Owning a penthouse apartment in a big city may sound like living the dream – the amazing view of the city, central location, and the status that comes with it are all firmly in the pro section of buying a penthouse.
However, are there downsides to owning such an apartment instead of opting for a different type of real estate? We reached out to San Diego real estate experts specializing in penthouses – Neuman & Neuman to share their view of penthouses.
Open Spaces Are In Demand
One of the biggest draws of penthouses has always been the abundance of space – both indoor and more importantly outdoor. Having a big open space all to yourself is probably the dream for most of us, but it has proven particularly important and sought-after during the pandemic lockdown.
It is therefore not too surprising that the demand for penthouses and their large decks has seen a noticeable increase this year. Despite the colder weather that is coming in most of the country, the open spaces are still one of the biggest selling points for penthouses. With heating lamps and some ingenuity, your terrace can remain active throughout the winter.
The View Is Relevant
For most penthouse buyers, the most important aspect of a penthouse is the exclusivity – that is the prestige that comes with buying a penthouse. This is something that not many can afford and it certainly brings a lot of social cues with it.
However, the unobstructed view of the skyline of the city is visually one of the biggest selling points, at least from the standpoint of a real estate agent. Especially at night, being able to take in all of the city without obstruction has been proven to be an important selling point.
It’s a Good Long-Term Investment
If you are looking to invest some money in real estate, buying a house might be your first idea. However, as the 2008 housing crisis has shown, this market isn’t always going to be stable or profitable in the long run.
On the other hand, penthouses have a certain timeless appeal that doesn’t really bend that much to the current market situation, at least in the short-term. Some statistics have shown that penthouses tend to sell for 10% more money than an equal apartment on a lower floor.
More Natural Sunlight
Homes with more natural sunlight tend to fetch a better price, but in bigger cities, natural sunlight can be in short supply. However, penthouses are uniquely positioned to grab as much of it as is available.
If the penthouse is built with higher ceilings, as is often the case, the architect may even incorporate large windows which further increase the amount of light you’re able to take in.
Are There Downsides to Penthouses?
Just like any other habitation, penthouses do have their downsides. For one, you’re on the top of the building, which means that you will be exposed to the elements more than other units in the building. In fact, some penthouses don’t have a sprawling outdoor section precisely because of the elements – a thing you would be wise to familiarize yourself with prior to purchase.
Even if you live in a part of the country with no harsh winters or seasonal storms, even the sun and the heat can increase your AC bill by a lot if you’re living on the top floor.
Finally, the elevator ride to the top of the building can be tedious, especially if you have to go up and down multiple times a day.
The advantages and disadvantages of penthouses come down to common sense, which is why most people could tell you outright if they think it would be the right choice for them. If you’re able to afford it, and you really want it, buying a penthouse certainly does have a nice ring to it.
