Living • March 14, 2023

How to Fix Your Toilet

by Don Koonce

A homeowner’s life is filled with mini hazards that pop up at a moment’s notice. Our appliances make life easier, but they are subject to malfunction. A broken toilet interrupts your day and can cause serious water damage, which emphasizes the importance of timely repairs. The following tips to fix your toilet will help you get your water system and your home life flowing properly again.

If these repairs are beyond your capabilities, don’t hesitate to call a professional plumber.

Problem: there’s water around the base of the toilet

A leaking toilet can have you dealing with the perils of a water damage emergency in no time. If there’s water around the base of your toilet, that’s a telltale sign that the leak has sprung from the wax ring seal. You’ll have to remove your toilet to replace it.

How to Fix a Leaking Toilet

Use a wrench to disconnect the water supply from the shutoff valve. Drain the tank until all water is removed from the bowl.
Disconnect the water supply valve from the toilet tank. Using a screwdriver and wrench, remove the caps on the base of the toilet and the hex bolts beneath them.
Grab the toilet by the bottom and lift it from the ground. Set it aside on material that will prevent damage to your bathroom floor, like a towel or blanket.
Remove the old wax gasket from the flange and install a new one on it by centering it on the flange and pressing it down into place.
Reinstall the toilet by placing it on the bolt holes, keeping it level as you go. Use your weight to press down on the toilet bowl before putting the bolts back in. This helps to compress the new gasket. Caulk around the base of the toilet if needed.
Reconnect the water supply to the shutoff valve and open it before giving your new toilet a test flush. If there are no leaks, you’re done!

A closeup shot of a man in a plaid shirt preparing to fix a toilet in a bathroom with white tile walls. He has the tank open and is getting ready to remove the toilet from the floor.

Image Source: Getty Images – Image Credit: photovs

Problem: the toilet won’t stop running

Another common issue homeowners face is a running toilet. The constant sound of running water coming from your bathroom isn’t just annoying; it wastes water and can cause spikes in your utility bills. A running toilet is typically due either to a faulty flapper or the water level being too high in the tank, causing overflow.

How to Fix a Running Toilet

The most common cause of a running toilet is that the flapper chain is caught on something. To check for this issue, take the top off the tank to see if the chain is too taught. If so, see if you can release it, after which the flapper should fall into place and stop the run.
If the flapper or the chain are compromised, they’ll need to be replaced. But no sweat, that’s easy! Start by shutting off the water supply and drain the tank by pulling up on the flapper chain. Remove the flapper by unhooking it or removing the ring that holds it in place. Pick up a new matching flapper at your local hardware store and reverse the process to install it and reconnect the chain. If this doesn’t solve your running toilet problem, it may be a larger issue, such as the flush valve.

Problem: the toilet isn’t flushing correctly

If your toilet isn’t flushing correctly, there’s likely something wrong with the flush handle or the water level, or it could be a clogging issue.

How to Fix Flushing Issues

Tighten the flush handle if it’s loose and see if that solves the problem. When you do, make sure the flush lever is working properly. If there’s too much slack in your lift chain, it won’t trigger a proper flush. Make sure it’s not too loose, but not so tight that it can’t flush properly either.

Problem: the toilet has started wobbling

Sometimes homeowners will suddenly notice their toilet feels uneven or is rocking slightly. This is usually because the flange that connects to the drainpipe is sitting higher than the floor.

How to Fix a Wobbly Toilet

The best fix is to wedge shims under the base of the toilet and caulk the area to solidify it.

For more tips on home maintenance, read the following blog post about controlling mold:

How to Prevent and Deal with Mold

Featured Image Source: Getty Images – Image Credit: Fertnig

Sellers • March 9, 2023

Selling Your Home in a Balanced Market

by Don Koonce

Your local market conditions dictate the real estate climate around you. Where things are on the buyer’s/seller’s market spectrum will impact how you and your Windermere real estate agent approach selling your home. As a part of this process, it’s important to understand the different types of markets and how their conditions play into accurately pricing your home.

