What to Look for When Buying a Penthouse?

Have you ever noticed that penthouses are always in demand? If you’re looking at buying a penthouse, it’s hard to go wrong with these exclusive units. Still, you want to ensure that you get the highest possible return on your investment (ROI). That’s why it pays to look for the right penthouse.

What does the ideal luxury penthouse look like? Which features are most attractive to high-end buyers and renters? Here, we’ll tell you what you some of the features to look for.
 

Our 5 Tips for Buying a Penthouse:

1) An incredible view

Stunning views are a big part of the reason people are willing to pay more for penthouses. In New York City, homeowners pay a premium of 39.9 per cent for views of Central Park. In San Francisco, vantage points overlooking the Golden Gate Bridge fetch similarly high sums. And in Toronto?

Buyers and renters will pay for the privilege to look out over the downtown core. Look for expansive floor-to-ceiling windows and skylines featuring iconic landmarks like the CN Tower.

 

2) A balcony or terrace

The only thing better than an incredible view is the option of stepping outside to enjoy it. That’s why balconies and terraces are so desirable. But these outdoor spaces aren’t always created equal.

In general, a terrace will add higher dollar value to your home than a balcony. Terraces are built on raised, flat areas, so they tend to provide more usable space. Since they’re typically only accessible from the top floor, they’re also part of what makes many penthouses unique.

Bottom line? Terraces will generally increase your home’s worth more than balconies, but both types of outdoor space can add substantial value.

 

3) A great floor plan

When you’re looking at buying a penthouse in Toronto, don’t forget the appeal of a stellar floor plan. For most buyers and renters, that means open concept.

It makes sense. People who choose to live in penthouses place a high value on being able to look out as far as the eye can see. In other words, they love their space. Hallways and half walls often serve a necessary purpose, like maintaining structural integrity or preserving privacy. But when they’re not necessary, they can make penthouse-dwellers feel boxed in.

Look for penthouses with high ceilings, lots of natural lights, and a feeling of expansiveness.

 

4) Location

If you’re buying a penthouse, few factors are as important as location. Unsurprisingly, condo buildings near the downtown core provide investors with the highest returns. The ROI on units near convenient intersections such as Yonge and Dundas are particularly high. For penthouse residents, these areas have the added benefit of providing those incredible views.

Of course, great investment penthouses aren’t restricted to one or two Toronto neighbourhoods. A real estate professional who specializes in the luxury market can help you find the right penthouse, in an area that meets your needs (or the needs of your renters).

 

5) Parking

The convenience offered by a centrally-located penthouse is unmatched. But there’s one potential drawback to living at the centre of it all: parking issues.

In general, GTA developers are building fewer parking spots for condo buildings. As a result, these spots come at a serious premium—especially downtown. Some condo-dwellers are forgoing them all together, but those in the high-end market tend to be less affected by rising costs.

When you’re looking at Toronto luxury penthouses, consider parking availability—even if you don’t drive. You can be sure that future buyers will see a parking spot as a massive asset.

 

Looking to buy a penthouse? Send us a message! We’d love to talk about how we can help you make the right investment.