The real estate market is replete with residential properties like apartments, independent houses, villas, and luxury flats. Amongst the many residential spaces available for purchase, the penthouse stands out as the prime choice for homebuyers who want a larger space, privacy, unobstructed views of the city, open spaces, and an elite lifestyle. But what exactly is a penthouse, and why is it trending as a preferred luxury home?
A penthouse is usually a luxury residential apartment located on the top-most floor of a building. These apartments are characterized by their large size, private balconies or terraces, and premium finishing, apart from the panoramic views of the cityscape, the privacy they offer, and the additional facilities that come with them. Unlike regular apartments, penthouses are exclusive and opulent residences and are often preferred by investors due to their demand in the real estate market.
While buying a penthouse seems to be the ultimate dream house for some, others may not find them cost-effective, especially with the demand for regular apartments climbing. To help you discern the many benefits of purchasing a penthouse, here is all you need to know about penthouses before buying one from Aashray Realtors.
What is a Penthouse?
A penthouse is a type of premium residential unit that is generally located on the top-most floor or among the upper floors of a residential or commercial building. Luxury apartments, usually associated with the term penthouse, are distinct from regular apartments. They are found in upscale residential buildings and have prime features associated with luxury housing.
Penthouses, in the past, were only found in big cities. However, currently, these premium residential units can be found across premier residential projects in many cities. Penthouses boast of their large size, prime location, and luxury feel, making them ideal for upscale living. However, what makes a residence a penthouse is its location on the higher floors of a building in a residential complex, with an emphasis on large living areas and private balconies or terraces facing the outside world. Some penthouses in luxury housing projects even extend across two floors, making the homes feel larger and offer the homebuyer the feel of a private house inside an apartment complex. But, the features of a penthouse may vary depending on the location, the builder, and the range.
Key Features of a Penthouse
Penthouses, as explained above, have several distinguishing features that make them stand out from the rest of the residential spaces in a residential or commercial building. Here are the key features of penthouses that make them the ultimate luxury home:
1. Premium Location in the Building
Since a penthouse is mostly found on the higher floors of a residential or commercial building, they tend to offer more space, and a more exclusive feel compared to the other residential units.
Apart from more space, penthouses tend to offer better views as well. This can range from the skyline of the city to the open land, depending on the location of the residential building. In addition, since a penthouse is on the higher floors of the building, there is increased privacy with regard to noise as well. Another feature of a premium penthouse location is that they are mostly in the upscale residential projects, meaning that few people will have access to their floors.
2. Spacious Interior and Living Areas
Another distinguishing factor for a penthouse is its spacious interiors as compared to the regular apartments. While the other residential units in the building only have one or two bedrooms, penthouses tend to have larger living rooms, dining rooms, and bedrooms. Additionally, some penthouses may even have an extended layout that allows the homebuyer to entertain their guests in the living space and dine outdoors simultaneously.
3. Private Terrace
One of the most important features of a penthouse is the private terrace or balcony. Most penthouses boast of their private balcony or terrace where the homebuyer can host guests, relax and take in the view, and even engage in small-scale gardening.
The size and access to the terrace may vary depending on the builder and the location, however, it is important that before purchasing a penthouse, the buyer confirms that the balcony or terrace is a private area, and not a shared space as is often the case with many residential buildings.
4. Luxury Interiors
Another feature of a penthouse is the premium finishes and luxury interiors that come with the apartment. Luxury penthouses in prime residential projects have high-quality fitting and decor in their interior and exterior. This can range from high-end fittings and fixtures in bathrooms and kitchens to high-quality wooden floors in the living areas and bedrooms. There are also penthouses that offer high-tech interiors and fittings for their clients.
The extent to which a penthouse is luxurious varies depending on the range and the location.
5. Increased Privacy
A distinguishing factor of a penthouse is the level of privacy it affords the homebuyer or renter. Since a penthouse is found in the higher floors of a building, and sometimes have private lift access, they tend to offer much more privacy than the other residential units in the building. However, this is highly dependent on the builder as well as the range of the apartment.
