For many people, a penthouse is the ultimate symbol of status and luxury. However, this also means purchasing one is a significant commitment to make. To make sure you’re ready to own a penthouse, ask yourself these eight important questions.
1. Is Luxury Important to Me?
There’s no sense in paying a premium if you don’t plan on enjoying it. Penthouses tend to have extra little touches such as better appliances and fixtures. Think about whether you want the higher ceilings, wide open spaces, and other perks associated with penthouses.
2. Do I Want a Good View?
If you just care about the extra space and privacy, there may be other options besides traditional penthouses. However, if you want a glorious view, a penthouse is definitely the right choice for you. You can find beautiful buildings that let you admire the city and its surroundings. You may be able to get spectacular views with other types of housing, too, including condos and lofts. Downtown San Diego has a variety of housing options with great views, so check out all the possibilities before you decide.
3. Am I Willing to Have Clashes with the Co-Op Board?
A lot of penthouse owners end up having heated discussions with their HOA over things such as who is responsible for maintaining the roof or when maintenance can access their outdoor area to make repairs. This isn’t necessarily a deal breaker for many potential penthouse owners, but it is something you need to be prepared for.
4. Can I Handle the Minor Inconveniences?
Being at the top of the building is normally great, but there are a few minor practical downsides you should consider. For example, having a longer journey to reach ground level or struggling to transport furniture up to the penthouse can be frustrating.
5. Do I Have the Budget for Extra Repairs?
Since the penthouse is more exposed than other apartments, you can expect to spend a little more on repairs. Factor this into your budget before deciding if you can afford a penthouse.
6. Am I Sick of Noisy Neighbors?
Most sound travels down from the floors above you, so a major bonus of penthouse living is how quiet it is. You’re less likely to be awakened by people dropping something, have a quiet evening disturbed by a noisy party, or get distracted by a neighbor clomping around in heels.
7. Do I Like Breezy Outdoor Settings?
Keep in mind it gets windier as you go higher up, so some penthouse terraces can expect to get a lot of wind exposure. The extra breeze can be great if you want a place to relax in the summer, but it might be a problem if you want to use outdoor spaces in the winter.
8. Am I Getting the Penthouse as an Investment?
Penthouse prices are typically less affected by volatile markets than other types of apartments. Of course, this is a great thing if the market drops suddenly right when you sell the property, but it’s trickier to cash in on a random spike in market prices.
If you’ve asked yourself these questions and you still aren’t sure whether a penthouse is right for you, don’t rush into anything. Take the time to seek advice from professionals who have experience with penthouses as well as other varied types of real estate. In downtown San Diego, call on the experts at 92101 Urban Living. Our friendly agents can help you with every aspect of buying a penthouse in any of the downtown districts in America’s Finest City. Call us today at 619-649-0368.