Toronto Condos: Swimming in Fees?
Many people choose the condo lifestyle because of its convenience and simplicity. A monthly maintenance fee covers the upkeep cost of the building and its amenities such as a pool, gym, tennis court, party room, etc. Depending on the condo building, there may be a full sized pool, a lap pool, a current pool or no pool at all in the building.
Although a pool may be convenient, there are a lot of mixed views and feelings regarding the benefits of having swimming pools in condominiums in Toronto. Prospective buyers can easily observe the benefits of having a pool in their condo building, but they fail to see the one disadvantage that can end up costing condo purchasers more than they bargained for.
In Toronto, there are many condo buildings which have a full sized swimming pool, a lap pool or a current pool. One condo building well known for its full sized pool is located at the Bentley condo building in the St. Lawrence Market area. This building boasts an absolutely stunning outdoor pool that is nestled amongst a beautifully landscaped patio.
In the summer many residents enjoy the use of the pool as well as the roof top terrace for barbecuing and entertaining. On the other hand, one of the newer trends in condos is to have a "lap pool" or "current pool" which are smaller types of pools. A lap pool allows swimmers to actually do laps and a current pool, which are also typically small pools, have a strong current allowing the swimmer to essentially swim in place, similar to how a treadmill works.
Although the idea of having a pool in your condo building is appealing, you must also consider the disadvantage of having this luxury. In short, pools are expensive to maintain and to operate. Most Toronto condos that have pools also have higher maintenance fees than condos that do not. This is a cost that all the condo owners of the building have to absorb, even if they do not take advantage of the pool. This additional cost is reflected in the owner's maintenance fees. It is for this reason that many new home builders are not building swimming pools in new condominium projects.
There are however still new buildings that are going up in the city with pools such as Fashion House on King Street as there are a lot of individuals that desire a pool in their place of residence and are willing to pay for the luxury through their maintenance fees. As long as the buyer of the condo unit is informed of the potential costs that can be incurred by having a swimming pool in their condo building, there is no problem. Many condo buyers do not mind paying the extra monthly costs as the benefit of being able to use the pool whenever one pleases far outweighs the cost.
Toronto Condos: Swimming in Fees?
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