Some penthouses even have private lift access, where only the residents and guests of the apartment can access the lift. This means that nobody else can enter the floor of a penthouse, and henceforth, the privacy and security of the homebuyer are ensured.
6. Natural Lighting and Ventilation
Apartments found on the higher floors of residential buildings tend to have more natural lighting because of their location and size. Additionally, the large windows that are a feature in penthouses allow more natural light into the interiors of the residential unit. The private terrace is also an added advantage as it can provide more natural light to some rooms, like the living room and the dining.
Types of Penthouses
Penthouses can be bought in varying styles and sizes depending on the needs of the homebuyer or renter. The types of penthouses include;
1. Single-level Penthouse
These penthouses are found on a single-floor and usually have bigger master bedrooms, an extended living area, and one or more balconies.
Single-level penthouses are highly desirable as families have the option of living together without having to navigate through multiple floors. The single floor allows for the extended living room and dining area that can accommodate a large family or host guests.
2. Duplex Penthouse
Some penthouses occupy two entire floors of a residential or commercial building. These penthouses are then divided into two by an internal staircase. Duplex penthouses allow for a larger living space and privacy, as well as the option for a more compartmentalized home with separate living spaces.
3. Terrace Penthouse
As the name suggests, terrace penthouses are distinguished by their larger private terrace or balcony that the homebuyer can use for a multitude of purposes. The access, size, and utility of the terrace vary amongst builders and should be clarified before purchasing.
4. Luxury Designer Penthouse
Luxury designer penthouses have been designed to provide a more upscale living experience, featuring designer finishes, modern technology, and high-end amenities that come at a higher price range. These may range from private entertainment centres to luxury apartments.
Benefits of Buying a Penthouse
Buying a penthouse can have several benefits for the homebuyer. Since a penthouse has several distinguishing features, they also offer the following benefits to the buyer.
1. Exclusive Lifestyle
A penthouse offers more space, amenities, and fittings that allow a homebuyer the ultimate residential living experience. Penthouses also offer the utmost luxury to the homebuyer and the privacy to make it feel like a personal home away from public access.
2. Great Views
One of the main highlights of buying a penthouse is the great views afforded by the location of the apartment. The views range from the city skyline to a private terrace overlooking the land or the sea, depending on the location of the residential building.
3. Larger Outdoor Space
While private terrace access is a feature of most penthouses, there are some that offer even more outdoor space than the regular apartments do. For these penthouses, the homebuyer can enjoy more outdoor space and activity without having to venture out of their home.
4. Investment Potential
Penthouses are usually found in prime residential locations, and are a favourite choice amongst people with higher income brackets. This can provide a high yield on the investment if the penthouse is purchased in an area that sees an increase in demand for residential properties.
The large outdoor space and the space afforded in a penthouse can also contribute to the investment yield since there is more space for customization and an increased number of buyers that can afford a penthouse when compared to a regular apartment. However, the investment potential of a penthouse varies depending on the location, the amenities, the maintenance and other factors.
5. Modern Amenities
Most penthouses are part of premier residential projects that offer modern amenities and luxury facilities that allow for increased buyer preference. Some of the modern amenities include; swimming pools, wellness spas, security services, and sport facilities.
Penthouse vs Regular Apartment: What is the Difference?
While penthouses and regular apartments can be found in the same residential buildings, their differences outweigh their similarities. Penthouses are found in the higher floors of residential buildings and offer more space, privacy, luxury, and larger balconies or terraces. Regular apartments, on the other hand, are found on any floor and tend to have smaller layouts that offer lesser amenities and fittings. The location of the regular apartments also means that they do not offer the panoramic views offered by penthouses.
The price difference between regular apartments and penthouses is also stark. Penthouses have a much higher price range, mainly due to their location, fittings, and amenities. The maintenance costs for a penthouse are also higher, considering the high-end finishes and the increased space.
While regular apartments might seem to be more cost-effective, it is important for buyers to consider their lifestyle needs and financial expectations before buying either residential space.
How Much Does a Penthouse Cost in India?
