Luxury apartments are becoming popular increasingly. Owing to their growing demand in the market, investors find it profitable and luring to invest in luxury apartments. If you have plans for making investment in real estate sector or want to upgrade your accommodation, then you must have already toyed with the idea of buying a luxury apartment – after all, who wouldn’t want to live in a high-end apartment with high ceilings, exquisite décor and top-of-the-line furnishings?
But remember good things cost more and similarly, luxury apartments are also expensive. We at Enterprise House Buyers always try to come up with such educational blogs which give you better insights of the field. In today’s blog, we will discuss the pros and cons of luxury apartments.
What are luxury apartments?
A luxury apartment is a large, modern and high-end space that includes all the latest amenities you can think of. You will find most of these apartments at prime locations. To show an elaborate lifestyle, there is artful design of this sort of apartments. They have both aesthetics and functionality. Lavish décor, have high ceilings, top-quality furnishings, great views, latest electronic appliances are the salient features of these apartments. Luxury apartments have some other facilities as well such as concierge service, luxurious lobby, reception, covered and/or valet parking, swimming pool, fitness center and spa, on-site movie theatre etc.
Investing in luxury apartments comes with a few benefits for investors. if you a starter, you can find several amenities that you will not in other apartments. These apartments are large and are properly maintained as well. Some of the major benefits of investing in these apartments are:
Space is one of the biggest benefits that these apartments offer. They have not just more square footage, but these apartments usually feature an open floor plan as well which makes them look big and spacious. The high ceilings and large windows also contribute to the factor. The balconies in these apartments are also quite large, allowing the residents to treat it as an open-air seating area by placing some outdoor furniture there.
These apartments have latest amenities like gym, park, swimming pools etc. not every apartment has facilities like these. Further amenities include indoor fitness centres, rooftop recreational areas, sports facilities, mosque, secure car parking, children’s play area, well-maintained gardens and lot more.
These apartments are usually built at prime locations like beach fronts etc.
Well, one of the biggest reasons behind the growing popularity of luxury real estate is that these projects usually have more security than regular apartment complexes.
Where there are pros, there are cons as well. Some of the cons of luxury apartments are:
Luxury apartments are very expensive. So, for an average person, this might not be a viable investment option.
One major demerit of luxury apartments is that you cannot customize them by replacing the furniture etc.
Luxury apartments have high maintenance cost due to their size, features and amenities.