There’s location, and then there’s the view…
The View from Your Living Room
Finding a house with a fabulous view can be difficult for a home buyer to resist. Waking up to see the waves crashing on white sand, mountains, or even city lights from the comfort of your home comes at a price. The hard part is figuring out what that price is and if it’s worth it. Working closely with your real estate agent can help you find the desired view at a price that works for your pocket. Five major views affect property value. Let’s look at those.
Ground Level – Unobstructed View
A ground-level view means that your home is on the same level as many other properties around you. But you have the advantage of having a view that allows you to see an ample, non-residential space such as a park or forest. This view is sometimes less desirable due to the lack of a “wow” factor but still increases a home’s value. Experts say that a good view can increase the value of a home by close to 3%.
Rooftop – Partially Obstructed View
A rooftop view suggests seeing almost over all other properties surrounding your home, but a few partially obstruct your view. Generally speaking, the higher you are, the more value the view can add to your home. A partially obstructed view can raise your home value by an additional 5% – 8%.
Unobstructed View from Medium Elevation
Does your home sit atop a small hill? If so, this is for you. With this view, you can see all areas around your house without obstructions but aren’t high enough to see far beyond the small community. Only being able to see a few houses down does not command the same prices that an open-air view will. This view could increase your value by 8%.
Unobstructed View from High Elevation
This view is much preferred over the view mentioned above from a medium elevation. Seeing a wide vista from the comfort of your home can add significant value. Your value here has multiple factors. It truly depends on what you see and where you see it. An unobstructed view in Omaha will not be as valuable as an unobstructed one in New York City. And the view itself will be a determining factor. Are you on the water, or do you have a panoramic view of the city? Working with a real estate agent will help you determine the value of your specific view.
Unobstructed Water View
The biggest attraction of a view continues to be a large body of water. The value of a piece of property can increase a considerable amount whether it is located by a bay, lake, river, or ocean. The view needs to be unobstructed. And if it can be seen from multiple rooms, the better! Who wouldn’t want to wake to see the waves crash on the white sand or soft clouds roll over the lake?
Pricing a view, however, is not an exact science. As more and more properties are bought, and homes are built, the chances of finding a great view are becoming more difficult. There seems to be one feature of a home, condo, townhome, or apartment that has nothing to do with the footprint of the property itself or even what’s inside. It’s the view! Your view can make a significant difference in your property value.
Jim McInerney Real Estate is the region’s most innovative real estate company, representing spectacular properties and selective home buyers. Providing exceptional real estate services in a unique luxury market like Southern California is an endeavor we perform with professionalism, integrity, and a lifetime of local knowledge on behalf of our clients. For decades, we’ve been here to help clients either sell or find and acquire their dream home while sharing in the excitement and protecting them from the stressors of the process. Call us today, we’ve got the Native Knowledge you need!
7863 Girard Avenue, Suite 208
La Jolla, CA 92037