Many people dream of owning a luxury apartment in a prime location in Lahore. With the rise of urbanization, affluent people are seeking to transform their lifestyle, which usually starts by changing the place where they live, relax, and grow. It is no other than their home.
But there is a catch: the cost of a luxury apartment is much higher than that of normal flats. Are luxury flats worth it? Do the amenities and facilities they offer align with the price they charge?
Before you take the plunge, it is crucial to consider all these factors so that your hard-earned money is invested in your favor.
This blog answers all the questions that linger in your mind about whether you should stay in high-end apartments.
So, stick to the end.
What is a Luxury Apartment?
As its name suggests, a luxury apartment is a modern, lavish, and high-end space equipped with multiple amenities aligning with current-age preferences. It is usually located in a prime location of the city and designed to reflect an extravagant lifestyle that goes beyond the ordinary.
Matchless aesthetics and enhanced functionality characterize high-end apartments. A typical example of a luxury apartment in Lahore is a residential unit in Pearl One Courtyard.
It boasts elegant décor, high ceilings and high-quality furnishings,
When compared to normal residence, the cost of a luxury apartment is quite high.
Pros And Cons Of Luxury Apartments:
Whenever we make a hefty purchase, it is important to consider both its pros and cons and buying luxury apartments is no exception. This section thoroughly explores its upsides and downsides, illuminating whether you should invest in them or not.
Pros Of Luxury Apartments:
Calling a luxury apartment home comes with a number of benefits. They usually feature modern finishes, high-level security, quality fixtures, and comfort that is not present in regular apartments.
The core benefits that luxury apartments offer are the following:
1-Wide Space And Lavish Design:
Say the name "luxury apartment," and open spaces and high ceilings quickly spring to mind. Large windows and capacious balconies are the norm, allowing residents to make use of the area by placing furniture here.
Large spaces not only allow free movement but also prevent the downsizing of personal belongings when shifting from a normal residence to a luxury space.
Wide spaces give a natural feeling and have a positive impact on mental and physical well-being. In addition to offering wide spaces, luxury apartments reign supreme in design. Modern architecture, Spanish-designed washrooms, and classic layouts welcome residents, making them feel like they are living a life of luxury.
2-Latest Amenities:
Unlike ordinary apartments, which only provide a decent dwelling, luxury apartments go beyond ordinary, offering modern and lavish amenities all rolled into a single complex. Modern amenities include infinity pools, fitness centers, gyms, spas, secure car parking areas, well-maintained gardens, ultra-fast elevators, and roof-top recreational areas.
In Bahria Town, Lahore, Pearl Courtyard One, ABS Mall, and residency luxury apartments feature premium amenities that are worth the investment.
All these amenities promise a lifestyle that radiates comfort, class, and sophistication.
3- Secure Environment:
Amidst Pakistan's increasing crime rate, affluent people are looking for homes equipped with amenities situated in secure areas. Luxury apartments are usually located in prime locations and have higher security than normal flats. Proper 24/7 camera surveillance and state-of-the-art security alarms ensure that you live a carefree life with your belongings and valuables completely preserved.
Since the cost of your life and belongings trumps everything else, investing in luxury apartments really pays off. Of course, the concept of a luxury life is only meaningful once your surroundings are completely safe.
To this end, luxury residential apartments are surrounded by robust and secure boundaries and entrances and have separate quarters for security guards and surveillance rooms.
Bahria Town is considered one of the secure places to have luxury apartments in Lahore.
4-Enhanced Rental Value And Best Investment Opportunity:
Apart from offering amenities, luxury apartments are a great investment opportunity in the long run. Premium amenities, prime locations, and modern design attract budding professionals and affluent people seeking to transform their lifestyles. Renting out luxury apartments is a sustainable source of income, helping to accumulate a decent amount of health.
Buying luxury apartments and then renting them out yields handsome profits.
If selling out the apartments catches our fancy, rest assured that they will fetch high margins of profits, even 3-4 times more than normal residences. The attributes of a luxury apartment make it a good investment opportunity.
Cons Of Luxury Apartments
Just as luxury apartments come with several benefits, they have a fair share of disadvantages as well:
1-High Initial Cost:
Premium living comes with a hefty price tag. Where it offers a modern lifestyle and state-of-the-art facilities, it also puts a heavy dent in your bank balance. On top of the actual cost, a monthly gym membership, a swimming pool, and dining in hi-fi restaurants cost a pretty penny. If you are the one with a tight budget or have saved bucks for the tough times, buying luxury apartments might not be worth your money.
2-Personalization Restrictions:
A major disadvantage of buying a luxury apartment is for those who are fond of customizing their residence. Luxury apartments come pre-furnished with a pre-set design and theme, restricting customization.
So, if you love to tweak design and layout, change the color palette, and add an interesting aspect to the dwelling, then high-end apartments are not for you.
Not having the freedom to add a personal touch to the décor and design of the apartment makes one feel like they are living in someone else's home.
Although personal adjustments are restricted, you can still exercise some liberty here: You can replace the existing furniture to add a pinch of personalization.
3-High Maintenance Cost:
Last but not least, luxury apartments require extensive maintenance. Due to their spacious size, features, amenities, and location, keeping them high-end could cost a boatload of money.
Maintenance companies charge even up to several lacs for the upkeep of these apartments. As a flat owner in these housing societies, you must always race yourself for yearly renovations, scheduled taxes, high insurance premiums, house fixtures, and utility bills.
The Bottom line: Are Luxury apartments worth the investment?
Concluding this blog on a clear outcome is not easy at all, as luxury apartments come with a fair share of advantages and challenges as well. Investing in luxury apartments is highly lucrative when you are financially qualified and have the budget to pay scheduled costs related to taxes, renovation, and maintenance.
Luxury apartments pay high dividends in terms of profits when sold out or rented.
On the contrary, if you are on a tight budget and have reserved finances for the future, it is better to avoid investing in buying this lavish residential facility. In this case, luxury apartments are not worth the investment.