How much is a view worth when talking about real estate values?
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There's an old Broadway play and movie classic, which starred Jane Fonda and Robert Redford, "Barefoot in the Park," about newlyweds in New York. Fonda is manically enthusiastic about impressing her new hubby with the apartment they've rented, supposedly a prime Manhattan location-located on the fifth floor of a brownstone. Redford asks about the view that was promised. Fonda assures him that it's there-if you stand up on the bathroom ledge and crane your neck, you can just see a corner of Central Park.
There is much debate about the true value of a home's view. Theoretically, a real estate appraiser is supposed to make his valuation based on the worth of a piece of land, plus the amount of money it would cost to recreate the structure that's built on it. So how, you would wonder, could a scenic view by definition add to a home's value?
But real estate figures bear out: People will pay more for a view. In a housing development, for example, developers charge more for lots with a view. Surely, everyone appreciates the pure aesthetics of a home where you look out onto a mountain view...or an ocean view...or panoramic parkland spreading out before you.
The appraisers fulfill their standard, too, when they evaluate two lots, similar in all respects except that one has a better view: The lot with the scenic view represents land that is more in demand. In reality, the buyers set the market standard when they agree to pay for that view-when they choose those lots over view-less lots. If you are buying into a new development, ask the seller to put in your contract that your view will not be blocked by additional construction.
The question becomes not how much more value you'll add to your home-because that depends on your location and specific features of the home-but how to add that view. Try these suggestions to enhance your property's existing attributes.
If you live on a piece of land with a scenic view already built in, enhance it by making the best of your windows:
- Investing in bright new windows can be relatively inexpensive if you go green-and get that tax deduction.
- Keep your windows clean. A hand-held steamer makes this job quick and easy.
- Remove traditional window treatments and opt for bare windows. Install new white moldings, or paint the ones already in place.
- Install floor-to-ceiling glass patio doors to showcase your view.
To incorporate a scenic view into your home landscape, invest in the following:
- If you have a large back yard, build a gazebo, or buy a prefabricated one.
- A garden archway is a smaller and less expensive option that provides similar aesthetics.
- Supplement your garden with restful benches.
- Look for an old-fashioned sundial or birdbath.
- Use an indentation in your yard to install a tiny pond. Place a small child's pool or a vinyl liner from a pet store in the indentation. Fill it with water. Cover the edges with rocks and add some floral touches among and around the rocks. Check out your local do-it-yourself for additional ideas. You can even add fish.
- Plant a rock garden, and choose plants that will bloom at different times so there's always some lovely color. Arrange them with taller flowers in the back. Add a bubbling fountain to its midst.
Even if your home is in a central urban location, you can give it a view. It will pay off when you sell it. People offer more for something that they can see has been well cared for. They will offer extra for the view, because it's something they will value as an existing amenity-they might even be manically enthusiastic.
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