I would like to start this week’s article by thanking my readers – especially those who find ways to reach out to respond to my articles. Whether they are questions or comments, the response alone is what I love. Last week, I touched on what makes up property value and someone asked me what effect a “million dollar view” would have on the value of a home. With the help of local appraiser, Jack Hall, my response was simple: Yes, a view certainly holds value, however, I don’t know that I have seen an appraiser make an adjustment solely based on just that. This being said, good or bad, how would a view affect your home’s value?
In the real estate world, homes with priceless views typically have a built-in advantage. These homes not only boast faster sales trajectories, but also present a distinct competitive edge. In extremely competitive real estate markets, having a coveted view becomes a strategic asset. It allows sellers to confidently set higher prices, often backed by buyers’ willingness to pay extra for a home with a scenic view. In essence, the presence of a desirable view not only expedites the sale process but also heightens a property’s appeal and strengthens its market positioning. However, it’s important to keep in mind that views are subjective and can vary from one buyer to another. What one person finds appealing, another may not.
Properties with waterfront views, and even more enticingly, direct water access, almost always come with premium price tags due to the allure of waterfront living and, in our case, the lack of inventory. Other sought after views in our area may be those unobstructed, breathtaking, panoramic views that allow you to see miles and miles of our blue ridge mountains. When buyers come across the opportunity to purchase these properties, it is quickly realized that there is no price for what they are getting. Therefore, they will likely be more enticed to pay more and act quickly.
On the flip side, obstructed views or views of undesirable features, like industrial sites, highways, or unsightly buildings, can negatively impact a home’s value. Buyers may be less willing to pay a premium for such properties. If you have an obstructed view, consider planting tall trees or shrubs to create a natural barrier. Be sure to check your local zoning laws and regulations regarding property boundaries and view restrictions. There may be legal limitations on what you can do to address the obstruction.
In the real estate world, views are not just beautiful scenery; they’re valuable assets. They connect buyers with their ideal homes and offer sellers promising opportunities. Whether it’s a serene waterfront, majestic mountains, or a bustling cityscape, views enhance a property’s value both in terms of personal satisfaction and financial gain. In the ever-changing real estate market, location is crucial, and views are the gems that elevate properties to a higher status. Whatever your view may be, take it in, and be proud of what you have. Until next week!
Eve Leombruno, 2023 MBOR President