When it comes to living (or vacationing) in the city, it doesn’t get much better than a penthouse. With soaring views, plenty of square footage and some top-notch amenities, few residences are as awe-worthy or as envied.
But penthouses aren’t for everyone. As with anything, there are drawbacks to these beautiful properties — and some of them are quite substantial.
Are you considering a penthouse purchase? Here’s what to think about before you move forward:
- Privacy and Quiet:A penthouse offers the ultimate isolation. You don’t have neighbors on all sides or noise coming in from the street. You get a peaceful space all to yourself.
- Architectural Perks:Penthouses often come with some serious aesthetic advantages, like elevated ceilings, spacious layouts, sweeping balconies and panoramic views you can’t find anywhere else.
- Stable Returns:Though they tend to sell for more, penthouses lack the volatility of other units. That also means they tend to have a guaranteed high resale value.
- More Upkeep:With more space comes more upkeep and maintenance. There’s also more to furnish, decorate and clean.
- Logistical Difficulties:Penthouses are harder to access, making moving in and out more difficult. Plus, building workers may need to use your place for roof access from time to time, which could equate to more hassle.
- Lower Inventory:With all the pros, it’s no shock that penthouses are in high demand. Given their low supply compared to other unit types, they can be hard to find when you want to buy.
Depending on your needs and lifestyle, a penthouse could be the right choice for you. Want to discuss your next property purchase? Reach out today.