Aging Condos – It May be Time to Repurpose Common Elements

As condominiums age some condo corporations find their amenities are outdated.

Amenities that may have been popular in the past no longer interest current condo residents. A building may have excess parking spaces, unused racquet courts or a television room that is no longer utilized.

Underutilized amenities continue to be a cost burden to condo owners. Concurrently, some condo corporations are seeking ways to control their common expenses. Other condo corporations may struggle to address the reality of their deferred capital spending or underfunded reserve fund.

It makes no sense to continue maintaining unused or under-utilized amenities.

Finding a better way of utilizing common area space by creating amenities that are utilized is of more value, and will be more appreciated by building residents. Alternately, converting this unused space to saleable units could help to pay bills by increasing the number of owners paying monthly common element fees.

Amenity Repurposing Ideas

  • Unused parking spaces may be better used as storage units or made available to non-residents for a monthly fee
  • An unused racquet court may be appropriate for more popular exercise classes, exercise equipment or basketball space
  • A television placed in a lounge area or party room could free up space for card or game playing