See the latest data on home sales, home prices, mortgage rates and more for your area here:

Regional Market Updates

What is a seller’s market?

The housing market is categorized as a seller’s market when demand for homes is greater than the supply on the market. With limited inventory, competition is high amongst buyers. This drives home prices up, decreases days on market, and often leads to multiple offers from buyers. These are ideal conditions for selling your home, given that buyers are forced to continually sweeten their offers to win out. For example, buyers are often more apt to remove contingencies from their offers in a seller’s market.

Common Real Estate Contingencies

What is a buyer’s market?

A buyer’s market is on the opposite end of the real estate market spectrum. It is usually defined as having six or more months of available inventory—meaning if no new homes were listed, it would take six (or more) months for all available listings to sell.

Because there’s greater supply than demand, there’s less competition among buyers, and it’s the buyer’s agents who often have the leverage during negotiations. Selling in these conditions emphasizes the importance of investing in improving your home before putting it on the market.

High ROI Remodeling Projects to Increase Home Value

A Black heterosexual couple meet with their real estate agent to sell their home. They sit at a coffee table. The agent is a young Black man. He carries a notebook filled with paperwork, a laptop, and real estate paperwork.

Image Source: Getty Images – Image Credit: kate_sept2004

Selling Your Home in a Balanced Market

A balanced market exists in equilibrium between a seller’s market and a buyer’s market. It is the middle part of the Venn diagram between the two; it shares certain aspects of each, but only dips its toes into both.

When your local real estate market is balanced, it’s important to approach the selling process with a realistic mindset. In a balanced market, bidding wars are less likely and the chances of buyers having complete leverage are slim. These conditions, however, are all the more reason to make your home stand out amongst competing listings. Making repairs, remodeling, and boosting curb appeal can all help attract buyers while increasing the value of your home.

When coming out of a seller’s market, it’s important not to panic when your local real estate market experiences a cool-down or a return toward balance. In a balanced market, there are still plenty of buyers actively seeking homes, albeit at a lesser pace. Even as aggregate home sales decline and days on market increase, these market conditions should not be confused with more extreme situations like the housing market crash of the late 2000s.

Our Chief Economist Matthew Gardner covers recent housing marketing conditions as they compare to the Great Recession. Read his analysis in two recent articles:

Working With an Agent to Sell Your Home

All these factors highlight the importance of working with your agent to accurately price your home in a balanced market. Real estate agents have access to the Multiple Listing Service (MLS), which gives them access to a huge network of data on available homes both present and historical. They’ll use this data to conduct a Comparative Market Analysis (CMA) to competitively price your home. To get started, connect with a local, experienced Windermere agent:

Featured Image Source: Windermere Real Estate

Sellers • March 7, 2023

Deciding to Sell Your Home

by Don Koonce

Deciding when to sell your home can depend on a variety of factors. Perhaps your local market conditions are favorable to sellers, or you’ve recently changed jobs, or your family is growing and you need to upsize. Whatever the case may be, making the decision to sell your home is the first step in your selling journey.

Deciding to Sell Your Home

Once you know it’s time to sell your home, it’s natural to feel a wave of emotions. A home is an integral part of a homeowner’s life. They provide countless memories and, for many homeowners, are their greatest investment. But once you’ve decided to sell, it’s important to look at your home with an objective eye to appeal to a wide variety of buyers.

Which repairs should I make before selling my home?

To get your house in top selling shape, identify its outstanding repairs. As you fill out your list, separate the projects into categories which are DIY-eligible and which require a professional. This will help you to budget for your overall repair expenses and build a reasonable timeline. Some of the most important repairs to make before listing your home include fixing appliances, making sure your sinks and faucets work properly, repairing any cracks or holes in the walls, fixing all leaks and water damage, and ensuring that all systems in the home are functioning properly. Making repairs before you list your home will bode well for home inspections, negotiations, and can even give your home an advantage over other listings. Your agent may suggest a pre-listing inspection to make your home more competitive in a seller’s market.

DIY Remodeling vs Professional Modeling

Which upgrades should I make before selling my home?

