Does a Great View Add to the Value of My House?
Take a look out of your windows, what do you see; an open green area or do you look out over a city skyline? The view from your home can add value when you are trying to sell but how much does it really add?
Views can be hard to quantify since it depends heavily on the house’s location. If you live in New York a window that looks out over a park is going to add more value than a country home with a view of the same park.
Other things to consider are obstructions to the view like buildings or trees that will prevent you from taking in the scenery. Beach houses provide the best examples of how obstructions can lessen a view and lower the price. A house located right on the beach where you can see the waves rolling in and the sun hitting the water is worth more than a house where you have to hang out the window and turn your head before you see the water.
For those looking to sell, there is a percent scale on how much to add to your asking price.
- 5 – 10%: If your home is a one-story on flat ground with views of parks or other open spaces you can add 5 – 10% to the final price depending on the area.
- 10 – 30%: This is where the scale begins to complicate. Homes that are located on the sides of hills with views partially obstructed by neighbors rooftops or trees are worth about 10 – 30% more than ones without.
- 30 – 50%: Picture the same house on the hill with the same view but take away the obstructions. This will increase the homes value 30 – 50%.
- 50 – 75%: Homes located on top of hills with unobstructed city or green space views can fetch a price of 50 – 75% more.
- 75 – 100%: These are the dream houses with views that are amazing no matter what city the house is in. The views from these houses are of open lakes or the ocean, somewhere open with no obstructions to be seen can increase the price up to 100% of the base value.
When buying a home keep in mind that views can change for better or worse and the people selling might not be aware of the potential changes. Find out if your view will be protected against any high-rise towers being constructed. Look at the design of the house to see where you might be able to put in a window to better take in the scenery. As always when home buying or selling, do your research. Compare the price of the houses around yours with the same view to make an estimate.
Homes with stunning views are in short supply but even looking at an open field can be better than opening up your curtains and seeing a brick wall. Making sure that your house is fixed up and looking nice is important but don’t discount the views when you make your final price assessment.
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