Penthouses are a popular housing choice for a growing number of homeowners and renters. They are the name given to properties located on the top floor of an apartment building and tend to benefit from greater square footage and additional perks as a result. Continue reading to find out everything you need to know about living in a penthouse and why you should consider it during your next property search.
As most penthouses are located on the top floor of apartment buildings, they benefit from unobstructed city views from every angle. With natural light flooding in through floor to ceiling windows, they also tend to be relatively bright and airy. Most penthouse apartments also include a balcony so occupants can experience city centre living at its very finest. While apartments in the same building may offer similarly great views, they do not compete with the view from the top floor. A private outdoor balcony is one of the main selling points of a penthouse apartment and one of the reasons why they tend to fetch such high asking prices.
Exposure to the elements
Although the view from a penthouse apartment may be greater than that of lower levels, occupants are much more likely to be impacted by strong weather conditions. As a result, storm damage is a common concern amongst penthouse owners. Living directly below the roof can have its drawbacks. If strong weather conditions cause damage to the interior or exterior of your apartment, you may be liable to pay for the cost of maintenance or repairs. This can also lead to higher homeowners’ insurance which is an added cost on top of already steep monthly rent or mortgage payments.
As penthouses are located further from the street than other apartments within the same apartment block, they tend to offer increased privacy. City life can be noisy. Moving to the top floor can separate you from some of the unpleasant side effects of urban living. This includes pollution, traffic, crime, crowds, pests, and smells. They also benefit from no upstairs neighbours, so you no longer need to worry about noisy neighbours disrupting your peace and quiet. They may have a higher price tag but with privacy such a rare feature of city centre dwellings, it is a small price to pay for optimum solitude.
Luxury city living
Penthouses allow homeowners to experience city centre living for a luxury price tag. With a growing number of young professionals attracted to the bright lights of the big city, apartments with sufficient square footage are hard to come by. If you have the funds available to rent or buy a penthouse, you too can experience what city living has to offer knowing you are returning to your luxury penthouse at the end of the day. With greater amenities and access to a wide range or transport links, a penthouse is the ultimate opportunity to discover luxury city living.
A sound investment
Whether you are relocating to the suburbs or are just looking for an extra income stream, renting out your penthouse can be a savvy investment. With available housing a problem in most major cities, apartments with ample indoor and outdoor space are in high demand. You are almost always guaranteed to find a suitable tenant and make a significant return on your investment in little to no time at all. Penthouses can also deliver a premium that no other apartment can. According to a recent study into the housing habits of renters in Singapore, the demand for luxury penthouses has remained steady. If you are looking to break into the real estate investment market, a penthouse can be a great place to start.
Most penthouses are located in apartment buildings in city centres. As a result, they benefit from being in close proximity to a number of local amenities and services. With tenants usually within walking distance of grocery stores, hospitals, and schools, they can save money on public transport as well as any costs associated with owning and maintaining a vehicle. Some penthouses are also located in apartment buildings with concierge and butler services. With maximum convenience and accessibility and most apartment buildings accommodating only one top floor penthouse, the demand always has and will outweigh the demand.
There are several pros and cons associated with living in a luxury penthouse. While they may offer unobstructed floor to ceiling views, increased privacy, luxury city living, are a sound investment, and are usually found in great locations, they are also exposed to the elements. You must weigh up the advantages and disadvantages of investing in a penthouse before you end up making a costly and time-consuming decision that you may come to regret down the line.
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