7 Key Signs a ‘Luxury’ Apartment Isn’t Worth the Money

Many apartment complexes are now marketing themselves as “luxury” to justify high listing and rent prices — but sometimes the label is just a marketing ploy.

According to a Marketplace report , the term “luxury” is not regulated, so you may not be getting what you think you are paying for .

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“‘Luxury’ often gets confused with ‘nice,'” John Walkup, co-founder of the real estate data analysis company UrbanDigs , told GOBankingRates. “Just because an apartment is listed as ‘luxury’ doesn’t mean it’s truly luxury.

“True luxury is more about the total package than just surface-level aesthetics. Ideally, luxury real estate should offer top-quality construction with timeless design and exceptional amenities in an enviable location.”

Here are some key signs that a “luxury” apartment isn’t worth the higher price tag .

Money mistakes the super wealthy never make - that you might be doing now.

Thin Walls

Before signing on the dotted line, spend some time in the apartment to ensure you can’t hear the neighbors.

“Privacy is de rigueur 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 skimped on the flooring, it’s not a true luxury apartment.

“True, it can look nice, but it lacks the appeal and refinement of solid or even engineered wood floors,” Walkup said. “If your floor is peeling, your apartment likely isn’t luxurious.”

Low-End Appliances, Materials and Fixtures

When it comes to appliances and finishing touches, quality matters — especially in the kitchen.

“The heart of the home is the kitchen, and kitchens in luxury apartments should be custom-designed,” said Jennifer M. Roberts , a broker with Coldwell Banker Warburg.

“Especially important in the kitchen are the countertops and backsplash,” she said. “If they are faux marble rather than actual marble or quartz, it’s a definite sign that the apartment is not worth its asking price, and a clue that other areas of the apartment may look like the real thing but, in reality, are a poor substitute.”

Walkup said to keep an eye out for certain brands that indicate a true luxury unit.

“Luxe units feature top brands, like Miele, Sub-Zero or Wolf, are built using high-end materials like marble, granite and quartz countertops, and include sleek, durable fixtures from brands like Franke, Dornbracht or Kohler,” he said.

No In-Unit Laundry

Particularly if you are buying an apartment with the plan to re-sell, you should not pay a “luxury” price for a unit that does not include a washer and dryer.

“For NYC, especially co-ops, having an in-unit washer/dryer can command a premium — sometimes adding up to 7% more value — and add to the long-term resale appeal,” Walkup said.

Lack of Amenities

Amenities are a hallmark of a luxury building.

“A proper luxury building should include thoughtful amenities beyond a gym or lounge — think roof deck, outdoor kitchen, screening room, spa, sports courts, etc.,” Walkup said. “If the gym is a treadmill in the basement, you’re not in a luxury building.”

Insufficient Closet Space

A true luxury apartment will have ample closet space, including at least one walk-in closet.

“If an apartment has tiny closets that can’t fully accommodate one’s belongings, it’s not going to be worth a high price,” Roberts said. “People don’t want to start building closets or even rent a storage space somewhere.”

Cheaply Made or Not Enough Windows

The windows can also tell you a lot about the overall quality of an apartment.

“Another sign an apartment is not worth the premium is one with few windows,” Roberts said. “No one is going to consider an apartment luxury if it’s not light and airy with plenty of windows.”

The quality of the windows themselves also matters.

“What are they made of? [Are they] double or single pane?” said Adjina Dekidjiev , a broker with Coldwell Banker Warburg. “Double-pane windows provide better insulation and noise control. Some luxury homes’ windows have UV protection as well.”

This article originally appeared on GOBankingRates.com : 7 Key Signs a ‘Luxury’ Apartment Isn’t Worth the Money