When you sell your home, you’re inevitably competing against other listings in your area. The aesthetics of a house play a significant role in its ability to catch buyer’s attention, which emphasizes the importance of improving your curb appeal as you prepare to hit the market. Landscaping projects, new exterior paint, and upgrading your front entry are just a few ways you can spruce up the outside of your home.

And what about the interior? Consider upgrading to energy-efficient appliances, which are known for their high ROI potential. This is a great time to repaint your home’s interior as well. Consider using a neutral color palette to make it as appealing as possible to a wide-array of buyers. It’s also a good idea to identify rooms in which the flooring should be replaced or repaired. When remodeling your home’s flooring, choose a material that is within budget and has good resale value.

Working With an Agent

Listing agents are trained professionals who work with homeowners to sell their homes. Your listing agent will be there to answer any questions you may have throughout the selling process and will negotiate with buyer’s agents to get the best price for your home. But their value doesn’t stop there. A listing agent will list the home, coordinate showings and open houses, and market the home. When searching for a real estate agent, find someone with whom you are compatible both emotionally and professionally, and who cares about the goals of you and your household.

What’s my home worth?

Homeowners can get a general idea of how much their home is worth by using online home value estimators, like Windermere’s free Home Worth Calculator. Though these tools can provide some context behind the value of your home, nothing compares to the in-depth analysis of an agent’s Comparative Market Analysis (CMA). Using a CMA, an agent can accurately price your home to get it sold quickly.

For more information on your local housing market and how to sell your home, connect with a Windermere agent today by clicking on the button below.

Featured Image Source: Getty Images – Image Credit: Inside Creative House

Buyers • March 2, 2023

Homeownership Terms to Know: Pre-Approval, Pre-Qualification & More

by Don Koonce

Throughout the home buying process, you’ll encounter several checkpoints. At every stop, you’ll get closer to the ultimate goal of purchasing your next home. Each one satisfies unique criteria required to become a homeowner, and each one has its own terminology. Before you begin your home buying journey, it’s helpful to know about pre-approval, pre-qualification, and proof of funds, and the role they play in a real estate transaction.

Homeownership Terms to Know: Rent-Back Agreement, Joint Tenancy & More

Pre-Qualification and Pre-Approval

What is pre-qualification?

Pre-qualification and pre-approval go hand in hand, but one precedes the other. Pre-qualification is a very early step in the home buying process leading to pre-approval. After sharing your financial information with your bank or lender, they’ll give you an estimate of the loan amount you can expect to qualify for. During this time, you’ll learn about the different home loans available to you to help you decide which is best. Pre-qualification usually only takes a few business days.

What is pre-approval?

A sibling to pre-qualification, pre-approval takes things a step further. Once you submit a mortgage application, you’ll provide your lender with the required information to perform a financial background check to assess your creditworthiness. You’ll get a pre-approval letter showing the lender’s offer of a specific loan amount, so you’ll know how much you can borrow. You’ll also get a better understanding of what interest rate you can expect to pay on your loan. Mortgage pre-approvals are typically valid for 60 to 90 days.

More information on the benefits of pre-approval and when to get pre-approved:

The Importance of Pre-Approval

Once you’ve gone through the pre-approval process, it’s helpful to know which homes you can afford. Use our free Home Monthly Payment Calculator by clicking the button below. With current rates based on national averages and customizable mortgage terms, you can experiment with different values to get an estimate of your monthly payment for any listing price.

A close up shot of a real estate agent presenting a pre-approval mortgage agreement to their client. There is a calculator, a key, and a small model of a house on the real estate agent’s desk.

Image Source: Getty Images – Image Credit: Thitiphat Khuankaew

What is a proof of funds letter?

Simply put, in real estate, a proof of funds letter is a document that proves to the seller that you have enough money available to purchase the home. Proof of funds letters may vary depending on the terms of the transaction. For example, if you’re making an all-cash offer, your letter will prove that you have enough liquid cash to complete the deal.

