Investing in real estate property is the ultimate goal for most people.
After all, putting your hard-earned money in the bank is always not the best way to grow the interest.
Most property seekers know that aside from a house and lot, condominiums and apartments are also very popular.
But what about the penthouse?
It is hard to say that not everyone knows what a penthouse is, but the real question is if it is worth the price.
In this article, learn more about a penthouse apartment, including its pros and cons.
So, here is a quick definition for those who are still unfamiliar with it.
What is a penthouse apartment?
Well, it is not always like Lucifer Morningstar’s penthouse apartment at the top of a building.
Thinking that a penthouse is always the top-floor unit of a building is one of the common misconceptions among potential buyers.
The term “penthouse” refers to any luxury apartment with great layout and amenities. Most of the time, the design is very different from the other units in the same building.
Aside from the layout, here are other features and amenities you may find in a penthouse apartment:
- Larger living space than other units in the building
- Direct elevator access
- High ceilings and open floor plans
- A fully furnished kitchen with high-end appliances
- A built-in dining area
- A spacious living and dining room
- An oversized master bedroom with a bathroom
- A private outdoor space (could be a balcony, terrace, or rooftop deck)
- It may have more than one bedroom.
Wow! That sounds luxurious, isn’t it?
Yet, do not be excited right away. You need to know another fact: people who look at penthouse apartments seek to buy them, not rent.
Well, it is costly to rent one than actually buying the property.
Moreover, even if you are a multi-millionaire, don’t you think there are other more useful things to spend your money on than buying an exquisite penthouse?
The answer is subjective. It depends on the buyer and his or her financial capability.
As they say, if they can afford it, why bother?
Now, if you are on a limited budget, take a look first at the pros and cons of a penthouse before deciding to buy or rent one.
Let us start with the pros.
If the penthouse is located on the top floor of the building, you are lucky.
Indeed, there will be less noise even if it is situated in the heart of the city.
There is no need to worry about hallway noise and the noise of cars passing by.
Extra space and perks
Remember that a penthouse symbolizes luxury.
Hence, you should expect to have more spacious rooms and other exclusive perks.
For example, think about the high-end kitchen you find in a penthouse.
Such an amenity may not be available anywhere else in the same building. Moreover, in some cases, buying a penthouse means getting a duplex apartment, which is perfect if you have a big family.
Again, this perk is applicable if the penthouse is set on the top floor.
You can observe the night sky all you want without climbing up a mountain.
When you live in a condo or apartment, it is challenging to secure outdoor space.
Most of the time, penthouse apartments have an outdoor component, which makes life less claustrophobic.
Higher resale value
For one, penthouse apartments are not abundant.
Hence, if you own one and plans to resell it in the future, expect it will sell at a higher resale value.
If you decide to sell the penthouse, it is best to get professional images of your property before posting it online.
Check out real estate photography companies that offer exciting penthouse photoshoot packages, such as what we have here at HD Estates.
There’s much to be gained by living in a penthouse.
Now, here are a few drawbacks you should know.
Penthouse apartments are costly compared to renting another apartment unit in the same building.
Unusable outdoor spaces
You indeed have access to an ample outdoor space when living in a penthouse, but you may not fully enjoy it at times.
For example, if you live in a high-rise building and your penthouse is on the top floor, it may be dangerous to always stay outside because of the strong wind.
You are lucky if your unit is on the eighth or ninth floor, but if it is on the 40th floor, isn’t it too risky just to enjoy the outdoor ambiance?
Hard to find
Penthouse apartments are harder to find than standard flats.
That is why if you plan to buy a penthouse, you may need to wait longer until the unit becomes available in your desired area.
Too much luxury
So, again, a penthouse is just too luxurious to have unless you are mega-wealthy.
Still, it is a personal choice, and no one should question you, but it is best to think twice before signing the deal.
Now, what do you think?
Is a penthouse apartment right for you?
It is up for you to decide. We hope this article helps you in your decision-making.
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