As more and more cities in Pakistan opt for vertical expansions, buying a flat in a high-rise building is rapidly becoming a possibility for many people who’ve never had to consider the decision before. While apartments are considerably cheaper and thus, affordable for a larger group of investors, there’s also the fact the vertical expansion allows builders to accommodate several families within a single plot, resulting in more investment potential overall. One major concern as an investor is to decide which floor to buy an apartment on.
Irrespective of whether you’re planning to live in the flat or will be reselling it shortly, choosing the right floor in an apartment building is a decision that should not be taken lightly. Having a flat on the right floor can boost your rental yield, give your better returns, cost you less in terms of initial investment, and a lot more.
So what are the major factors to consider when you’re buying a flat in a high-rise building and how does the positioning of the flat affect your decision? Let’s find out.
Which Floor to Buy an Apartment On? The Decision Made Easy!
If you’re having a hard time choosing the right floor in an apartment building, we’re here to tell you that you’re not alone. Plenty of people in Pakistan face the same dilemma, especially now that the Lahore Development Authority (LDA) has also amended its building regulations in favour of high-rise construction. So, here are the considerations that can help you decide which floor to buy an apartment on:
- Rental yield
- Cost of the apartment
- Ease of access
- Natural light and ventilation
Choosing the right floor in an apartment building can be made fairly easier with these factors. Now, we’ll elaborate a bit more on each of them.
Higher Floors = Better Views
That’s always been the formula for getting the most scenic views from your windows and balconies. But the decision depends entirely on where the apartment building is located. Look out the windows when you tour potential flats for investment and determine whether you’d be more than happy waking up to this view every morning. If that’s a yes, go for it!
It has generally been noted that renters often prefer apartments closer to the ground. One reason for that is the convenient access they offer to the ground floor. Another reason is that if your renter used to live in a house previously, they’d probably prefer being as close to the ground as possible in a rental flat. Moreover, since high-rise buildings are still a fairly new concept in Pakistan, few families would be comfortable moving into the top-most floors, unless they love the views as much as you did. All of this means better chances of securing tenants for apartments on the lower or middle floors rather than the highest ones.
While there are a lot of benefits associated with buying a flat in a high-rise building, investing in an apartment on the lower floors might not be a wise decision, especially if the residential tower is located in a crowded or busy part of the city. This is because noise carries upward and people on the first, second or even third floor, might have to bear noises coming up from the streets below.
The higher you go, the more private your apartment will become. Upper floors in high-rise constructions are generally quieter in terms of foot traffic as well as street noises. There will also be fewer people peeping into your home from neighbouring buildings and you’ll be able to sit in your balcony in complete privacy.
Deciding which floor to buy an apartment on is tough, but the investment should never be made at the cost of the safety and security of your family. Even if you get a good deal, avoid buying some of the lowest flats unless the complex is really secure and well monitored, because lower floors are a potential security risk and have a higher potential of break-ins and thefts. However, if you’ve got your heart set on buying that first floor flat, you can tackle this the security concerns by adding iron grills to all your windows and balconies and reinforcing your wooden apartment door with a second metallic door.
Cost of the Apartment
Higher flats come with their fair share of advantages but better value for money is generally not among them. Apartments on higher floors generally cost more, with penthouses being the crowning jewel in most residential complexes. Living in a country like Pakistan where the summers are hot and humid, an apartment on the top floor will also add to your electricity bills due to the need for air-conditioning.
Ease of Access
Most of the new residential high-rises are being built with high-speed lifts, as well as backup power generators to keep the lifts working in case of a power outage. This makes it very easy to access the higher floors in a matter of minutes, but there are several concerns here to consider. How many elevators are there in comparison to the number of residents? Will you be standing in long lines every day? Does anybody in your family have a disability that could make it harder for them to reach a higher floor? Most investors might prefer higher apartments since they have more demand at the higher end of the market, but families who are looking for a new home might prefer something with more convenient access so that they can take the stairs if the generator backfires on them at any point in time.
Natural Light and Ventilation
If you want natural light flooding into your windows and a light breeze to blow in from the west, consider the top-most floors when buying a flat in a high-rise building. Lower floors have limited access to light and air, especially in densely populated areas of the city. Upper floors also face fewer intrusions from houseflies and mosquitoes.
Deciding which floor to buy an apartment on is easy, once you know just what to consider before making your investment. Keep the above factors in mind as you buy a new flat in a high-rise complex and you should be good to go! Don’t forget to inspect the apartment building before moving in, so that you invest in a property that is well worth the money!