Challenges of buying a home in Skyscrapers

Buying a home in a skyscraper can offer many advantages, like stunning views, premium amenities, and enhanced security. However, it also comes with a unique set of challenges that potential buyers should be aware of:

1. Higher Costs and Financial Implications:

·       Premium Price: Homes on higher floors often command a premium price due to better views and privacy.

·       Higher Maintenance Fees (HOA/Strata Fees): Skyscraper living involves significant ongoing costs for maintaining shared facilities like elevators, security systems, common areas (lobbies, gyms, pools), and external building upkeep. These fees can be substantially higher than those for low-rise apartments or independent houses.

·       Assessments: Even with regular maintenance fees, owners may face additional "assessments" for major building upgrades or unforeseen repairs (e.g., roof replacement, facade repairs, system overhauls). These can be substantial and unexpected.

·       Utilities: Depending on the floor and building design, higher floors might experience more extreme temperatures (hotter in summer, colder in winter) requiring more energy for heating and cooling, leading to higher utility bills.

·       Property Taxes: These are usually rolled into the monthly fees in co-ops, but for condos, you'll pay them separately.

2. Emergency Concerns and Safety:

·       Evacuation Challenges: In emergencies like fires or power failures, evacuating from higher floors can be challenging and time-consuming, especially for the elderly or differently-abled, due to reliance on elevators. While modern skyscrapers have advanced fire safety systems and protocols, the sheer height can complicate matters.

·       Elevator Dependency: Daily life heavily relies on elevators. Breakdowns, maintenance, or peak hour congestion can lead to significant delays and inconvenience.

·       Wind and Weather Exposure: Higher floors are more exposed to stronger winds, intense sun, and storm-related issues, which can impact comfort and potentially lead to external damage or seepage if the building's exterior is not properly maintained.

·       Earthquake Vulnerability: While modern skyscrapers are designed to be earthquake-resistant, taller buildings can still experience more significant swaying during seismic activity.

3. Lifestyle and Privacy Issues:

·       Less Direct Connection to Nature: Unlike homes with yards or ground-level access, skyscraper living offers limited direct connection to outdoor spaces. Balconies might be small, and communal green areas, if available, may not fully compensate.

·       Noise from Neighbours: Despite being high above street noise, shared walls and close proximity to many other units can lead to noise from neighbours (footsteps, voices, appliances). Soundproofing quality varies significantly between buildings.

·       Overcrowding: High-density living means sharing common areas like lobbies, gyms, and pools with many residents, potentially leading to overcrowding during peak times.

·       Building Regulations and Rules: Homeowners' associations (HOAs) or cooperative boards often impose strict rules regarding various aspects of living, such as pet ownership, balcony usage, renovations, and guest policies. This can limit personal flexibility.

·       Lack of Propinquity/Community (for some): While some buildings foster a strong community, others can lead to a sense of isolation as residents may not frequently interact with neighbours beyond incidental elevator encounters.

4. Resale and Investment Considerations:

·       Niche Market: High-rise properties might have a narrower resale market compared to traditional homes, potentially affecting liquidity and resale value, especially for units on very high floors which might not appeal to all demographics (e.g., families with young children or elderly individuals).

·       Developer Credibility: It's crucial to research the developer's track record, construction quality, and adherence to safety and legal norms. Poor construction can lead to significant issues down the line.

·       Legal Due Diligence: Thorough checks of legal ownership, building permissions, RERA registration (in India), and contract terms are essential to avoid future disputes or financial risks.

5. Maintenance and Structural Challenges:

·       Complex Maintenance: Maintaining the intricate systems of a skyscraper (HVAC, plumbing, fire suppression, and structural integrity) is a complex and costly endeavour.

·       External Repairs: Repairing or cleaning the exterior of a skyscraper is a specialized and expensive task, with costs typically shared among residents.

Before buying, it's vital to carefully weigh these challenges against the perceived benefits and ensure the building has reliable infrastructure, robust safety systems, and a well-managed association with adequate reserves for future maintenance.

Article by Smitha Krishnamurthy