Amenities make a property costlier !!!!!!!!!!!!!

Most buyers wonder if it is better to invest in an apartment with or without amenities. These days, tenants who are mostly families prefer even smaller apartments with amenities to larger apartments with no amenities at all. However, an investor is different from a family, especially as an investor is primarily concerned with the appreciation of the property. Having said that, in an industry largely dominated by buyer sentiment, the intangible value associated with amenities cannot be denied.

What are amenities?

Apart from basic facilities such as electricity and water, modern apartments boast of amenities that include swimming pools, club houses, power backups, party halls, gym, intercom and more. These extra facilities are known as amenities and are charged extra. This rate ranges from 2.5 to 4 rupees per square foot and adds significantly to the overall cost or rent.

These amenities may not even be used that much, but buyers and tenants derive intangible value from them and they can be used to upsurge the rental value.

The most important impact that an apartment with amenities has is on the pricing. With amenities such as swimming pools, club houses and squash courts becoming the standard instead of the exception, investing in an apartment with amenities is a better option to get better prices on rent.

Amenities definitely make an impact on your property investment portfolio, especially if you live in cities.

Amenities that carry weight include:

- Club house

- Tennis and badminton courts

- Swimming pool

- Children's play area

- Gymnasium

- Aerobics/fitness/class room with wooden flooring

- Creche

- Party hall

- Amphitheatre

- Parking

Factors in favor of amenities

By and large, it is a good idea to choose apartment with amenities because it impacts the rent. There is a psychological value to an apartment with amenities, even though people do not intend to use these frequently. Families, mostly in the demographic bracket of 25 and 40 years of age, prefer apartments with amenities, complexes that are self-contained, with fitness, laundry, market and more options. Amenities make a huge difference to investors targeting the luxury, high-end market. Luxury villas and gated communities have well-designed facilities, including gyms, club houses, Wi-Fi zones, badminton courts, pet-friendly neighborhoods and more. Convenience is a huge boon when it comes to amenities, in apartments that boast of round-the-clock electricians and plumbers, not to mention separate laundry units in every block and an in-house supermarket that delivers at the resident's doorstep. Maintenance is not a very big issue and aspects like safety and security add to the value. Many apartment complexes are such wonderful communities in and of themselves that people vie for a slot in their premises. An extra parking space adds huge weight to the value of a property, especially given the fact that many families possess more than one car in cities today.

Things that could work in favor of an apartment with no amenities

For people who are not part of families, such as bachelors, single people, old and retired couples and even some families, extra amenities do not make much sense, as they would not even use them much, and to pay for something that you never use, makes very little sense. In such cases, make sure that basic facilities like electricity and water do not pose a problem. Also, a good location, with surrounding grocery shops, schools, pharmacies and parks can add value to a property even without amenities. This can be found with older constructions. Also make sure that despite not having a park, that the apartment has some green space, garden or walking area and is not boxed in.

Amenities make a property costlier

Amenities push up the cost of living. A good idea for apartments under construction is to withhold money for amenities until they are completed and given to the owner. Buyers are forced to purchase club membership and other amenities as part of the apartment's facilities. Also, builders do not transfer the ownership of these amenities to resident associations and this becomes a problem. Parking, especially an extra car parking is very important, as most families these days have at least one or two cars. This is an important amenity to consider before investing.

In the end, given the importance of social infrastructure and communities, not to mention the advantages of self-sufficient and close-knit apartment units, it is well-worth considering amenities and their inclusion, when investing in property. Preferences for amenities vary from city to city, town to town, and it is well worth researching on the same before making a purchase.