For more information on the home buying process, read our blog post on searching for a home:

How to Search for a Home: Buying Guide

Featured Image Source: Getty Images – Image Credit: mixetto

SOLD • February 28, 2023

SOLD: Renton Fairwood condo

by Don Koonce

14600 SE 176th Street #A5
Renton, WA 98058
$279,998

MLS #2027687
Beds: 2
Baths: 1
Days on Market: 1

Simply one of the best deals in the Renton Fairwood area! Large two bedroom one bath on one ground level condo. Corner unit with a large front yard, quiet, secluded with private access. Enjoin all the included amenities like a large swimming pool, athletes court, clubhouse, and more. Fully updated bath and kitchen, new engineering wood, ceramic tile flooring, newer water heater, insert heater, and all newer appliances. Low HOA fee, clean, and ready to move in.

Living • February 23, 2023

7 Tips for Cleaning Your Appliances

by Don Koonce

Your appliances help your home run like a well-oiled machine. But without the proper cleaning and maintenance, they can make your life more complicated. When thinking about the most helpful cleaning tips around the house, we often center our efforts on open, high-foot-traffic areas. However, spending some time cleaning your appliances will have your home feeling fresher than ever.

7 Tips for Cleaning Your Appliances

1. Cleaning Your Refrigerator

Your refrigerator is the lifeblood of your food supply. A clean refrigerator equates to fresher food and a healthier household. Start by clearing the shelves and bins so you can access the tough-to-reach spots and corners. Wipe everything down with soap and warm water or try an equal-parts mixture of vinegar and water as a cleaning solution. This is also a good time to reorganize your refrigerator to cut down on food waste.

5 Ways to Create a Sustainable Kitchen

2. How to Clean Your Microwave

One simple cleaning hack can have your microwave looking brand new. Fill a microwave-safe bowl or container with water and heat it up until it starts to boil. Turn off the microwave and let the heated water sit for at least five minutes, then safely remove it. By heating up the water, the food particles caked on the walls of your microwave will be much easier to wipe away. To eliminate germs, disinfect your microwave’s handle and buttons.

13 Appliance Tips & Hacks for Household Chores

3. Espresso Machine / Coffee Maker

If your coffee maker is kaput, your whole morning routine gets thrown off. Whether you use a stovetop coffee maker, French press, espresso machine, or a good old coffee pot, performing regular maintenance will decrease bacteria and mold growth. Periodically separate the removable parts of your coffee maker and wash them thoroughly with warm soap and water. If you have a coffee press, run the parts through the dishwasher occasionally to prevent buildup in the mesh.

How to Prevent and Deal with Mold

A closeup shot of a person’s hands. Wearing yellow rubber gloves, they clean the face of an electric stove and oven range.

Image Source: Getty Images – Image Credit: kirstyokeeffe

4. Dishwasher Cleaning Tips

If your dishwasher isn’t clean, your dishes won’t be either. Get it in pristine condition with a few simple cleaning tips. After cleaning all food scraps and gunk from the drain, wipe down the gaskets with warm soapy water. Though there are a variety of dishwasher cleaning products available, you can give your appliance a thorough deep cleaning with vinegar and baking soda. Fill a dishwasher safe container with one to two cups of vinegar and place it in the top rack. Run a cycle without dishwasher detergent nor other dishes. Once the cycle is complete, sprinkle roughly a cup of baking soda along the bottom rack and run another cycle.

A Guide to Going Low-to-Zero Waste

5. How to Clean Your Stove Top

No matter how tidy you are as you cook your stove top will collect debris and buildup from splattering oil, butter, and food particles. Throw on some rubber gloves and get ready to give it some elbow grease. Soaking food buildup with warm water will break it down and make cleanup easier. Use a hard plastic scraper to get your stove top totally clean. If your burners are removable, remove them and soak them in water to get them sparkling clean.

Gas Appliances vs. Electric Appliances

6. Cleaning Your Washing Machine

Seeing stains in your freshly washed loads of laundry? It’s time to give your washing machine some TLC. Fortunately, your washing machine can do most of the cleaning work itself. Add a little vinegar to the drum and run a cycle on your machine’s hottest setting. Many newer models come with self-cleaning features and higher energy efficiency ratings to save water on each load.

