Everybody loves a good view – there’s no question about that – so it’s no wonder properties with beautiful ones are so sought-after.
Unfortunately, that often means they come at a price, and some pretty hefty ones at that. For example, it’s not unheard of for a property overlooking a river, rolling countryside or the coast to sell for £20,000 more than a similar property which doesn’t.
But, if you’re trying to come up with a reasonable asking price, how do you decide how much value to put on a view? After all, not all are the same and there quite a few factors which can play a part.
For example, is the view partial or unobstructed? People won’t pay the same for a partial view of the sea or a river as they would for a full panoramic one.
And, as most estate agents will tell you, location is also important; you’re likely to pay more for a property with a view of woodland in and around London than you would if you were looking for a home in the countryside.
Nearby amenities and how close the property is to a big city will also contribute to the price – a home with a sea view in Scarborough, for example, will be cheaper than a home with a sea view in Brighton.
Also, if you’re selling an apartment, what floor the property is on could also affect the price; the higher it is the better the view will be. Penthouses at the top of a tower block tend to cost a great deal more than smaller properties which may only be a couple of floors below. Indeed, flats in tower blocks can vary in price by as much as £10,000 or £15,000 per floor.
But, if you have set your heart on buying a room (and a house) with a view, be careful when searching for the right one that, whatever you choose, the view is protected. If you don’t do enough research you could find you’ve paid a lot of money for something spoiled by further development at a later date.
A conveyancing solicitor should be able to help with searches among the archives of the local authority to see if there are any planning applications in the pipeline or even if they are likely to be in the future.
Buying property in a Conservation Area, and Area of Outstanding Natural Beauty or a National Park may cost a little more and is still no hard-and-fast guarantee that there will be no future development – but it’s far less likely.
So, as ever when you’re buying and selling property, the key to the best price is research. Ask too much and your property could be stuck on the market for months. If you’re buying, make sure you know what a similar home nearby would cost and don’t be tempted to stretch yourself too far financially.
After all, on either side of the transaction, it’s easy to get swept along on the process, to make rash decisions or to let the heart rule the head – but any or all of those can lead to regret later on. Take your time and remember: Google is your friend.
We hope that’s enough to help for now but, if there’s anything else you think we might be able to guide you on, why not have a browse through our earlier blogs, give us a call or drop us a line? We’d love to assist if we can.
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