If you're in the market to purchase a luxury condominium and are wondering whether the high membership fees associated with ownership are actually worth it, we're here to tell you... well that depends on what you value as a homeowner. We wish it were more concise but the truth is that every owner has to decide for themselves if the investment in their lifestyle is worth the value presented by the community. Some luxury communities may have more moderate dues and fees, while other community fees may run in the thousands per month.
Rather than raising eyebrows, high HOA/COA fees should instead raise your expectations. In addition to basic services such as ongoing maintenance of the building and grounds, these monthly fees go toward providing services that go above and beyond, including significant perks. While you're ultimately the best judge of which amenities will best satisfy you, in general, the more you pay, the more potential options you'll have to enjoy.
Luxury amenities may include items such as the following:
There's nothing like knowing that a real person is looking out for your interests and keeping an eye on entrances and exits, 24 hours a day.
- Present in case of emergencies
- Monitoring incoming and outgoing guests
- Helping visitors find their way
- Guarding against potential criminal activity
With a dedicated concierge, residents have someone to help with basic daily needs.
- Sending and receiving packages
- Scheduling and coordinating maintenance requests
- Arranging transportation
The concierge handles small issues and streamlines communication for residents, ensuring that their daily lives run as smoothly as possible.
No need to book appointments across town. If your luxury HOA fee helps fund an on-site spa, you can kick back at the end of a long work week, relax, and enjoy being pampered by in-house professionals, just steps from your own front door.
- Steam Rooms
- Chakra Detoxes
- Luxury Skincare
Room Service and/or Maid Service
While some people only get to experience these amenities when they're traveling, a luxury condo with room service and/or maid service will allow you to enjoy being pampered every day of the year.
Fitness and Recreation
Depending on the culture and the climate, luxury HOA fees may afford a wide variety of fitness and recreation opportunities. Everything from private tennis courts to rooftop pools to in-house gyms may be on offer. Monthly fees may even cover fitness classes, individualized training, or one-on-one coaching. Other options can include:
- Private lounge or terrace
- Community gardens
- Cooking classes
Some luxury communities maintain bars, restaurants, and wine cellars to which only residents have access. This exclusivity not only gives them more direct control over the food and drink that's offered each season, but they also don't have to deal with the crowds or reservation backlogs that often crop up with surrounding high-end establishments.
Free Valet Parking
Secure, convenient valet parking can save you an enormous amount of time and energy, especially when compounded over years of home/condo ownership. There's just something so luxurious about knowing you'll never need to worry about where to park your car ever again—not to mention all the cumulative walking you'll be sparked after long nights out.
Private Green Spaces
Perhaps the ultimate high-end amenity for city dwellers, a private green space allows them to enjoy a comfortable, landscaped area right in the middle of the urban sprawl. While the size and shape of these areas may vary according to the building's specifics, they generally include some of the following features:
- Lounge chairs
- Fire pits
- Small tables
- Well-maintained grilling equipment
Of course, the exact amenities offered will always vary from location to location. When evaluating high HOA/COA fees, always check out what services and conveniences they cover before making your decision. It could be that you're already spending that much (or more!) for the same amenities offsite.
For more information on assessing the value of luxury HOA fees, please feel free to contact us.