8 Tips for a More Energy Efficient Home

7. Dryer Cleaning Tips

Don’t forget about your dryer, too! Dryer maintenance is largely a matter of cleaning out the lint traps regularly (after each use) and vacuuming the mesh. Without proper maintenance, your dryer can get clogged, leaving your washed clothes damp. And if enough dryer lint builds up, it could start a fire.

Tips for Emergency Preparedness

For more helpful cleaning tips, read our blog post on commonly missed cleaning spots throughout your home:

6 Commonly Missed Cleaning Spots

Featured Image Source: Getty Images – Image Credit: dusanpetkovic

Real Estate Listings • February 22, 2023

NEW LISTINGS: Central District duplex + condo

by Don Koonce

402 20th Avenue
Seattle, WA 98122
$939,800

MLS #2037293
Beds: 4
Baths: 2
2,000 sqft
Days on Market: 4

Move-in ready duplex in prime location close to all the amenities in popular Central District. 2bed+sunroom each unit. Historically significant early 1900’s details supported by modern updates for comfort & efficiency. Soaring ceilings, picture rails, 5 panel fir doors, classic orig. millwork, all carefully preserved. Durable plank flooring, dbl paned windws, versatile-use sunrooms with eastern morning light, and full-size W/D in each unit. Updated electric/plumbing/6yr roof. Ideal owner-to-occupy with instant income stream! Nearly 6000sqft. corner lot, RSL zoning, Buyer to investigate/verify future development potential. Basement area w/ separate entry ready for finishing/building out more living space. Opportunity spelled with capital O!

Information provided as a courtesy only, buyer to verify. For more, go here.

827 Hiawatha Place S #301
Seattle, WA 98144
$445,000

MLS #2031215
Beds: 2
Baths: 1
Days on Market: 20

First-prize in-city location! Vibrant & modern industrial exterior with a border of tall quiet trees is within easy reach of a full menu of urban amenities. Open design, floor-to-ceiling windows, abundant Western light, new LVP flooring, light maple millwork & efficient storage combine to help the spaces live large. In-unit W/D, recroom and expansive view deck for big parties on 2nd floor. Secure garage, bike storage and 2 EV charging stations. Coffee shop, gourmet food & gifts, eateries, brewpub, gym nearly at your door. 10 metro stops in 4 blocks, -1mi to future Judkins LightRail, hiking trails, art galleries & so much more. Strong HOA, FHA Approved. Affordability + convenience = more money and time for doing & being what you love most.

Information provided as a courtesy only, buyer to verify. For more, go here.

Buyers • February 21, 2023

How to Search for a Home: Buying Guide

by Don Koonce

The right home is out there, you just have to find it. This may seem like an oversimplification of the home search process, especially for first-time home buyers who haven’t been through it before. But once you’ve figured out your budget and discussed your needs with your real estate agent, you’ll be off and running. Here is a quick guide to help you get started on your home buying journey.

How to Search for a Home

Which houses can I afford?

Before you go perusing pages and pages of listings online, you’ll want to know your budget. Remember that while a home’s listing price is the main character in the list of home buying expenses, it’s not the only cost you’ll encounter. Knowing the full spectrum of the costs associated with buying a home will help you paint a clear picture of what you can afford. Once you’re familiar with these costs, you can strategize ways to save money to buy a house and plan to make a down payment.

To get an idea of what’s affordable, use our free Home Monthly Payment Calculator by clicking the button below. With current rates based on national averages and customizable mortgage terms, you can experiment with different down payment amounts to get estimates of your monthly payment for any listing price.

Mortgage Pre-Approval

Another way you can supercharge your home search efforts is to get pre-approved for a mortgage. Pre-approval has several benefits for prospective home buyers. It helps you understand the different types of home loans available to you and what interest rate you can expect when the time comes to lock in your mortgage. It also streamlines the home buying process once you’ve found the property you’d like to pursue.

