Let’s start with the basics, shall we? And maybe a little personal anecdote for good measure.
A penthouse is an apartment located on the top floor of a building, often boasting one or more spacious terraces or outdoor areas, along with high-end finishes. Sounds fancy, right?
The Big Decision
When it was time to decide where to live in Milan, I faced a tough choice: a cozy apartment with a small garden for my pets or a penthouse on the top floor. My husband? He went all-in on the penthouse.
I’ll admit it… he was right (but let’s keep that between us).
The Penthouse Perks
Living in a penthouse comes with its own set of unique perks. What’s at the top of my personal list? The stunning panoramic view of the city (yes, I live in Milan) and the incredible natural light flooding the space. Airy, bright rooms have done wonders for my family’s mood and well-being.
Another advantage? Privacy and peace—there’s no one stomping around above me!
Oh, and let’s not forget the double terrace setup: one open and perfect for sunbathing, the other semi-covered, ideal for al fresco dining. Both provide outdoor spaces that are nothing short of enchanting.
I’ll be honest: since moving into a penthouse, my quality of life has skyrocketed (pun intended).
The Professional Perspective
Now, putting on my real estate agent hat, let me add a bit of professional insight. Beyond the emotional joys, penthouses also offer some serious economic advantages. They’re often seen as prestigious properties, meaning they hold their market value exceptionally well over time. That’s what we call a smart investment.
And then there’s the potential for enhancements—think about installing a veranda for workouts or relaxation. Feeling ambitious? Consider adding a rooftop garden or solar panels (though those are a bit less common).
So, whether you’re looking for an elevated lifestyle or a sound investment, a penthouse might just be your perfect match. And trust me, it’s hard to beat waking up to a view of the city you love.
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Disadvantages of Penthouses
Let’s skip over the price (we’ll tackle that in the next section) and dive into a couple of lesser-known downsides of owning a penthouse—things no one really talks about. Sure, the panoramic views and airy spaces are great, but let’s get real about the costs of temperature regulation and terrace leaks. Here’s what I’ve learned firsthand.
1. Temperature Regulation
Unlike a standard apartment, a penthouse is exposed on multiple sides, which means higher heating and cooling costs. In winter, heat escapes more quickly through the ceiling and external walls.
Even with ultra-modern insulation systems, the increased surface area translates to higher energy consumption. On top of that, the quality of windows and solar shading becomes critical—investing in premium solutions isn’t just about aesthetics; it’s a necessity to keep energy bills in check.
2. Water Infiltration
Ah, water infiltration—the stealthy nemesis of every penthouse owner. And yes, I’ve had my fair share of battles with it!
In Italy, terrace repairs fall under Article 1126 of the Civil Code [1]. Here’s how it works: if water leaks occur, the costs are divided—one-third is the responsibility of the terrace owner (since they have exclusive use), while the remaining two-thirds are shared among the residents of the units below who benefit from the terrace’s function as a roof.
But there’s a catch: this rule applies only when the terrace acts as a roof for other apartments. If the terrace doesn’t cover any living spaces, the maintenance costs fall entirely on the penthouse owner. Talk about a surprise expense!
Prices of Penthouses
Talking about penthouse prices is like stepping into a unique real estate universe where value isn’t just about square meters—it’s about exclusivity. But what factors truly influence the price of a penthouse?
The Scarcity Effect
Penthouses are, by definition, a rare commodity. In a condominium, there might be dozens of apartments, but only one penthouse. This scarcity drives up their value, perfectly illustrating a basic economic principle: the rarer the asset, the higher its price.
Post-Covid Price Boom
Following the Covid pandemic, penthouse prices skyrocketed well beyond the average increase in the residential market. In Milan, penthouses in central neighborhoods can easily fetch prices of €15,000–€20,000 per square meter. In Rome, neighborhoods like Parioli or Trastevere see prices ranging from €10,000 to €12,000 per square meter.
On average, a penthouse’s value is 20% to 50% (or even more for particularly exclusive properties) higher than an apartment of the same size located on lower floors in the same area.
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Calculating the Surface Area
One crucial aspect of evaluating a penthouse’s value is calculating its commercial surface area, which includes not only the internal living space but also outdoor areas such as balconies, terraces, gardens, and other features. Terraces, in particular, play a significant role in determining a property’s overall value. Here’s how to calculate their surface area and the coefficients to apply.
The (Un)Scientific Method
Welcome to Italy, where there’s no single, standardized method for calculating terrace coefficients! But don’t worry, here are the most common values:
- Unusable open terraces (e.g., narrow balconies): 10%–25%
- Usable open terraces (e.g., spacious terraces): 30%–40%
- Covered or semi-covered terraces: 50%–60%
- Exclusive terraces with panoramic views (e.g., penthouse terraces): 50%–80%
As you can see, the terrace isn’t just an outdoor space—it’s a premium feature that can make or break a penthouse’s market value. So, if you’re eyeing a penthouse with a view, remember that the numbers behind the scenes tell a big part of the story!
Tips for Buying a Penthouse with a Terrace
Based on both personal experience and my professional background, I’d like to share a couple of practical tips if you’re considering purchasing a penthouse with a terrace.
1. Check the Condo Rules
Before signing any purchase offer, take the time to review the condominium regulations. Pay close attention to details about exclusive use of the terrace, as well as how ordinary and extraordinary maintenance costs are divided. This simple step can save you from unpleasant surprises down the road.
2. Inspect the Property Thoroughly
Examine the structure carefully and look for any signs of moisture, such as water stains or damp areas. Don’t hesitate to ask about past maintenance work—understanding the property’s history can give you a clearer picture of what to expect.
We’re Here to Help
At LuxuryVillaItaly, we’re here to guide you every step of the way. Our goal is to help you choose a property that not only fulfills your dreams but is also a smart and worry-free investment. Let us handle the details so you can focus on enjoying your new home.