The word penthouse before usually evokes images of luxurious and exclusive high-rises.
It’s the most exclusive type of flat available.
Is this reputation accurate? And what else is unique about this property type?
Read on to find out.
What is a penthouse?
A penthouse is a flat on the top floor of a building.
They are most common in city centres, where there is demand due to limited space. Many hotels and large tower blocks have penthouses.
They typically have high ceilings, panoramic views, and more square footage than most other flats in the building.
Which floor a flat is on affects its value. And penthouses are often the most expensive flats in the building. So, penthouses are typically regarded as exclusive and luxurious.
They sometimes come with other amenities, such as:
- Rooftop pools
- Private lifts
- Rooftop gardens
- Balconies.
Penthouse vs top floor flat
Penthouses and top-floor flats are not necessarily the same thing.
There is no strict definition of a penthouse besides a top-floor flat. It usually invokes a sense of luxury, but many buildings categorise anything on the top floor as a penthouse, rightly or wrongly.
However, if there are several flats on this level, or the top flat is identical to the other floors, the label penthouse should not be used.
Can buildings have more than one penthouse?
A penthouse has traditionally referred to a flat that covers the entire top floor.
It doesn’t usually have any neighbours. Only one accommodation is thus available with this title.
However, in recent years, developers and estate agents have begun describing top-floor flats on buildings with multiple flats as penthouses.
So, over time, the precise meaning of ‘penthouse’ may change to reflect its increased use in this context.
Penthouse prices
As with other property types, the value cost of a penthouse depends on:
- Location
- Condition
- Size
- Features
- Market conditions.
In London, the least expensive penthouse can be found for roughly £450,000, which would be a one-bedroom flat with relatively small square footage.
Meanwhile, the more expensive options can cost up to £5 million in the most costly parts of the city. These may have a duplex layout and exclusive amenities.
In the north of England, it’s rare to see a penthouse go above £1 million.
Prices are more likely to start at around £200,000 for those using a loose definition of the term ‘penthouse’ and with limited amenities.
Penthouse rental costs
Penthouse rental prices depend on many factors.
Prices will start at around £2,500 per month in the northern parts of England and rural parts of Scotland, Wales and Northern Ireland.
This is on the lower end of the features and amenities.
On the other end, in London, prices can go as high as £25,000 per month for the most expensive penthouse suites.
Most hotels will offer a penthouse suite for a nightly fee, which is likely several hundred pounds or more.
Advantages of living in a penthouse
Privacy and quiet
You get more privacy and more quiet by living in a penthouse.
There’s no one above you.
So, no sounds from the ceiling (footsteps, talking, music, etc.) exist to disturb you. There’s also less noise from the street level.
And you often have your private entrance to the penthouse.
Great views
The panoramic views that you get with a penthouse are genuinely unique. Almost all the best top-level flats are designed with this in mind.
You can see further than the people below you. It’s breathtaking at all times of the day, night, and year.
Exclusive amenities
You sometimes gain exclusive features and amenities by living in the penthouse, which is not available to anyone else on the property.
Typical examples include a rooftop swimming pool, a rooftop garden, or a private entrance and staircase.
Price increases
In general, flats go up in value.
And due to being relatively rare and expensive, penthouses can potentially be a better investment than other kinds of flats.
Disadvantages of living in a penthouse
Higher price
A penthouse is the most expensive property in the building.
Whether you’re buying, renting, or it’s a short-term hotel room, you’ll pay more than the other residents.
You will need to budget for this. Hopefully, you get what you pay for. Double-check before you commit to paying it, just to be sure!
Enormous variation in features and amenities
The word ‘penthouse’ has a loose definition, meaning that not all buildings use it in the traditional way.
A property could be marketed as a penthouse, yet it lacks many of the features that most people expect.
You could be paying more without any of the excellent features and amenities that are typically included.
It takes longer to reach
A penthouse is the least accessible property in the building, usually because it’s the furthest way.
This means you may need to spend longer in the lift or climbing the stairs.
And if the lift breaks down, then it’s often a long climb to the top. This is especially challenging for people with mobility issues.
