The thought of penthouse living in New York City is the ultimate endeavor for many sophisticated homebuyers, but is it really worth the hype? The luxury development boom of recent years has brought about a wide selection of worthwhile condos and apartments for sale in NYC. So, why would you want to invest in the premium price of a penthouse? The answer may depend on a number of factors. Here are some pros and cons to consider before you head out in search of the perfect penthouse.
In the New York City housing market, outdoor space has always been quite coveted. Since the onset of the COVID-19 pandemic, this is something that has become even more desirable. Penthouses offer something other types of real estate here may not, and that's private outdoor areas to enjoy at your leisure. Even in the colder months, you can get plenty of use from your outside living area if you add a heat lamp to the space.
Privacy and Quiet
You'll enjoy a quieter atmosphere in a penthouse. No longer will you be subjected to the noise of upstairs neighbors, and you're far removed from the noisy streets below.
Something no other type of apartment offers is the amazing city views you can get when living in a penthouse. A model with floor-to-ceiling windows would be ideal in order to capitalize on the panorama from the top floor. Stepping out onto a penthouse terrace is an incomparable experience.
Penthouses are nearly always in demand. A premier company like Manhattan Miami Real Estate will tell you that you can typically depend on being able to sell your property for top dollar should you decide to make a move in the future.
Damage from the Elements
There are some cons that come with penthouse living. Because you're closer to the roof, you could encounter more damage from storms and ice than other units in the building. This is something to keep in mind.
Upkeep of Outdoor Space
While the perks of outdoor space are immense, you'll also want to keep in mind the upkeep and cost involved in maintaining your outside areas.
Less Living Area
While the outside terrace is wonderful, it also cuts into your indoor footprint. Penthouses often come with less living space than other building units. While it is possible to build on by acquiring the apartment beneath you or building up, getting the building permits for such endeavors can be a challenge.
At times, penthouse owners will need to allow building maintenance crews access to your terrace or apartment. This can be an annoyance, but it's important to keep in mind that the work being done is for your benefit as well as that of your neighbors.
Keep these considerations in mind when searching for your ideal abode in New York City. The benefits of penthouse living outweigh the downsides for many homebuyers, but the decision is ultimately a personal one.