Considering a flat which comes with a pool, gym, concierge service, but wondering if it’s worth paying a premium? Here we weigh up the pros and cons.
Having made the decision to buy or rent a new flat, you may have viewed a number which offer a range of facilities and amenities, such as a pool, gym, porter – and maybe even a concierge service.
Such apartments are fast becoming ‘go-to’ option for many buyers in large cities, and are also a popular option among renters looking for high-quality rental accommodation.
But luxury add-ons do not come cheap – so is it really worth paying the premium?
What might be on offer?
Someone who is on duty during the day, and often during the night, too. They will be in charge of security, but will also carry out other tasks, such as dealing with post and deliveries.
This will usually include 24-hour CCTV meaning you can go to work, bed, or on holiday knowing that your property is monitored at all times.
Residents-only pool / gym
This gives you the chance to exercise without having to venture far from home and could also be cost-effective if you would otherwise fork out for a costly gym membership.
Secure underground parking
You can park your car securely off-road in an allocated spot – often a luxury in busy urban areas. Car parks are also usually covered with CCTV, offering additional reassurance.
This makes it easy to shop for groceries and other essentials, particularly for that Sunday night dash for bread and milk.
Residents’ bar / lounge
Some developments even have bars and lounges that cater specifically for residents to work and socialise.
On-site cafes and restaurants
Similarly, some developments also have cafes and restaurants catering both for residents and non-residents.
Rare but not unknown, although unlike the local Curzon, you might have to bring your own popcorn.
Space for you to relax and unwind, without having to worry about doing any gardening yourself.
24-hour concierge facilities
If your flat comes with a concierge service, you can call up at any time of night or day and request the things you need.
Laundry and dry cleaning services
Services that leave you with more free time to do the things you want to do.
Get more for your money
If you decide to rent or buy an apartment offering a range of luxury facilities and amenities, you will get a lot more than just four walls to live in.
You are essentially paying for a lifestyle where much of what you need is at your fingertips. This can be particularly appealing to busy cash-rich, time-poor young professionals.
Having a shop just a stone’s throw from your apartment can make life a lot easier if you need to pick something up last-minute – and can be particularly useful if you have a young family.
Having an allocated car parking space takes all the worry out of fighting with neighbours for the last space on the street, while having a gym just a few floors above or below your apartment can make the process of going to work out a whole lot less painful.
Encourages indulgence and relaxation
An apartment offering add-ons, such as a pool, gym and cinema room all on tap, will appeal to those who want to enjoy a little luxury in their living space. It can make coming home a real reward after a hard day’s work.
An apartment which comes with first-class security will not only give you the peace of mind of knowing your property is protected when you are away, but could also translate into lower home insurance premiums.
Pay a premium
Both buyers and renters will pay the price for a property offering a range of amenities and a concierge service. If you’re on a tight budget, you need to ask yourself if you can really afford the additional cost.
May not get your money’s worth
Not everyone is going to make full use of the facilities offered. If you don’t have a car, or rarely go to the gym, for example, you could end up paying a high price for add-ons that you just won’t benefit from.
At risk of steep service charges
If you buy a leasehold flat, you will face service charges. These are fees you must pay to cover your share of the cost of maintaining the building you live in.
Service charges can vary from building to building, depending on the facilities it has. Charges can be higher for flats in a building with a pool and gardens.
Read more at: 11 things to watch out for when buying a leasehold property.
What should you do?
Before deciding to rent or buy a flat with a host of amenities and facilities, do your sums and work out a month’s budget.
You need to calculate if it’s worth paying the higher level of monthly rent (or higher asking price) for a flat which comes with all these things. Or whether you’re better off paying cheaper rent (or a lower purchase price) for a more basic option and use the extra disposable income to pay for the services you really do need and use as and when you want them.