Image Source: Getty Images – Image Credit: Georgijevic

How do I find the right home?

Understanding your needs as a homeowner will help you narrow your selection pool. Before you start your home search, make a list of must-have and nice-to-have home features. This will inform your discussions with your real estate agent. Once they know what you consider a dealbreaker, they can pinpoint the right candidate homes.

Working with a Buyer’s Agent

So, where can you find available homes? Yes, driving around your neighborhood looking for “For Sale” signs is one way to go about it, but a vast majority of home shopping occurs online. Real estate websites like Windermere.com have advanced home search tools that allow you to filter by location, price, number of bedrooms and bathrooms, etc., plus helpful features like virtual tours, professional photography, maps, and more. Use our online search tool to get started:

What are the different house styles?

Familiarizing yourself with the different architectural styles will help to inform your home search. Understanding the differences between a Craftsman home and a Cottage home can make a big difference when you’re house hunting. Each style has its own unique characteristics, perspective on space, and flair. Knowing what kind of architecture and home design you’re drawn to will also help your agent conduct more efficient home searches.

Working with a Real Estate Agent

Your real estate agent will be your greatest resource during your home search. They have access to the Multiple Listing Service (MLS), the largest network of homes on the market. Your agent will use the MLS to create customized searches for available listings and can easily connect with sellers’ agents to coordinate next steps.

For answers to your home buying questions, connect with an experienced, local Windermere agent today:

Featured Image Source: Getty Images – Image Credit: mapo

Sellers • February 16, 2023

Simple Tips to Make Your Move Easier

by Don Koonce

Your needs as a homeowner change over time, and you need the right home to fit those needs. Accordingly, it’s highly likely that at some point in your future you will experience another moving day. While moving can be challenging, the following moving tips will make it easier. If you are remaining in your current area, your Windermere agent can continue to be a valuable resource on schools, utilities, transportation, recreational opportunities, and more.

If you are moving out of the area, your agent can help you with a referral to another reputable agent in your new community. Many agents also have relationships with real estate-related service companies in their area whom they can call upon for information regarding title, escrow, mortgages, temporary housing while you sell your home, and moving services. They can also help guide you in your search as you learn more about new communities and relocation services.

Preparing to Sell Your Home: A Complete Checklist

Helpful Moving Tips

Once you have decided to sell your home, it’s time to gather information and get organized. Begin by creating a “moving” file to keep track of your estimates, receipts, and other pertinent information. If you’re moving for a job, some expenses may be deductible, so you’ll want the paperwork when tax time comes.

If you are moving out of the area, start researching your new community and ask your agent for help in finding a referral agent. You’ll also want to determine whether you want to rent first or buy immediately. Your new agent should be able to help you with your decision. Once you know where you’re going, you’re also ready to get estimates from moving companies.

You’ve Decided to Sell Your Home—Now What?

A middle-aged Caucasian woman explores quotes from moving companies on her phone in her living room. She is surrounded by moving boxes.

Image Source: Getty Images – Image Credit: svetikd

Moving to Your New Home

After you have chosen a moving date and either hired a moving company or reserved a rental truck, it’s time to wrap things up in your old neighborhood and start establishing relationships where your new home is located. This is particularly important if you are moving to a new town/city. You may want to ask your current doctors, dentists, etc. if they have any referrals on care providers in your new location. Be sure to check their recommendations on your insurance company’s online provider search list. Once you arrive, you may also want to ask new coworkers, friends, or the school nurse for their recommendations.

Contact your children’s school and/or day care and arrange for their records to be transferred. Call your insurance agent about homeowners insurance coverage. Remember to contact utility companies to disconnect, transfer or end service in your current home and turn on service in your new home.

You’ll want to file a change of address form with the U.S. Postal Service, either online or at your local office. If you don’t know your new address, have them hold your mail at the post office in your new locale. Don’t forget to cancel or transfer magazine and newspaper subscriptions as well.

