Does A Balcony Add Value To A Property?
Balconies are a great addition to the design of any home, particularly if the region’s outdoor space is at a premium. There are many advantages to having a balcony attached to your home. However, the expense of building a balcony may appear prohibitive, so you probably want to know if the investment is worthwhile.
Balconies can add between ten and twenty percent to the overall value of a property. The value depends on the location of the balcony, as well as its size, associated views, and the quality of its construction. Balconies are a major selling point for any property due to several advantages.
Balconies are considered a commodity, especially in regions with limited outdoor space. If your home doesn’t have a garden or other outdoor space, a balcony is the next best thing to allow you to enjoy the fresh air. The value of a balcony, however, is determined by several factors.
Does A Balcony Add Value To A House?
Balconies have the potential to add tremendous value to any home. Many homes have limited outdoor space, especially those in high-density regions such as big cities.
The value of the building is increased between ten and twenty percent through the addition of the balcony because the overall enjoyment of the building is drastically increased.
The percentage value by which a balcony increases a property’s value will be determined by the balcony’s location, size, build quality, and view.
The size of the balcony makes a big difference to its overall value. A bigger balcony means that the balcony has more uses and can accommodate a higher number of people. The increased size means that the balcony is better able to serve the needs of its users.
The location of the balcony makes a significant difference in the overall value of the balcony. This refers to the physical location of the apartment (i.e., the neighborhood) and the location of the balcony in relation to the apartment. Sunset and sunrise, or ocean views come at a premium for example.
Similarly a balcony attached to an apartment in a desirable area will have a far higher value than one attached to a building in an undesirable area.
If the balcony is in a pleasant spot where it catches the sun and looks out over a beautiful location, the balcony’s value will be significantly increased.
The quality of the balcony’s build contributes to its overall value. A well-built balcony made using high-quality materials will make a significantly bigger contribution to the value of the building than a rickety balcony in need of maintenance.
Any potential structural problems or cosmetic deficiencies on a balcony will cause a decrease in its value. A potential buyer will easily be scared off by a badly built, low-quality balcony if there are potential costs they may incur as a result of having to rectify its problems.
A low-quality balcony can also present a potential safety hazard to its users. Any discrepancies in the balcony’s materials can create the potential to cause harm to the balcony’s users. A badly built balcony will present more of a hazard than an asset.
One of the biggest factors in determining the value of a balcony both in usefulness and in the value it will add to the home is the view from the balcony. A balcony overlooking a beautiful view will naturally boost the value of the balcony and the property to which it is attached. While the view is usually visible from the window, a balcony can afford a drastically magnified view to its users.
In this respect, the balcony will create the opportunity to appreciate the view from a new perspective.
Incorporating a balcony will greatly add to the home’s overall design, especially if the balcony has been properly designed and incorporated as an extension of the living space. A good design naturally adds to the overall worth of the property.
A balcony is considered an amenity, and it can drastically boost the quality of life for the building’s occupants by creating additional opportunities for activities, additional floor space, and boosted functionality for the home. However, if you don’t have a balcony in your apartment it’s not the end of the world and we discuss the advantages of those in the link.
Balconies can also improve the appearance of a building. This adds that all-important kerb appeal and an apartment building that has balconies are generally considered more aesthetically pleasing and desirable to the general public.
Advantages Of Balconies That Add Value To A House
Balconies present several advantages. Besides allowing a better ability to enjoy the views, a balcony drastically increases the airflow in a space. Improved ventilation will positively contribute to the overall enjoyability of the space and improve the users’ quality of life.
Balconies create the opportunity to add greenery to an apartment. Creating a green oasis on your balcony will simultaneously improve the aesthetic appeal of your apartment and contribute to air health and quality.
Balconies can be used for various activities and serve as places of rest. A balcony can be used as an effective play area for a child, and it can also be used to store certain outdoor items you don’t want in your apartment.
The overall functionality of an apartment is enormously boosted thanks to the addition of a balcony. Creating an indoor/outdoor flow is an incredible asset for any home, and a balcony affords the user this opportunity.
Balconies also have the potential to add an air of luxury to any home. A balcony also provides shade for the areas below it. This can be particularly useful in a multi-story apartment block with a balcony on each floor, as the apartment below will be sheltered from the blistering sun thanks to the balcony above it.
How A Balcony Might Not Add Value To Your House
There are only a few disadvantages to having a balcony. However, it is necessary to mention those that exist. If your balcony is located on one of the lower floors of a building, there is the potential for passersby to look at your balcony from the road below. They might be able to see directly into your apartment as a result.
A balcony will also affect the privacy of your neighbors. If you are standing on your balcony, it might invade your neighbors’ privacy if you can look in through their apartment windows.
A balcony can add between ten and twenty percent to the overall value of your home. A balcony brings many benefits to any home, including increased airflow, a better ability to enjoy views, and increased usable floor area.
The actual value increase brought about by a balcony depends on the balcony’s size, location, views, and build quality.