Living In The Sky: Pros and Cons of Penthouses
Do you ever dream of living in style at the top of a building in a penthouse? If it’s something you think you might want to make a reality at some point, read on for some pros and cons to weigh before buying a penthouse.
Pros
- Panoramic views with lots of light
- Often has added features lower floors don’t, such as more square footage and higher ceilings
- Can be a great investment, especially if you buy a pre-construction when prices tend to be lower
- Because there is less supply, there is less market volatility
- Demand sustains itself because they are unique
- Usually, priced higher than lower-floor units
- Can be quieter because there is no upper-floor noise (unless the building has rooftop amenities) and it is further from street noise
- Typically, is more private than the rest of the building
Cons
- More expensive to buy and maintain (the greater the square footage the higher the maintenance fees)
- Greater exposure to the elements (e.g., storm damage to the roof)
- You are liable for overflow of sinks, tubs, and washing machines, and need to account for having more floors below you to potentially damage. Check your insurance coverage to ensure it’s sufficient
- Depending on the height of the building, the elevator ride could be long with many stops along the way. If the elevators aren’t working, keep in mind that you will have to take the stairs
- Longer response time in case of emergencies
- If mechanical systems are on the roof, it could be noisy