Amenities

Amenities are features or services associated with a property or neighbourhood that enhance comfort, convenience, or lifestyle appeal but do not form part of the home’s core structure.

Amenities – Quick Facts

• Amenities can exist within the unit, the building, or the surrounding area
• They can influence buyer demand, marketability, and resale appeal
• Lenders treat amenities as secondary to core property fundamentals
• Some amenities add value only when buyers consistently demand them
• Location-based amenities often matter more than in-unit extras

What Are Amenities?

Amenities are features that enhance how people live in or use a property, rather than the property’s basic function as shelter. In residential real estate, amenities may exist inside the home, within a shared building, or throughout the surrounding neighbourhood.

Common examples include in-suite laundry, parking, balconies, fitness facilities, pools, concierge services, public transit access, schools, parks, and nearby shopping. While amenities can make a property more attractive to buyers and renters, they do not replace core valuation drivers such as location, size, layout, and overall condition.

Why Do Amenities Matter for Mortgages?

Amenities matter for mortgages because they influence market demand, which in turn affects property values and resellability. Homes with amenities buyers consistently value often sell more quickly, which supports lenders’ confidence in the property’s long-term marketability.

However, amenities rarely determine mortgage approval in isolation. Lenders focus primarily on appraised value, property condition, and comparable sales. Amenities support higher valuations only when the local market consistently values those features more.

How Do Lenders and Appraisers Treat Amenities?

Lenders rely on appraisers to assess how amenities affect value. Appraisers compare the subject property to recent comparable sales with similar features to determine whether specific amenities justify a price adjustment.

Amenities that buyers widely expect in a market, such as parking in suburban areas or transit access in urban centres, may meaningfully support value. Amenities with limited demand, niche appeal, or high ongoing costs may add little or no appraised value, even if individual buyers value them highly.

Lenders do not increase borrowing limits simply because a property includes premium amenities. The amenity must translate into supported market value.

Common Types of Amenities

In-Unit Amenities: Features inside the home, such as updated kitchens, air conditioning, fireplaces, or in-suite laundry.

Building Amenities: Shared features in multi-unit properties, such as gyms, pools, rooftop terraces, security systems, or concierge services.

Neighbourhood Amenities: External features, including schools, public transit, parks, grocery stores, healthcare services, and access to employment hubs.

How Amenities Affect Property Value in Practice

Amenities influence value when they align with buyer demand and local norms. For example, underground parking may materially affect value in dense urban markets, while swimming pools may add limited value in colder climates due to maintenance and operating costs.

Appraisers adjust values by comparing sale prices of similar homes with and without specific amenities. If buyers do not consistently pay more for a feature, the appraisal reflects that reality regardless of personal preference.

Common Mistakes and Misunderstandings About Amenities

• Assuming amenities guarantee a higher appraisal
• Believing personal preferences translate directly into market value
• Overestimating the value of high-maintenance features
• Ignoring monthly condo fees tied to shared amenities
• Confusing amenities with structural or legal improvements

Frequently Asked Questions (FAQ) About Amenities

Related Terms

 • Appraisal
• Market Value
• Comparable Sales
• Condominium Fees
• Property Value