When you’re looking to buy or sell a house, there are many features of the property that can affect value. Only an appraiser can fully put a value on items such as views or garages but here are my thoughts.
For sellers, you may think that a unique feature such as a sauna or swimming pool adds value, but that’s not always the case here in the Seattle area. If your home is in California, a pool does increase value. But most people in Seattle don’t want a pool, so having a pool might actually decrease the price you get for your home. Pools significantly increase the operating cost of the home and just aren’t used that much with our climate.
Garages, on the other hand, can add a lot of value. Trying to park in many of our neighborhoods is a challenge so off-street parking is a plus, and a garage to protect your car is a major benefit. Depending on your location and property, a garage can add around $50,000 to your home’s value. However, once you go beyond the 2-car garage, the additional value goes down – not that many people want 3, 4, or even 6 car garages (I saw one of those this weekend).
How do you quantify a view? It’s hard. In a condominium building, you could compare 2 units that are exactly the same, on the same floor, that sell at the same time, with one facing the Sound and the other not having a view. Those sales prices would give you an idea of the value of a view. But it’s rare we can make that comparison and with single family homes it’s even harder. Appraisers have formulas but there isn’t really a science to the calculations. How do trees or other homes affect the view?
Special features may add value but they may also take away value such as in the case of a pool. The best way to find out what the features of your home offer is to talk with a real estate broker or a home appraiser. Give me a call at 206-790-0081 or email Jamie@JamieFlaxman.com if you’d like to talk about your home’s features.