When you’re ready to sink some money into a piece of property, a penthouse might suit your needs.
Since penthouse prices in Vancouver are going up by 2.2% every month, you’ll need a strategy when hitting the market.
First, find out if penthouse living is for you or not.
A penthouse is a condo unit on the top floor. Penthouses are synonymous with attractive luxury, technology, and decorative features.
This guide explains the joys of owning a penthouse. It also explores the downsides and gives some tips for buying penthouses for sale Vancouver.
Read these suggestions, so that you are fully prepared to shop for a penthouse as it suits you.
The Benefits of Buying Penthouses For Sale Vancouver
A lot of people are waiting for the Vancouver housing market to become more affordable. Developers are building more penthouses to help buyers out, since condos are more affordable than traditional homes.
Let’s take a look at a few of the reasons that people decide to buy penthouses instead of multi-story homes.
The “Cool” Factor
When you turn the key to a penthouse, it creates a different feeling than any other property.
Vancouver has a bubbling tech and green energy scene and is home to billion dollar companies. These new and exciting industries bring in young professionals looking to climb the ladder. This means professionals will be moving in and out, and want to buy property that is flexible.
Young professionals on the rise choose condos over traditional homes.
Condos are built by cutting-edge developers, and are usually laid out in styles that are artistic and unique.
A penthouse atmosphere makes you want to have friends over for wine and cheese, watch the game, or hold little networking mixers.
You get a certain level of hip that you just won’t get with any other property.
The Affordable Price
Affordability is what every Vancouver home buyer is looking for. The housing market in the city has been hit hard the past few years. So, buyers are looking for good deals.
A penthouse in itself is cost-effective. This is because you’ll pay far less money on the mortgage note. In addition to a lower price, condo cost of ownership is cheaper, as the homeowners association will handle repairs.
You get a lot of the convenience of apartment living, with the sophistication of high-end luxury.
The Ability to Upgrade
With a penthouse, you can add whatever new appliances you’d like.
A lot of people choose to install new LED lighting to save on electricity. These lights look great, don’t get hot, and use 50% less energy than conventional lights.
If you’re locked into an apartment rental, you don’t get the ability to have your lights rewired. Aside from lighting, you can do things like install hardwood floors, change paint colors, and redo counters and cabinets.
When you’re able to make these kinds of changes, you’ll appreciate the value of home ownership. Penthouses for sale Vancouver in the same building will often have the same floor plan. However, they’ll all look dramatically different on the inside.
The Low Maintenance
When you buy a penthouse, you’re also responsible for homeowners association fees. These homeowners association fees pay for things like landscaping, pest control, handy repairs, and a vote in the community development.
Since these fees are included in your mortgage, you don’t have to worry about a lot of these services.
Imagine putting in a maintenance request for a sink disaster that is fixed before you get home from work. This level of convenience gives you peace of mind. It’s one of the biggest reasons people prefer to buy penthouses.
The Investment Potential
The key to financial freedom is making your money work for you.
A penthouse condo is a great investment because there’s less overhead costs. If you buy a penthouse in a prime renters market like Vancouver, you’re sitting on a potential gold mine.
Buying penthouses for sale Vancouver lets you get that first piece of property to your name. This will also help you build your financial portfolio.
If you need to move out of town or upgrade your living situation, a Vancouver penthouse should be an easy flip.
Who Might Not Want To Buy A Penthouse Condo
Though buying penthouses for sale Vancouver provides a lot of opportunity, certain people might want to look in another direction.
For instance, penthouses are closer to the roof the building. This location means they deal with leaks more than other units. Leaks might not be a factor if your homeowner’s association stays on top of the repairs. However, it’s definitely something you should consider.
You might also not enjoy top story penthouse living if the building has no elevator.
Further, while you get to make your own upgrades in a penthouse condo, the homeowner’s association still has a say. This might limit some of your options if you have your heart set on heavy upgrades.
Put Together A Plan For Buying A Vancouver Penthouse
When you want to buy penthouses for sale Vancouver, you need to follow some strategy.
For one, get your finances in order as soon as possible. Banks can pre-approve you so that you have your budget in advance.
Always tour the property in person, instead of just relying on virtual tours. Making a visit lets you get a feel for both the unit itself and the community.
You’ll also have to do some digging, since listings for Vancouver condos are at all-time lows. In addition to looking for listings, get in your car and drive around the city.
Ask your friends and family members for references on condominium communities that they know about. The more condo leads you generate, the easier it will be to find the perfect penthouse unit.
All in all, you will need to weigh these tips and decide if penthouse condo living is for you.
If you need a helping hand buying penthouses for sale Vancouver, contact Lorne Goldman to check out some listings. Have some questions in mind and start your penthouse condo search today.