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Measuring the Value of a Home With a View
Measuring the Value of a Home With a View
Suppose you own a castle on the flats and your brother owns one high atop a hill that features amazing, unobstructed views. Aside from location, the two castles are identical. Which one has the higher resale value?
If you guessed that it's the hilltop castle, you are correct. When valuing two similar pieces of property, location is king and everything else is secondary.
While it's easy to say that the home with the view is "worth more" than the home without one, there are no rules on how much value the amenity adds.
Find Out the Value of Your Jacksonville, FL Area Home with a View
Agents and Appraisers Real estate professionals are at odds over this. Some claim that there is no premium for a view while others say that a view can add up to 15 percent to the value of the home over others lacking the amenity.
Researchers Mauricio Rodriguez and C.F. Sirmans reject the notion that a view has no impact on home value. Their study, published by Texas Christian University, shows that a view adds between 5 to 8 percent to the market value of a home.
Professional appraisers—those folks that tell your ... more

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