If you belong to a health club or other association, contact them about ending or transferring your membership. Some clubs require written notice before cancellation. Finally, contact your bank or credit union to transfer or close accounts; if you have a safe-deposit box, don’t forget to clean it out before you leave.

Preparing for Moving Day

With moving day in sight, it’s time to get organized. Here are a few moving tips to check off your list before you start packing:

Tie up loose ends. Be sure to send out an email or change of address cards with your new contact information to family, friends, and associates. Return library books and any other borrowed items you may still have.
Triage your possessions. Determine what you are taking with you, what you are giving away to friends, family, or a favorite charity, and what is going to the dump or recycling center. If you have time, you can hold a garage sale or post items for sale online.
Clean up. Drain all gas and oil from your mower, other machinery, gas grills, kerosene stoves and lamps, etc., before loading them onto a moving truck. Empty, defrost, and clean your refrigerator at least 24 hours before your move, and prepare other appliances for moving as well.
Have your car serviced. This is especially important if you are driving to your new home.

Moving Tips: Packing Strategies

If you are doing your own packing, start collecting boxes and/or buy them from your movers. It may take a few days to do your packing, so be sure to pack non-essential items first and label them carefully. If you have any valuables, it’s recommended that you take them with you as opposed to packing them. You risk the chance of losing those items if they’re packed away in boxes. It’s also smart to take along a box of essentials, including items such as toilet paper, paper towels, tape, soap, scissors, pens, paper, and your toiletries. That way you won’t have to track these items down once you’ve arrived in your new home.

For more information on how to make your move easier, visit our Moving Checklist here:

Moving Checklist: A Step-by-Step Guide

Featured Image Source: Getty Images – Image Credit: Edwin Tan

Living • February 14, 2023

Pros and Cons of Living in a Penthouse

by Don Koonce

Penthouses take the luxury lifestyle to new heights; they boast the best views in the city, offer unparalleled exclusivity, and often include outdoor spaces not typically found in other units throughout the same building. These perks, however, come at a cost. For those considering renting or purchasing a penthouse, the following information will help to inform your discussions with your real estate agent.

What is a penthouse?

At its core, a penthouse is a luxury apartment/condominium. Located on the top floor of an apartment building, condominium complex, hotel, or tower, its luxury features differentiate it from the building’s lower-level units. The living space of a penthouse is usually set back from the building’s outer edge and the remaining square footage of the roof deck is typically used as a yard, hot tub, pool, outdoor kitchen, etc.

Pros

The View: Even in a densely populated metropolitan area, living in a penthouse is your best chance at an unobstructed view of the city. Perched above the vast majority of other apartment and condominium buildings, a penthouse provides a bird’s eye view of your surroundings without being blocked by neighboring units.
Indoor and Outdoor Space: A penthouse is more than a luxury apartment; it’s your own private outdoor terrace. With access to the outdoors, you have more room for your favorite at-home activities, plus an array of entertaining opportunities. Penthouses are typically designed with open-concept floorplans which emphasize their extra square footage. For those looking to increase their living space while remaining in the city, a penthouse may be the perfect solution.
Privacy: Because penthouses only have neighbors below them, a penthouse floor sees fewer visitors than the lower floors in a building. Some penthouse floors have a separate, private entrance for added security.

Cons

High Price: Gaining access to this exclusive lifestyle is expensive. The high price tags reflect its unique characteristics: being far away from street noise, having more square footage and outdoor space, added privacy, etc. In some places, the costs to purchase or rent a penthouse can outpace the average monthly mortgage payment for a single-family home in the area, especially if you have Homeowners Association (HOA) fees tacked on.
Home Maintenance: Having more indoor and outdoor space means there’s more to maintain. Owning or renting one of these units comes with a longer to-do list than a smaller apartment or condominium. You’ll either have to carve out additional time for upkeep or consider hiring a professional to clean your home regularly.

Work closely with your real estate agent to determine whether renting or purchasing a penthouse is right for you. Learn more about other housing types and the differences between them here:

House vs. Townhouse vs. Condo

Featured Image Source: Getty Images – Image Credit: skynesher