Colorado | Can a Good View Improve a Home's Value or Selling Potential?
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Different people have different ideas on what constitutes a good view and these ideas often depend on the location in which you live. For some people, the ideal location to live in could be on the waterfront, and for others it could be in the middle of the woods surrounded by trees. Another category of homeowners could consider that the ideal house should provide a view of the mountains. No matter what your personal views, it is more than likely that a house with a great view is going to be priced at a premium.
The value that a great view adds to a house naturally depends on the type of view and location of the house. The view may consist of a seaside view, a mountain panorama or just a clear view that is not restricted that by any type of construction or other obstruction. There are some rules of thumb that you can use to determine the value but you first need to know the value of the house if it had no view at all.
In an ideal situation, you should be able to establish the value by finding two identical houses of which one has a view and the other does not. You can attribute the difference in value to the view that is offered but unfortunately, this is extremely difficult to implement in practice. The only other way to achieve this is to identify the contributing factors and assign a premium to each one. This way, it should be possible to identify the value added by different types of views.
Using this commonsense principle, an unobstructed ground-floor view is not spectacular and can be expected to add between 1% and 3% to the value. A rooftop view is a little more attractive and you can expect a value addition of up to 5%. Generally speaking, the greater the height, the more the value. An unobstructed view from say a house situated on top of a small hill or at an elevation so that you can see all around can fetch a premium of between 5% and 10%. The same kind of view from a much greater height can be expected to add value up to about 12% but this would depend on the location. This kind of view in a place like New York City could be immensely valuable. Finally, a great view of a large water body like a lake or river could provide a substantial increase in the value. Depending on the details, you can expect to see a premium of up to 80%.
Article Source: Articlelogy.com
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