less than a private club. And with an estimated 60 per cent of annual gym memberships purchased in January going unused by mid-February, Dunsworth-Reiach notes it is also important to consider longterm value. Cressey isn’t alone in offering a wide array of amenities to attract potential buyers. Shato Holdings and Talisman Homes’ Tsawwassen Springs will include a golf course, wellness centre and clubhouse. The developers aim to keep strata fees low by using a pay-as-you-go system for things like green fees and the fitness centre. In downtown Vancouver, the 333unit Tate Downtown by the Bonds Group of Companies will offer residents a concierge, a private theatre, lounge, billiards room, library, yoga and pilates studio and fitness centre.
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And the owners at Anthem Properties’ Station Square in Burnaby will enjoy almost an acre of elevated private green space along with community garden plots, a Tai Chi area, a fully-equipped gym and yoga studio, steam room and infrared sauna, plus a lounge with a gourmet kitchen and shared electric cars. Empty-nesters downsizing from detached homes to condos can find amenities especially appealing – and cost effective. With a guest suite in your building, there’s no need to spend extra
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on a unit with an additional bedroom. Common areas such as lounges and kitchens provide entertainment spaces for larger events, something your new living space may not allow for. “Amenities add to the value of your home and can save you money,” says Dunsworth-Reiach. “Buyers need to determine what these add to the strata fees and compare that to their bottom line.”
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