Should I Buy a Penthouse? Here Are the Pros and Cons

Has buying a penthouse and living in one always been your dream? If so, now might be the perfect time to do it.

Over the last 18 months, a lot of people have moved out of many of the country’s major cities as a result of the COVID-19 pandemic. And this has led to more than a few vacancies in penthouses all across the U.S.

You might want to think about buying a penthouse today before people begin moving back into them. But first, you should ask yourself, “Are penthouses worth it?”, and decide if purchasing a penthouse is the right move for you to make.

You can answer this question by reviewing the pros and cons of buying a penthouse. They’ll make it a little bit easier for you to make a final decision on whether or not you should figure out how to buy a penthouse.

Here are the pros and cons of buying luxury penthouses.

Pro: It’ll Make You Feel Like You’re Living in the Lap of Luxury

There is a reason why you—and so many others—dream about buying a penthouse and living in one. It’s because the thought of doing it sounds super luxurious.

Penthouses are situated right at the top of buildings, and they usually look amazing. Even if they’re on the older side, they’re still going to give you a great vibe from the second that you walk into one.

If you’re a big fan of luxury living, then it’s impossible to go wrong by buying a penthouse. You’ll wake up every morning in one of the most luxurious places that you could possibly live.

Con: It’ll Disconnect You From Everyone Else Living in a Building

When you live in the penthouse in a building, you aren’t going to have any neighbors surrounding you. And while this might sound like a good thing to some people, it’ll sound like a very lonely way to live for others.

You might enjoy being all by yourself on the top floor of a building when you first buy a penthouse and move into it. But there are inevitably going to be times when you’ll wish that you could pop your head out your front door just to say, “Hello!”, to a neighbor.

You’re also going to find that many of the people that you do come across in your building won’t ever know what to say to you. You’ll be so disconnected from everyone else that there is a good chance you won’t make many friends in your building.

Pro: It’ll Provide You With Some of the Most Incredible Views Ever

The inside of the average penthouse is going to be very nice. But it’s the views outside that will sell the penthouse and make it what it is.

It doesn’t matter if you buy a penthouse in New York City, Chicago, Miami, San Francisco, or some other city. You’re guaranteed to get some of the best views of all time when you look out the windows of it.

The views alone typically make buying a penthouse well worth it. You won’t ever get tired of waking up in the morning and looking out your windows.

Con: It’ll Force You to Take Long Trips to the Top of Your Building

The penthouse in a building is obviously located all the way at the very top of it. This means that, every single time you walk into your building, you’re going to have to take a looooooong elevator ride up to your penthouse.

And if the elevator just so happens to be out of service for one reason or another? Well, let’s just say that we hope you have a comfortable pair of shoes on your feet! Because you’re going to have to trudge up quite a few flights of stairs.

You might not mind taking long trips to the top of your building at first. But it’s going to get old eventually and make you wish that you had purchased a place on a lower floor.

Pro: It’ll Prove to Be a Solid Investment

Once you go through the process of buying a penthouse, you might want to live in it forever. You’ll love it so much that you won’t ever want to move out of it.

But in the event that you do ever want to sell a penthouse, you’ll be happy to know that it will prove to be a great investment on your part. There is always a strong market for penthouses, which should put you in a position where you’re able to make money on your penthouse when you sell it.

Con: It’ll Cost You a Nice Chunk of Change at the Start

Although a penthouse will be a worthwhile investment, it’s worth noting that buying a penthouse isn’t going to be cheap. The price of penthouses is usually on the higher side.

You should be able to find one that will fit into your price range by conducting a thorough search for penthouses. But even still, you’re going to need to be prepared to pay a pretty penny to enjoy penthouse living.

Is Buying a Penthouse Something That You Want to Do?

Now that you know about the pros and cons of buying a penthouse, you should think long and hard about whether or not you want to purchase one. You should consider both sides of the coin while you do it so that you’re able to determine if buying a penthouse and living in one is going to be right for you.

You should also shop around for penthouses in your preferred city to see which ones you might be interested in buying. You should be able to turn up at least a few great options while checking out the penthouses that are up for sale in your area.

Want to get more tips on buying real estate? Find them by poking around on the rest of our blog and reading some of our other articles.