What if you could own a luxurious home in the sky – without being wealthy?
Penthouse and condo units are great for those who are tired of forking over top dollar for bigger homes. These units may be a bit smaller, but they offer many perks. Plus, the cost is relatively affordable.
But what is the difference between a penthouse vs condo? Read on to find out more!
What Is a Penthouse?
A penthouse is a luxury apartment located on the top floor of a high-rise building. A penthouse, in size, is also typically larger than other apartments and units found in any residential building.
Penthouses may also feature high-end finishes and features that are not found in other units. The quality inside these penthouses is usually leaning towards the higher end.
What Is a Condo?
Condos, on the other hand, are more affordable units that are typically located in midrange buildings. Condos offer a wide range of amenities, but they may not be as luxurious as penthouses.
Condos also come in many different sizes. This can be a studio, 1-bedroom, 2-bedroom, or 3-bedroom unit. When choosing condo sizes, it can be easier to adjust based on the right size for you.
Difference in Cost
A penthouse cost generally much more expensive than a condo. This is because penthouses offer a much higher level of luxury and privacy than condos. These units usually do not share the floor they are at with other units, which gives them exclusivity.
The cost to buy a condo, on the other hand, is a bit less compared to the penthouse. However, this depends on the number of rooms in the unit. A studio unit, which has no rooms, is usually cheaper than a 1-bedroom, or multiple-bedroom unit.
Difference in Maintenance
In a penthouse, the owner is responsible for all maintenance, while in a condo the association is responsible.
This can be a significant difference, especially when it comes to features like elevators and pools. If something goes wrong in a penthouse, the owner needs to pay to fix it.
However, in a condo unit, it is usually the condominium association that would be responsible for the fixes. They can be called upon to inspect any damages and arrange for the necessary fixes for these damages.
Difference in Amenities
A penthouse is usually located on the top floor of a building. It has more square footage and often has luxury features such as a private terrace, pools, and a great view.
Condos, on the other hand, usually come with the normal living amenities needed. This includes a kitchen, bedroom, and bathroom. These may come with smaller balconies that don’t always have the best views.
Learn the Difference Between a Penthouse vs Condo Today
Now you know the differences between a penthouse and a condo from this guide. Both still offer good living spaces and is only a matter of exclusivity. When choosing between a penthouse vs condo, there is no one-size-fits-all.
You, as the owner, will have to choose based on your needs, and most importantly, based on your budget. If you are limited with your budget, then a condo is more flexible. If you have a lot of cash to spare, then go for the penthouse.
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