November 25, 2021
Living Luxuriously: Amenities that Will Increase the Value of Your Property
What are Amenities?
An amenity is defined as a useful feature of a property that makes living on that property more desirable. Amenities are found in various types of buildings outside of residential properties, such as hotels and inns, restaurants, and malls. They are designed to make those occupying the property feel comfortable, so amenities can range from your basic needs to luxuries that make life more convenient. If you’ve purchased or are planning to purchase a rental property, it’s important to be aware of what amenities come with the property and which ones are good additions to the property.
Your standard (or basic) amenities are those that make life more pleasant. Basic amenities are almost always present in all types of properties: residential (houses, condos, apartments, duplexes, and quadruplexes), commercial (office buildings, restaurants, hotels, and malls), and special purpose buildings (schools, libraries, and places of worship). When buying your first property, it’s important to ensure that you have all of the basic amenities.
Air Conditioning, Heating, and Ventilation
Ventilation is the regulation of indoor air quality by bringing outdoor air indoors by filtering out pollutants. Every type of building, at least in most developed countries, has some type of ventilation system regulating the air we breathe. In addition to this, it’s also important to have cool air coming in during the warmer months and heat during the colder months. As the property owner, it will be your responsibility to make sure that the HVAC system is working properly.
Electricity and Running Water
Though it’s possible to live without electricity and running water inside of a home, these are still considered basic amenities. However, you may choose to purchase a unique vacation rental property that doesn’t have one or either, and that’s okay. Just explain in your listing that your unique getaway has a more rustic feel to it, which still may entice some travelers and vacation goers to rent.
Fast and Secure Wifi
This may seem like a luxury, but it’s also a necessity as we live in a digital world where almost everything can be conducted online. Of course, if you’re the landlord of a residential property, then your tenant(s) will provide their own internet services, but they are almost always offered on commercial properties, such as hotels and restaurants. On the other hand, if you’re the owner of a vacation rental, then offering free wifi to your guests is a good way to make your rental stand out among the other listings.
Luxury amenities take standard amenities to the next level by adding more comfort and convenience. These amenities are ones that you’ll typically see unless you stay in a luxurious five-star resort.
Home Theaters/Entertainment Rooms
This isn’t just a room with a big-screen TV and comfy chairs— today’s home theaters are closer to mini-movie theaters with surround sound systems, custom recliners, and even popcorn machines. Your rental property is sure to stand out if you’ve turned a room into a mini-theater or game room.
The most luxurious properties don’t stop at just a simple exercise room— this home gym should give the feel of a real gym. Mirrors lining the walls and top-of-the-line exercise equipment will be great additions to your home gym.
Several homes offer your ordinary in-ground pool, but the most luxurious home pools have waterfalls, fountains, or even an infinity pool. Jacuzzis and hot tubs near the pool are also nice touches.
When to Upgrade
If you’ve already invested in a property without luxurious amenities, don’t worry. Many properties without these amenities still get rented. When it comes to adding luxury amenities to your property, make sure that the cost of installing these amenities won’t be more than the value it will add to the property. For example, traditional in-ground pools don’t usually increase the property value by more than 7%, so the cost outweighs the benefit. Instead, purchase a property that already has a pool, and the value of the home will still appreciate over time.
Keep in mind that whatever new addition you decide to add to your property should make sense with the area. Not all luxury amenities will increase your tenant rate, nor will they always add value to the property.