We have all heard of penthouses and most people crave to own them. As a lot of people are able to generate a larger income; the desires have multiple too. So, penthouse ownership has become all the more common as compared to earlier days.
While a lot of people have started owning penthouses, there is still some vagueness associated with the term. This is why we are going to shed light on the different aspects of penthouses; what it actually means, why there has been an increase in the popularity of such houses and a whole lot more.
There is no denying the fact that penthouses have soared in popularity. The word penthouse has become a catchphrase in the world of real estate and it is likely that in the coming years, more and more people will start owning it. So, let us dive deep into more facts and details.
The Meaning Of Penthouse
A penthouse is basically a super comfortable and luxurious flat or a group of rooms usually located at the top of a tall building. So, it offers some of the most promising views and is often associated with a status symbol.
Penthouse In The World Of International Real Estate
As more and more real estate developers started to realize the importance of a penthouse and how lucrative it could be from the buying perspective, a lot of real estate developers started to define exclusive flats on top floors and reserved them as a penthouse. They are sold at a premium and often there were a lot of buyers for such flats. This meant huge profits for the owners.
The first surge in demand for penthouses was felt in global business districts. As the population continued to rise, it was becoming increasingly hard to find units that offered the right privacy and even space to do so. This is why more and more people started looking for penthouses.
The Wave Of Change
So, the real estate developers sensed this and they started reserving big flats on top floors and converted them into penthouses. Of course, these units were sold at a premium as they were more of a status symbol as it was meant for those who are looking for luxurious places to call their home.
As the market started to evolve and so did the demand patterns, real estate developers too made some changes. Gone are the days when only the top floors could be reserved for penthouses. Now buildings made in several layers could house several penthouses together. This created a lot of supply and gave building owners the potential to make massive money at the same time.
Over a period of time, the meaning of the penthouse has become broader than ever. It now covers exclusive housing units that come with a lot more opulent features when you compare them with the rest of the housing units. They would have better amnesties, obvious location advantages, the best views, and a whole lot more.
When it comes to India, the definition is still largely traditional. So, penthouses mostly refer to the traditional sense of penthouses and can still be found plying on the top floors.
Apart from the fact that they come with the best of views and the finest comfort levels, the penthouses also come with the widest range of facilities and amenities too. While there is no hard and fast rule regarding the type of amenities that should be present, it is mostly seen that these penthouses come with a better and wider set of amenities. This is why it differs from the other apartments and flats.
Also, in the same complex, a penthouse will have a far higher rate as compared to the rest of the flats. Rather than acting like a deterrent, this higher price is what pushes the demand further. It shows how exclusive and rich the penthouse is and thereby pushes the status symbol even more.
People have accepted the fact that if they want to buy a penthouse, they are going to have to spend massively and they are willing to do so. So, even when it is at a heftier price tag, they are still willing to give that sort of premium cost and money.
New Gen Facilities
Owing to the class they cater, you will find that penthouses will always focus on the class apart facilities. The amenities they will offer are going to be very posh and classy. It will also come with modern high-tech Gen-Z devices like Google Home or Alexa-powered appliances and more. It is likely to have an open terrace and most people like to include a sundown bar or a roof jacuzzi or something likewise to show their rich taste and opulence. Some other amenities that are likely to feature include elevators, swimming pools, reading rooms, private theatre, a gym with state-of-the-art machines and a whole lot more.
Also, the ceiling in the penthouse is likely to be way higher as compared to the regular flats. This is a great factor in pushing the overall appeal of the home and gives it a rich, tasteful, and very royal vibe at the same time.
Of course, based on the demands of the buyers, several other facilities too can be added to the mix. Sometimes when people are buying penthouses, they are willing to splurge massively. They don’t pay heed to what charges will the extra come at but they want their home to be truly regal and a class apart.
The Pros Of Buying A Penthouse
If you too are looking to own a penthouse and will like to buy one, it pays to be aware of the benefits it has. Knowing about the advantages will help you have a better idea of how you can use them to your advantage.
The views to die for
One of the first reasons why people buy penthouses is for the view. Most penthouses will have large floor-to-ceiling glass windows that will allow them a totally unobstructed and unparalleled view of the surroundings. As they are usually located at a higher elevation, you are least likely to come across any obstruction.
Mostly they enjoy the best location as the view that the penthouse angle will offer is often one of the decisive points while doing the layout of a complex.
The recession-proof investment
The trend so far has shown an upward growth in penthouses. Most people who have chosen to buy penthouses found that despite a recession or slow pace in the growth of the economy, things have continued to be good for penthouses.
The real estate developers are still a little afraid of launching such mega projects and they make it a point to keep penthouses exclusive. If there are way too many penthouses and the supply curve exceeds demand, the price may begin to fall owing to higher availability and then the hoarding to sell will begin.
So, as long as the exclusivity factor is there, the penthouses are likely to remain a really good investment. There is little or no chance of any downward movement anytime soon.
The status symbol
There is absolutely no denying the fact that if you own a penthouse you are really rich. The penthouse still is a symbol of the rich and continues to be exclusive and a top-notch status show.
So, all those people who want to announce to the rest of the world that they are rich and love to live a life of luxury, tend to choose to buy penthouses especially if they can afford them.
So, these are some of the benefits associated with penthouses. It is a great way to live your life and enjoy it.
The Cons Of Buying A Penthouse
Now that we have spoken of the benefits, there is no way we will skip the disadvantages. By knowing the pros and cons, you will be able to come to a better and more balanced decision.
Higher maintenance efforts and charges
When you own a penthouse, the net area is big. This means that the effort that will go into maintenance is going to multiply significantly. At the same time, the charges are going to be more too. This will drastically multiply your expenses. So, the recurring monthly expenses are going to increase a lot.
While the reality market is still kicking strong, not everyone can afford a penthouse. So, if and when you decide to re-sell your house, you will need to look far and wide.
Not everyone is able to shell out such a huge amount of money. Thus, the number of prospective buyers will decrease. So, reselling the house can be a herculean task as far as penthouses are concerned.
Mostly it is seen that as these houses are more exposed to heat and air, it can be hard to retain the inside temperature. The interiors can heat up. If your penthouse is in such a city that receives massive rainfall, leaky roofs can be a problem. These things can be fixed with the right state-of-the-art facilities but one cannot overlook the fact that they tend to happen more.
If you have a big and happy family residing in the penthouse, then you won’t face this problem. However, if there aren’t a lot of people or there isn’t love and bonding between the family members; such large homes tend to get very lonely. A lot of very rich people living in ultra-big homes have often complained of loneliness. They felt like the walls were claustrophobic.
So, these are the different cons associated with penthouses.
Now, you need to weigh on your own and decide if you would like to buy a penthouse for yourself. You can also check out the different types of houses in India for options at hand.
What do you mean by penthouse?
A penthouse is a building that is very expensive and is located on the top floor of a building. They offer exclusive access to the best of amenities.
What is the average price for a penthouse in Mumbai?
On average, a penthouse in Mumbai can range anywhere starting from Rs. 20 crores to over Rs. 100 cores. The price will depend mostly on the area. Posh areas with bigger penthouses will cost you a whole lot more.
Is a penthouse a good real estate investment?
If you can afford it, the penthouse might be a sound investment. It does entail a significant amount of money. When the economy was slumping, the depreciation was next to nil as far as penthouses are concerned. They tend to be better as compared to mid-range properties. However, the downside is that not everyone can afford such premium housing.
Is the demand high for penthouses in India?
Yes, as there has been a surge in the number of rich families in India, the demand for penthouses too seems to shave shot up through the sky.