Real Estate Talk: Home gyms

The newest trend in most desirable home additions

By Joseph Marovitch

For many working people, the gym was an essential part of the daily routine. Working out with the morning crew, one would find other like-minded businesspeople revving up for the challenges of a new day by arm curling, bench pressing, or on an elliptical or treadmill. Minds would clear and ideas would come forward in the process of sweating and straining. The networking aspect was wonderful as well. Ideas would pop into one’s head on the treadmill and could be discussed with the neighbour on the next machine.

The midday lunch workout was an excellent way to relieve the morning’s pressures and refresh for the afternoon with confidence and vigour. Then there was the evening workout where one had enough of the day and wanted to clear the head and stretch the body so a good night sleep could be had.

Today, gyms are closed and have been for many months now. For whom the gym was part of a routine to remain healthy and relaxed, the closed gym was a disaster. However, where there is a will, there is a way.

Many people turned to the home gym. They found a quiet room in the house with a solid floor, high enough ceiling and a window or two, in a space such as a living room, extra room or well-insulated garage. With a few interlocking mats, a treadmill and/or elliptical machine, a bike machine, a few weights and, in my case, a punching bag, the problem was solved.

The cost for a home gym can be equal to or less than a year’s membership to a health club and there is no renewal or parking fee. The gym is yours forever or until you sell the house.

Granted there are some disadvantages, such as loss of networking, but one’s mind will be intact. The advantage of the gym outside the home is having a place to go beside the home and office. However, in the pandemic this is a necessity – steam and sauna are nice but COVID is not.

The advantages of a home gym are that one can work out any time of the day or night, and one does not have to get dressed and trek through the snow to the car and then find a parking spot. Another advantage for many is that one can work out without being stared at – privacy can be a big advantage. The cost for a home gym can be equal to or less than a year’s membership to a health club and there is no renewal or parking fee. The gym is yours forever or until you sell the house.

Since we are in a new state of being, a home gym can be a necessity for the many thousands of people that do work out to maintain a healthy mind and body. In the past, the most common renovation when purchasing a new home was the kitchen or the bathroom. A home gym is quickly becoming the third most important addition to a house. In this day when a mask is required to go outside, social distancing must be maintained, and cleanliness being paramount, for many the home gym is the only factor keeping people sane, marriages together and the depression rate down.

In this broker’s opinion, a home gym is good for your health and resale value. Of course, if a buyer does not wish to have a home gym, it can simply be removed. The extra room then, again, ads value to the house.

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Next article: The purchase process within a pandemic parameter

State of the market

While prices are still rising, new listings are deceasing, for now. We are going into a tough new lockdown between December 25 and January 11, in an effort to curb the effects of the pandemic.

However, there is light at the end of the tunnel, even if it is a long tunnel. Vaccine inoculations have begun in Quebec. It is predicted that the public will be inoculated by next fall. There is anticipation and renewed optimism that life will improve. Cross border politics have calmed down and soon we can all go out and have drink on the terrace, with masks.

‘Just keep an eye on those interest rates. If you can lock in a low rate over the next three months on a pre-approval, you will have an advantage if rates do rise in the New Year.’

With optimism in mind, we can expect more property entering the market after January. More property will balance out the market and leave more room for negotiation. In other words, we are looking at a seller’s market shifting over to a buyer’s market or at least evening out. Buyers will have more options and sellers will have more competition.

Just keep an eye on those interest rates. If you can lock in a low rate over the next three months on a pre-approval, you will have an advantage if rates do rise in the New Year.
Have a great week and please stay safe!

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Feature image: John Fowler via StockPholio.net

Other articles by Joseph Marovitch