Love That Home’s View? See How Much More You’ll Pay...
A house with a fabulous view can be hard for a home buyer to resist.
But seeing the mountains, water or city lights from the comfort of home comes at a price.
The hazy part is figuring out what that added cost is — and whether it’s worth it.
That’s where real estate appraisers and analysts who study home values can help, even though they recognize there’s no simple answer.
“Views are actually really difficult to quantify,” says Andy Krause, principal data scientist at Greenfield Advisors, a real estate research company. “It’s somewhat subjective. What makes a better water view? Do you want it to be wider? Do you want more of the water from a taller angle? You know, some of that is in the eye of the beholder.”
Assigning a dollar value can also be difficult because not all views are equal or valuable, and a view that’s sought-after in one location may not be in another.
In Manhattan, a place that overlooks a green space or woods will cost you a lot extra. In the countryside? Not as much, says Mauricio Rodriguez, a real estate expert who chairs the finance department at Texas Christian University’s Neeley School of Business.
How to shop for a home with a view:
1. Find out if the view is protected
2. Look for diamonds in the rough
The photo and article Love That Home’s View? See How Much More You’ll Pay originally appeared on NerdWallet.