After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!
Some real estate terms have more than one meaning or have constantly evolving meanings. You need to understand what these terms mean if you don't want to make a mistake during a real estate transaction. "Penthouse" is a classic example of a real estate term that has multiple meanings that seem to be changing all the time.
Various Meanings of Penthouse
Below are some of the things that a penthouse can refer to in the contemporary real estate industry.
Top Floor Unit
Traditionally, a penthouse used to be the highest unit on an apartment building. Thus, if you were looking for a penthouse or if you saw a penthouse marketed as such, you automatically knew where the unit was located. All the benefits of the penthouse, such as great views or a high ceiling, came by virtue of it being on the topmost floor.
Units on the Top Floors
Some real estate sellers have literally expanded the meaning of penthouses to include more than one floor. In such properties, a penthouse may refer to any unit on the last few floors (such as the last five floors) in a high-rise building. For example, you may find that the penthouses start from the point where the building's shape start's to change and the apartments start to have terraces.
Unit with Different Layout
These days, some real estate sellers advertise units with different layouts as penthouses. For example, if an apartment complex has a dozen similar units and two units with different layouts, then the two units will be described as penthouses. The penthouses may even be numbered as Penthouse 1 and Penthouse 2 when marketing the apartments either for sale or for rent.
Unit with Best Features
Many people also advertise their best units as penthouses even if the units are on the ground floor. Such penthouses may have fancier finishes, the best appliances in the market, and large balconies. These penthouses tend to stand out from other units on the complexes and attract discerning buyers with money to spend (since they attract premium prices).
What You Can Do
If you are buying a house, you should define what you want and look for it without getting stuck up on words. If you see an apartment described as a penthouse, you should look beyond the word and understand the real features of the unit. You need to know where the unit is located, whether it has any special features, and whether you mind paying a premium for the apartment. For more information about apartment rentals, reach out to a real estate agent.