Penthouses have a wide range of pricing in India, depending on the location and the amenities offered by the residential building that they are in. In India, penthouses are more affordable in most locations when compared to the ones available in the Middle East and Europe. In addition, penthouses in prime locations have a higher price range than the ones in the average residential areas. In metro cities like Delhi NCR, Mumbai, Bangalore, and Hyderabad, penthouses have an even higher cost range.
Some of the most expensive penthouses are found in prime areas and include exclusive amenities. The price range of a penthouse is also dependent on the size and the range offered by the builder. Other elements that determine the price of a penthouse include the accessibility and amenities provided by a residential project, the buyer’s financial expectations, and the maintenance costs for the residential unit.
Apart from the price, it is essential for the buyer to also consider the stamp duty, registration charges, maintenance fund, parking charges, taxes, and other expenses associated with a penthouse.
Is Buying a Penthouse a Good Investment?
The purchase of a penthouse can be a lucrative investment for the right buyer. Since penthouses are a preferred choice amongst people with higher-income brackets, they tend to have a high demand, especially in prime locations and residential buildings. Investors, however, need to take care to consider their financial expectations and the possible demand for penthouses in their desired locations.
Compared to regular apartments, penthouses have a steeper price range that may limit the number of potential renters or buyers. They also require a higher level of investment before occupying due to the maintenance costs and the additional fees associated with a private terrace or balcony.
Investors need to consider the potential rental yields, maintenance costs, tax implications, vacancies risk, and resale potential for the penthouse. It is vital that the investor chooses the right penthouse with regard to investment needs. Investors also need to make sure they understand the legal procedures and the approvals that are necessary for the investment. The investment potential can also be influenced by the credibility, reputation, approvals, and legal documentation of the builder.
A penthouse is an investment that should fit one’s financial requirements and lifestyle.
Important things to check before buying a penthouse
Before buying a penthouse, it is important for the homebuyer to consider the following important factors;
1. Legal Documents
Since a penthouse is a type of residential unit, it comes with relevant documents that confirm the ownership and other specifications. It is important that the buyer checks the relevant legal documents, including the building plans, approvals, or any other applicable documents. It is also vital for the buyer to verify the ownership or the usage of the terrace in the case of penthouses that have private terraces or balconies.
In the case of an under-construction project, the buyer should check the RERA registration and disclosures in the relevant state.
2. Construction Standards
The construction standards for a penthouse should be checked before making the final purchase. This entails checking the quality of fittings, windows, waterproofing, and other finishes in the residential unit. Since a penthouse is usually found on the topmost floor, it is important that the insulation and waterproofing of the roof and the terrace are up to standard.
3. Location
The location of a penthouse is a determining factor for its price, demand, and investment potential. It is essential that the buyer considers the closeness to infrastructure, services, amenities like grocery stores and hospitals, and transportation networks. Additionally, the buyer should check on the development potential of the surrounding area, including the demand for residential properties.
4. Maintenance Cost
Maintenance costs should also be taken into consideration before buying a penthouse. This includes the maintenance fund, security, parking, and water charges. In the case of large private terraces or balconies, the buyer should check on who maintains and takes responsibility for them.
5. Water Supply and Power Backup
A reliable water supply, power backup, lifts, fire safety systems, and other safety measures are essential for residential units, more so in penthouses.
6. Total Cost
Before purchasing a penthouse, it is important for the buyer to take into consideration the total cost of ownership. This includes not only the price of the penthouse but also the applicable taxes and other associated costs like parking, maintenance, registration, and interiors. Comparing costs is the best way to ensure that the buyer gets the best value for their investment.
Conclusion
A penthouse is more than just a residential unit in an apartment complex. A penthouse offers more space, privacy, and panoramic views of the surrounding area. It is a luxury residential space that is highly desired by homebuyers. For buyers, a penthouse can be the ultimate residential purchase, while for investors, it is a lucrative opportunity with the right location and fittings. However, it is important to remember that while a penthouse can be a secure investment with lucrative yields, it is a high-risk investment that needs to be taken with a level of caution. At Aashray Realtors, we are here to help you make the best investment decision for your personal needs or for your investment portfolio.