Many apartment complexes now market themselves as “luxury” to justify high property prices and rents, but sometimes that label is just a marketing strategy.
Marketplace reports say the term “luxury” is unregulated, so you may not be getting what you think you’re paying for.
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“‘Luxury’ is often confused with ‘fine,'” John Walkup, co-founder of real estate data analytics firm Urban Digs, told GOBankingRates. “Just because an apartment is listed as ‘luxury’ doesn’t mean it’s really luxury.
“True luxury is about the total package, not just surface-level aesthetics.”Ideally, luxury real estate offers timeless design and superior amenities in an enviable location. We need to provide the highest quality architecture.”
Here are some important signs that a “luxury” apartment is not worth the high price.
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thin walls
Before signing on the dotted line, spend some time inside the apartment and make sure you can’t hear your neighbors.
“Privacy is a must at the top,” Walkup said. “If you can hear your neighbors watching Netflix, you’re not in a luxury building.”
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laminate flooring
If the builder skimps on the flooring, it’s not a real luxury apartment.
“Yes, they may look nice, but they lack the charm and sophistication of solid wood or engineered wood floors,” Walkup says. “If the floors are peeling, your apartment is probably not luxurious.”
Low-end appliances, materials and supplies
When it comes to appliances and final finishes, quality is key, especially in the kitchen.
“The heart of the home is the kitchen, and kitchens in luxury apartments should be custom designed,” says Jennifer M. Roberts, a broker at Coldwell Banker Warburg.
“Particularly important in the kitchen are the countertops and backsplash,” she said. “If it’s synthetic marble instead of real marble or quartz, that’s a clear sign that the apartment isn’t worth the asking price, and even though the rest of the apartment looks authentic, it’s actually shoddy. This is a clue that there is an alternative. “
Walkup said it focuses on specific brands that represent true luxury brands.
“Our luxury units feature top brands such as Miele, Sub-Zero and Wolf, are constructed using premium materials such as marble, granite and quartz countertops, and feature top brands such as Franke, Dornbracht and Kohler. “It includes sophisticated and durable fixtures,” he said.
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No laundry in unit
Especially if you’re buying an apartment with the intention of reselling it, you shouldn’t pay a “luxury” price for a unit that doesn’t include a washer and dryer.
“For New York City, especially co-ops, installing an in-unit washer/dryer can command a price premium, adding up to 7% to value in some cases, increasing long-term resale appeal. ” Walkup said.
Lack of amenities
The facilities are a hallmark of a luxurious building.
“In addition to gyms and lounges, think rooftop decks, outdoor kitchens, screening rooms, spas, and sports courts for the right luxury buildings,” says Walkup. “If a gym is a treadmill in the basement, it’s not in a luxury building.”
Insufficient closet space
True luxury apartments feature ample closet space, including at least one walk-in closet.
“If your apartment has a small closet that doesn’t fully accommodate your belongings, it’s not worth the high price tag,” Roberts says. “People don’t even want to start building closets or rent storage space somewhere.”
Cheap manufacturing or not enough windows
Windows can also tell a lot about the overall quality of the apartment.
“An apartment with very few windows is also a sign that the apartment isn’t worth the premium,” says Roberts. “No one would consider an apartment to be a luxury apartment unless it had lots of windows and was bright and airy.”
The quality of the window itself is also important.
“What are they made of? (Are they) double-glazed or single-glazed?” said Coldwell Banker Warburg broker Azina Dekiziev. “Double-glazed windows are great for insulation and noise control. Windows in high-end homes may also have UV protection.”
GOBankingRates Details
This article originally appeared on GOBankingRates.com: 7 important signs that a “luxury” apartment is not worth your money
