Amenities: What are they and what benefits do they provide to a property?
Amenities in Real Estate: What is an amenity?
When it comes to real estate, amenities can make or break a property for a potential buyer. So, what are amenities? Amenities are defined as the extra features and/or services that come with a property, such as a swimming pool, dog walk, or playground. These features greatly enhance the living experience for residents and can help increase the value of the property.
In this article, we will take a deep dive into the different types of amenities that are commonly seen in real estate, predominantly in multifamily complexes. You’ll most often see amenities referenced in new development buildings or apartment complexes, but that does not mean that they are not prevalent amongst other residential properties.
Basic amenities refer to the bare necessities that are required for comfortable living. These include things like in-unit air conditioning, heat or fireplaces, and plumbing. In a multifamily complex, normally the basic amenities would also include things like elevators and laundry facilities for the residents. These types of amenities are generally considered necessities or a given and are not normally used as a selling point for homebuyers.
Swimming pools are an example of a popular amenity that is often part of the selling pitch for multifamily complexes. Having a swimming pool on a property can greatly enhance the lifestyle of residents, especially during the summer months. It can also increase the value of the property while making it a more attractive option to potential buyers in the future.
However, it is important to note that the maintenance and upkeep of a swimming pool can also be costly, so buyers and sellers should take this into consideration as this could factor into their HOA or other monthly fees.
Clubhouse and Fitness Centers
Clubhouses and fitness centers are other common amenities used to entice buyers for multifamily complexes. Clubhouses are often considered social amenities or community gathering spaces, and may include features like a lounge, outdoor kitchen, or meeting rooms. Some clubhouses have full dining options or other features like golf courses or tennis courts that come with a membership. This is usually more common in resort communities where residents share social amenity areas.
Fitness centers, on the other hand, come in a variety of shapes and sizes. These may include things like onsite weight rooms, cardio or other gym equipment, and yoga studios. Fitness facilities are an example of amenities that can greatly enhance the desirability of a property, as they provide residents with convenient access and easy options for staying active at home.
Wi-Fi as an amenity
In today's digital age, Wi-Fi has become an increasingly important, if not completely necessary amenity. Many multifamily complexes and other communities now offer Wi-Fi for the building as a standard amenity, recognizing that it is a necessity for renters and buyers. With more and more people working from home, especially after COVID-19, having access to high-speed internet can be a major selling point for a property.
In fact, many apartment complexes or condominium buildings now will have Wi-Fi included in their HOA cost or monthly rent payment, which makes the lives of the residents easier.
Wellness amenities are another growing trend in real estate, especially in places like California and New York. These amenities may include things like saunas, meditation gardens, yoga rooms, and spas. They are designed to promote physical and mental well-being for the building’s residents. As more health and wellness gain popularity, these types of trendy amenities can be a major selling point for a property and the reason a buyer chooses one building over another.
Amenities play an important role in real estate
Amenities play a crucial role in the real estate market. They can greatly enhance the living experience for residents, and can also increase the value of a property. Basic amenities like air conditioning and heat are considered a given, while others like swimming pools, clubhouses, and fitness centers are becoming more and more popular. Wi-Fi access and wellness focused amenities are also becoming increasingly important as people are spending more time working from home and finding balance in their lives.
As a buyer, it's important to take into consideration the amenities that are important to you and to factor them into your decision-making process. As a seller, it's important to consider the amenities that are not only important to current buyers but will also be feasible to add and maintain on your property.
Interested in learning more about properties with amenities in the Bay Area? Get started on Aalto: aalto.com
Aalto is a real estate broker licensed by the State of California, License #02062727 and abides by Equal Housing Opportunity laws. This article has been prepared solely for information purposes only. The information herein is based on information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy of the information. Aalto disclaims any and all liability relating to this article.