Penthouses For Sale in Gozo

What can one expect when buying a penthouse?

Penthouses are always found on the top floor of any building, or the top two floors in the case of a duplex penthouse. The uppermost floor is traditionally set back both in the front and back, providing space for outdoor living and entertainment. Due to the elevation, penthouses usually provide panoramic views of its surroundings and are favoured by business people, singles, young professionals and the international set.

Airspace

Penthouses will often be offered with the option of buying the airspace rights as well. Purchasing the airspace can be a wise move, as it will assure that no-one will be able to build on top of your penthouse. Take note that if you buy the airspace, you will also have to allow residents in the same block access to part of the roof, for instance when they need to have their water tanks inspected, repaired or replaced. Also make sure that you are fully aware of the usage rights of the roof, as some apartments on the lower floors may have been bought with part use or ownership of the roof. Usually, when you buy the airspace, you will be responsible for maintenance of the roof such as seeing to it that the roof has no leaks. Always discuss this in detail with your estate agent and get everything in writing before committing to a sale.  

A penthouse offers an exclusive location

Penthouses, no matter where they are located, provide a setting that is far above the crowds, one that is quiet and sheltered. Due to its rooftop setting, penthouses are often very modern with luxury finishes. Some penthouses may come with pools, Jacuzzis and some even have gardens or green spaces. Penthouses command premium rentals and are in demand by those who want a place to stay in the middle of it all, but away from it all. If it is exclusivity, views and glamour you are after, a penthouse is definitely for you.

The Condiminium Act

If an apartment block has more than four units, it needs to be managed by an appointed administrator or property manager. All owners of the block automatically become members of the association and will have to contribute towards annual audit fees, maintenance of the common parts and more. Always ensure you know how much the fees are and what your responsibilities are. It is always wise to ask for the latest audit report so you can ascertain the state of liquidity of the association or apartment block.