The Amenities and Features to Look For in a New Condominium Development

When deciding on a new condominium development, it is important to keep in mind the amenities and features that you will want to have in your new home. This includes things like social and party rooms, common areas, pools, and upkeep. Millennials have started to make these types of amenities a priority, as they believe that these items will make life more convenient. Experience luxury living – check out Tridel new condominiums in North York now.

Millennials gravitate toward amenities that make their lives easier

• If you're planning a new condominium development, you may want to include some amenities geared toward millennials. These young adults are the biggest generation in history and they're making their mark on a number of industries. They're also a tech-savvy bunch, so you'll want to consider amenities that make their lives easier, especially if you're targeting this demographic.

• The National Multifamily Housing Council surveyed renters and found that 86% of them are more likely to opt for a home with smart amenities, like smart locks, smart lighting, and in-unit laundry. For millennials in particular, access to transit is a must.

• Another trend sweeping the multifamily industry is the sharing economy, and a good place to start is with millennials. Many millennials choose to work from home or have other commitments that require flexibility. A co-working space or virtual office can be a boon to both individuals and employers.

Common areas

• If you're looking to buy a new condominium development, you'll want to understand what the common areas are and how they are maintained. The common areas of a condominium are often legally owned by multiple co-owners. These common areas include the exterior of the building, such as the parking lot, as well as interior space.

• In a condominium project, a percentage of the undivided interest in the common area belongs to each individual owner. However, this does not mean that the owner is responsible for all costs associated with the maintenance of the common areas.

• Some common areas in an apartment complex are dedicated, meaning that the individual units are not accessible to other residents. A lobby or entrance can be a great place to socialize and get mail. However, a dated or poorly designed lobby can give a wrong impression of the building's inhabitants.

Pools

• Swimming pools are an important part of any condominium development. They provide a backdrop for social gatherings and recreation, and add value to a property.

• Some condominiums have multiple pools, and some have indoor and outdoor swimming areas. Depending on the location and the design, pools can make or break a condo's appeal. Adding a pool can cost an arm and a leg, however.

• One condominium development in New York has a rooftop swimming pool. It is a part of a larger development called Greenwich Lane. The Rudin Family and Global Holdings are behind the project.

• Another building in New York has a half-Olympic-size pool. Known as the Great Bath, it was a popular site for residents of the 5,000-person residential structure.

Social and party rooms

• One of the benefits of a new condominium development is a social and party room. If you have a large family and are planning a holiday or formal party, consider looking for a condo building with a room for entertaining. This will prevent damage to furniture and rugs, as well as allow you to host a great party.

• Many condominium buildings have common spaces and outdoor areas for entertaining, such as the Halcyon in Turtle Bay, a high-rise condo in the Upper West Side. The Grass Residences event area, a part of the condominium clubhouse, is a beautiful open-air space. It is surrounded by decorative lights and perfect for fun party activities.

• Other mid-rise condos have patios and BBQ grills, which are convenient for a summer gathering. The Galleria, a Midtown condo, is designed with a 55th-floor Sky Terrace Lounge for parties.

Upkeep

Purchasing a condominium can be a great way to enjoy the benefits of home ownership without the hassles of maintaining a single family dwelling. However, you do have to remember that your unit is part of a complex of units owned by a condo association. This entity has a vested interest in keeping your unit up and running, and may employ an on-site superintendent to keep your complex in tip top shape. You also have to take into account the fact that you'll likely be sharing common areas such as pools, parking garages, and hallways with other owners. These common areas are usually under the aegis of a community property manager, and they will have their own set of rules and regulations.