6 Popular Features That Condo Buyers Look For
If you are looking to buy a new condo, what should be at the top of your mind are its features. As a contractor, you should be asking yourself the same question too.
What features should a perfect condo have? Most people looking to buy a condo have certain cast-in-stone expectations. If your apartment meets these expectations, you have yourself a deal; if not, your condo may remain vacant for a long time. But we can change that by making sure it has most, if not all, of the features that clients are looking for. Let’s sample a few of these.
1. A Mid-Sized Building
Most people are looking to buy condos in mid-sized buildings. As a contractor, it is important to keep this consideration in mind.
2. Proximity to Crucial Amenities and Supplies
Living in a condo near a street where one can find most of the amenities they need enhances a sense of community and helps people get to know each other, their cultures and perspectives on many issues.
3. Energy Efficiency
Condo residents are keen on saving their energy bills. An energy efficient condo is, therefore, an attractive deal for most bargain hunters. There is also a growing green energy movement that is influencing condo purchase decisions. This is a great segmented market you can tap into by ensuring your condos have green energy options built in. Fitting your apartment with energy saving appliances is a huge attraction to most buyers. Having your building LEED certified can also make your condo highly attractive to potential buyers. Other energy savings considerations include professional wiring, energy-efficient windows, and appropriate, smart and efficient home technology.
4. Flexible Design
Most condo buyers are looking for a flexible design that also features a modern kitchen, which is the centre of activity in every home or apartment. This is where healthy foods that replenish the family’s nutrition are prepared. It, therefore, makes sense for buyers to be concerned about the state of the kitchen. The kitchen space has to be functional and comfortable. A highly popular kitchen design is the open concept, which allows easy access to other areas of your condo. A kitchen should also be appropriately fitted with appliances that make preparing and cooking meals a breeze.
5. Ample Storage
Nearly half of the people looking to buy condos don’t have children. This group has a propensity for wide storage space, functional open-style kitchens with energy efficient appliances in mid-rise buildings. Everyone wants some extra storage space. This range from storage for baby carriers to large closets for storing towels and bedsheets. A condo with ample storage space is likely to attract more offers than one with limited storage space.
6. New Homeowners Don’t Mind Fewer Features
Most new homeowners and downsizers are not overly keen about extra features that ramp up condo prices. They are mainly interested in a condo they can afford, with or without the fancy features. Such people prefer mid-rise condos located near streets where they can buy whatever supplies they need and also get to blend in with the community. Their main considerations when buying a condo are a functional kitchen, adequate storage, and security.
Despite the preference for mid-rise buildings by most condo buyers, a good number of developers go for high-rise buildings due to economies of scale. While constructing a mid-rise building cost nearly as much as a high-rise building, the latter’s developers are able to leverage their profits by selling more units. Since land is limited in most major cities such as in Toronto, it makes economic sense for a developer to construct high-rise condominiums.
They may not be the most popular, but if they build units featuring functional open space kitchens and provide enough storage spaces, buyers are likely to forgo their preference for a mid-rise building. On the other hand, if building land is not an issue, mid-rise condominiums are likely to sell faster!