Luxury apartments typically have a wider range of features when compared to the average condo. This is a good thing but can also be one of their biggest drawbacks. The breadth of options makes it harder to focus on the most important things.
A seductive marketing campaign can draw buyers to particular features but it’s always best to take a step back and focus on what’s important. Location is perhaps the most critical but there’s more.
8. Building Reputation
If you are not buying into a brand new apartment complex, get to know who currently lives there and how likely you are to get along with them. Apartments are after all about shared spaces so it’s going to be difficult to avoid running into your neighbors. An apartment can be in a good location but within a complex, that has a bad reputation.
Worry not though because a bad reputation will be easy to spot. Established locals, industry pros, and online neighborhood forums will be fairly generous with bad news. Also, if most residents are transients, renters or children living in their rich parents’ apartments, there’s a real risk that they’ll neither respect the rules, the homes nor the resident homeowners. Stay away.
7. The Gym
A fitness area is important regardless of where the condo complex is located but it takes on greater significance in winter cities. Still, you are buying a luxury apartment so just any gym won’t do. It has to fit that luxury profile.
Proportionality is an essential attribute. The gym has to take cognizance of the population and size of the apartment building. You’ll be paying for it in the common area fees so you want to be certain that when you need to use it, it’s not crowded.
This isn’t something most people look at from the get-go but a lack of closets and additional storage can eventually become deeply frustrating. Fortunately, this shouldn’t be a deal breaker. Existing closet storage can be complemented by custom closets later on. The only thing you need to make sure of from the beginning is that there’s enough space for such conversion.
Windows are usually the main avenue through which natural light enters your home. However, they are also a means of temperature regulation. The best windows should be heavily insulated and double-paned to protect the apartment from outside noise and adverse weather.
Remember that condo boards may not allow you to install your preferred windows so make sure what is present is fit for purpose.
4. Practical Layout
Your apartment is your living space so make sure it’s suited for that primary purpose. If you can afford to buy a luxury Uptown Dallas high rise, chances are you have quite a number of friends, business partners and acquaintances who’ll visit your home. So maintaining a clear separation between your private and social areas can be highly rewarding.
After all, you’d probably not be pleased with guests having to walk through your bedroom to get to the bath. Avoid apartments with awkward columns, stairwells, long hallways and other notorious space wasters.
3. Unique Architecture
Not everyone believes diamonds are forever. However, it’s harder to go wrong with good architecture. Whereas personally visiting the apartment is important in this regard, it would also be great to know who the architect is.
Many architects have a certain signature to their work. You are likely to get a timeless design from an architect with a track record for beautiful yet practical work. Always think about how the apartment itself and the building as a whole will be viewed in a couple of decades.
If you don’t consider yourself an expert at identifying timeless design, you can take a look at the apartment’s ‘bones’ i.e. strong foundation, high-grade materials, unusual details and artistic components.
2. Ceiling Height
The higher the ceiling, the better, but only up to a certain point. Beyond roughly 14 feet, the law of diminishing returns sets in. Instead of looking at square footage, keep your eyes on the cubic footage. There’s virtually no luxury apartment with ceilings in the 8.5-foot range. The rare exception to this rule would be an apartment that offers fairly good views but has low ceilings.
1. Views and Natural Lighting
An apartment that interacts well with the outdoors by allowing in plenty of natural light not only improves your mood but also the apartment’s resale value. Such openness is actually even more important than the amount of shared outdoor space the apartment complex has.
Can you see a skyline, bridge, river or a park? Are there either legal or practical reasons that ensure these views are unlikely to change? Understanding the surrounding zoning allowances and air rights of adjacent buildings can give you a good idea of any looming risks.
A luxury apartment is an investment. If you want to get value for your money and a good price whenever you want out, the above factors will help you get there.