Making Better Real Estate Decisions

When you are suddenly very wealthy and have hit the big time, you may be looking at ways to spend your money. Many wealthy individuals look at real estate, such as upscale apartments, penthouses and mansions. If you do not want to be tied down to one location, or you have to travel for your fame (e.g., as an author, actor, musician, etc.), then the penthouses and apartments are the best choice. Before you choose to rent a penthouse, here are a few things you should know first.

Penthouses Require Constant Upkeep

You are residing in a penthouse. That typically means keeping the place immaculate because the proprietor will want to show the place, photograph it for promotions, etc. If you have children, that will be impossible if you do not also hire a nanny AND a housekeeper. If the money keeps rolling in off of your newfound fame, that should not be a problem. Otherwise, you might want to consider something less flashy with less restrictions.

Penthouses Are Not Safe for Children

Since penthouses are located at the very tops of buildings, they are not "family-friendly." Children can fall to their deaths just by walking out onto the balconies (if balconies are present) and trying to climb up to see the ground below. Moody and depressed teenagers of wealthy parents have been known to use the height of their parents' penthouses to commit suicide, thereby making these abodes unsafe for kids who do know they should not be near the balconies' edges. If you have children, but still want a penthouse, consider searching for and renting one that has NO outside access.

Many Penthouses Are Furnished, but You Can Change Them

Many penthouses already come furnished, which is a convenience for those that live in them temporarily. If you love the penthouse itself, but hate the furniture, it is possible to change the furniture and/or the decor. You will have to meet with the proprietor to discuss the changes and see if he/she allows them in the leasing contract, but then you will have an easier decision as to whether or not this is the right penthouse for you.

Penthouses Can Be Purchased

Lastly, if you are completely in love with your penthouse, there may be a way to purchase it outright. Although several building proprietors have moved away from permanent apartment ownership in the last couple of decades, there are still some that are willing to sell the luxury apartments (i.e., the penthouse) to you. When you view a penthouse, ask about ownership opportunities, just in case you find something you absolutely love. For help with your search, check out an agency like Citi Locating.