Living in a condo has many benefits, but buying a penthouse unit has many more benefits and features than buyers typically find in a standard condo unit. When looking at different condo options, it's important to ask lots of questions to ensure they get the lifestyle and home features they want.
Before signing a contract, do your homework so there's no confusion about what a penthouse is and, perhaps more importantly, what it isn't. This is due to the fact that the definition of a penthouse has evolved in recent years, and what is being sold may not be what is expected.
Determine the Value of a Penthouse
What is the price of a penthouse? Is it worth the money? These are critical questions to answer before a buyer embarks on a penthouse search. On the one hand, a penthouse is a luxurious unit with spectacular views and top-of-the-line amenities. However, those amenities come at a higher price, and buyers may not use them all. So, how do you determine whether a penthouse apartment is worthwhile? Buyers should think about how much money they are willing to pay for the convenience and luxury of a penthouse.
Consider what amenities are most important to you. If buyers are looking for a swimming pool or 24-hour concierge service, a penthouse is probably worth the money. If they don't care about those details, they might be better off choosing a less expensive apartment. Finally, whether or not to purchase a penthouse is determined by the buyer's budget and priorities. If they're willing to pay for the benefits, a penthouse can be a great place to live.
Check If the unit is located on the top floor
People who lived in penthouses used to live on the top floor of a building, but the definition of a penthouse has evolved. Condos with penthouse-like features are sometimes marketed as penthouses, even if they are not on the top floor. Depending on how important being on the actual top floor is to the buyer, this doesn't have to be a dealbreaker. The following characteristics may be found in a penthouse unit:
- The point at which the building begins to "set back" to allow for the construction of terraces.
- layouts that differ from the rest of the building (e.g. the top five floors)
- The additional square footage elevates the unit to penthouse status.
- Luxuries that are not consistent with the other units in the building
- Expanded outdoor spaces to take advantage of spectacular views not found throughout the building
- Living areas with high ceilings and large windows
Even ground-floor apartments can be marketed as penthouses if they have more luxurious amenities, larger rooms, and plenty of outdoor private space. Buyers who aren't dead set on living on the top floor might be interested in other units.
Check to see if the views will be unobstructed.
The sweeping, unobstructed views associated with traditional penthouse living make living on the top floor extremely appealing to many people. However, before investing in a penthouse, it is critical to ask around and conduct some research on the surrounding development. It would be heartbreaking to learn that more money was spent on a penthouse condo for the views only to have a taller building built in front of it two years later, completely obstructing them.
Buyers should scout around for potential development to avoid learning the hard way that their glorious views were only temporary. Buyers can learn more by physically visiting the neighbourhood to see if any lots are appealing to developers or researching what's currently for sale. It's also a good idea to consult with a reputable real estate agent about the neighbourhood and any potential new development plans that may be in the works.
Discover Your Maintenance Responsibilities
Understanding the expectations for maintenance, such as maintenance crew access, outdoor space upkeep, roof repairs and preservation, responsibility for care, and potential leaks, is an important concern about penthouse living.
Buyers should look for potential development to avoid discovering the hard way that their spectacular views were only temporary. Buyers can learn more by physically visiting the area to see if any lots are appealing to developers or researching what is currently for sale. It's also a good idea to talk to a reputable real estate agent about the neighbourhood and any potential new development plans.
Learn About Your Maintenance Duties
Understanding maintenance expectations, such as maintenance crew access, outdoor space upkeep, roof repairs and preservation, responsibility for care, and potential leaks, is an important consideration when living in a penthouse.
Another major concern to inquire about is a history of leaks. The weather is always a risk on the top floor, especially with Canada's wet, snowy, and icy winters. Aside from the weather, mechanical systems associated with building operations are frequently a source of potential leak issues. If leaks are persistent, they may cause frequent disruptions or, worse, damage to belongings.
Check to see if there are any customization options.
Penthouses, particularly those in development, frequently have custom layouts, expansion, and additional customization options. Personalization questions should be asked before signing on the dotted line.
Some penthouses are more customizable than others, and if owners want to add or change existing features, this should be discussed prior to closing. If a penthouse lacks the desired features, buyers can sometimes negotiate a designer credit to help pay for the changes they want to make.
Many homeowners will want to know about expansion, especially if the building is still under construction. If units have not yet been sold, there may be room for negotiation on expanded space options. If existing neighbours plan to relocate, inquire about the possibility of purchasing their unit in the future to increase the size of their penthouse unit.
Is a Penthouse the Right Investment for You?
Purchasing a penthouse is typically more expensive than purchasing a typical condo, and for good reason. Buyers frequently value the amenities, features, and other perks. However, unexpected events can and do occur with penthouses, and it is important to be aware of these before making a commitment.
An experienced real estate agent who specialises in condo sales can assist buyers in finding answers to all of their questions, as well as questions they may not have thought to ask. Agents are also typically knowledgeable about developers and can share information about them to assist buyers in making informed decisions.