Many consider that investing in a penthouse apartment is a sound investment—with unbeatable views that symbolize style and ultra comfort. Through the decades, and with the recent development boom, Real Estate analysts have seen a dramatic increase in the popularity of rooftop-living. Ah yes, the current pandemic has also given us a valuable reason to appreciate penthouses.
Data shows that even the most average penthouses are valued 30% higher than other apartments in the same building. They offer high rise ceilings, space, and ample amount of natural light, direct elevator access, but most importantly a peaceful ambience.
Here we’ll explore the multiple pros and cons of buying or renting out a penthouse, so you can decide if living amongst the clouds is the right fit for you.
Peace and Privacy
Wouldn’t you want to live away from the noisy neighbourhoods and polluted streets? High rise properties offer nothing but privacy from the hustle-bustle of city life due to its heightened location. There’s nothing worse than having to deal with noisy neighbours. For that reason, penthouse living is great because it eliminates all unnecessary intrusions.
What you gain with your investment is not just gorgeous skyline views. But rather an undeniable symbol of status that comes with choosing the high-rise life. With the ultra advantage of having exclusive access to a private outdoor space where you can unwind and entertain.
A Unique Floorplan
Penthouses that have spacious outdoor plans, open layouts, and splendid interior give off a villa feel but with the added perks of an apartment. And did you know that penthouses have become more energy efficient? With the latest developments like underfloor heating that can save heaps off your heating bills when compared to traditional radiators.
Excellent Return On Investment
A factor to keep in mind in your search to find the best penthouse property all comes down to its location. It’s no surprise that listings close to the downtown area are proven to have the highest returns. Of course, you need to do thorough research and discuss with a professional realtor to help find the right penthouse. An experienced real estate agent can narrow down your options in an area that meets your needs or that of your renter. Due to high ROI, elite buyers don’t mind the hefty price tag, since excellent returns on their investment, and gaining back their listed price is most often guaranteed.
The Hefty Price Tag
To begin with, reaching an exclusive penthouse apartment status is expensive. Which is the biggest con. Penthouses are valued 5-15% heftier than other apartment units and you pay for price per square foot when compared to other building units. Thus, it may seem that purchasing a penthouse is a bit of a stretch. On the bright side, you get spoilt with fully-equipped amenities and endless views of wide-open skies.
It’s a Long Way to The Top
No one enjoys dreary and long elevator rides – a downside that comes with choosing to live so far up. Doing simple tasks like carrying your groceries can be a nightmare, so prioritize if having a working elevator fits your daily lifestyle demands.
Make sure to cross-check the noise level in your penthouse complex. As many penthouses offer amenities (gym, pool, etc.) your weekends may be louder than usual with the presence of visitors and community gatherings.