Highlights of the post
Investing in Luxury Apartments
Pros of Luxury Apartments
Cons of Luxury Apartments
Real estate investment in Pakistan is a common way to grow wealth, provided that you’re doing it responsibly. And, you’ve calculated the risks and rewards beforehand. As per recent observation, the majority of real estate experts believe that investing in luxury apartments offers profitable opportunities. However, buying a luxury apartment in Pakistan comes with its own set of pros and cons.
One of the major drawbacks of luxury apartments is their price, while extravagant finishing, high-end architecture, and top-notch amenities are some of the perks that could be the reason to overlook cost factor.
So, here’re some advantages and disadvantages of investing in luxurious apartments in Pakistan that will help you decide whether or not you should take the leap of faith.
Let’s start investing!
Luxury Apartments vs. Normal Apartments
Before we begin discussing the pros and cons of investing in luxury apartments, let us help you understand the difference between normal apartments and luxury apartments.
A luxury apartment is one that is larger in size, has modern fixtures, and is lauded with high quality amenities. It is basically used to deliver luxurious accommodation. Luxury apartments are usually located in high-end localities, and with enhanced security.
With high ceilings, lavish decor, and modern fixtures, they are designed to deliver modern lifestyle and comfortable accommodation. Not to mention, most of them are equipped with advanced amenities for enhanced security and accessibility.
In comparison with normal apartments, luxury apartments boast cutting-edge features and top-notch amenities such as valet parking, extravagant lobbies, swimming pools, gyms, and a lot more.
Luxury apartments in Pakistan might be more expensive than other normal apartments, but they are good for both investment and accommodation purposes.
Now that we’ve highlighted the major differences and features of luxury and normal apartments, let’s take a look at the pros and cons of investing in luxury apartments in Pakistan.
Advantages of Investing in Luxury Apartments
Investing in luxury apartments has a plethora of advantages. We’ve handpicked a few important ones:
- Spacious & Top-Notch Facilities
- Perfect & Secured Locations
- Higher Rental Value
Spacious & Top-Notch Facilities
One of the most important advantages of investing in luxury apartments is that they are made with an open floor plan, which makes them appear bigger and spacious. These apartments offer substantial space, along with large and open balconies that further adds to the magnificence of the overall decor.
If you’re moving from a house to an apartment, and have a lot of belongings that you don’t want to give up, luxury apartments are the investment you should be making. They feel like a house, and have enough storage space for all your belongings.
In addition to being spacious, luxury apartments also boast state-of-the-art facilities for their residents. Ranging from concierge services to grand lobbies – they have everything. Depending on the project that you choose, some apartments are coupled with recreational facilities such as indoor or open swimming pools, play areas, mosques, gyms, etc.
All in all, the space factor and the grand amenities provide a promising lifestyle, which makes the hefty investment worth it.
Perfect and Secured Locations
If you research enough, you find that most of the luxury apartment projects are based in the posh areas. The location factor of luxury apartments adds more value to the property, while simultaneously providing a safe and secure environment for residents and investors.
Security and a suitable location are primary requirements. In this time and age, people are looking for security and a safe environment without having to worry about the various threats. In such situations, investing in a project that promises both a high-end neighbourhood, along with an excess amount of security – there’s not much to think about.
The lobbies, hallways, and gates of such apartments are secured with 24-hour surveillance, CCTV cameras, and vigilant security, which gets them an upper hand over other projects.
Higher Rental Value
Still confused whether to invest in a luxury apartment or not? Well, you should know that luxury apartments have a higher rental value. These apartments are best for individuals looking for property to invest in.
Luxury apartments, with their grand aesthetics, and various amenities have a much higher rental value than usual apartments. In addition to earning more rent, if you ever decide to sell the property, you should know that luxury apartments tend to sell at a higher price.
Disadvantages of Investing in a Luxury Apartment
These are the disadvantages of investing in a luxury apartment:
- Costly
- Restriction on Personalisation
- Maintenance Cost
Costly
As discussed earlier, luxury apartments offer a range of facilities, security, and a spacious apartment, however availing all of this comes at a cost. While the lifestyle is impeccable, the costs of these apartments are skyrocketing.
Even if they seem affordable right now, it is possible that in a years’ time you might find that the amenities, and the apartment is costing you a lot more than you had originally planned it would. The amenities and their memberships, for example for the gym, will cost you a lot more and you might not even be able to avail them at all times.
If you’re someone who doesn’t have a very lavish budget, then luxury apartments may not be the real estate opportunity for you.
On a side note, there are 3 and 4 bedroom apartments available that are built luxuriously; you can look at a number of listings at Jagah Online.
Restrictions on Personalisation
One of the key features of luxury apartments is that they are pre-furnished and built according to a certain theme and design, which means there’s little to no room for creativity and personalisation. Even if you choose to change a few things, you’ll have to follow a restricted colour palette, and theme.
People take great joy in decorating their own apartments, but in such cases, it feels less like a home, and more like a temporary stay. This is one of the greatest cons of investing in a luxury apartment. If you’re still interested in investing in a luxury apartment, you might as well add a few furniture and decorative items of your choice to make it feel like home.
Maintenance Cost
While luxury apartments have higher rental value and are absolutely beautiful to live in, their maintenance can take a toll on your pocket. The upkeep and maintenance may cost you a fortune and it can make your living standards a little challenging.
For projects that have dedicated staff for maintenance, they tend tol charge a large sum of money for caretaking. In addition to maintenance, here are a few hidden costs that occur on a frequent basis:
- Renovations
- Property taxes
- Insurance premiums
- House fixtures
- Utility bills
Now that we’ve listed both pros and cons of luxury apartments for you, you can decide whether or not you’re ready to invest in a luxury apartment or not. If you’re thinking about investing in a luxury project you should read all about DHA Multan, and the investment opportunities in the project.
If you’re looking for an investment opportunity, and you can’t decide which place would be the ideal location for your new home, read all about the benefits of buying a property in Islamabad.
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