Many factors determine the cost of real estate properties; one is scenic views. Some of the most luxurious and expensive houses have attractive panoramic views, such as a beach or a mountain. However, it is hard to understand whether these sceneries are worth the increase in property values or if a beautiful scenery backdrop would have a similar effect. Besides buying, renters also seek properties with beautiful sceneries, with some associating nature’s beauty with uplifting moods and helping with depression and anxiety symptoms. The debate on the relationship between scenic views and real estate value is not about to end.
Here are a few ways scenic views affect real estate value.
- High Development Potential
Many locations with lovely scenic views show a high potential for future development. For example, a property facing a National park or a Mountain Park is an excellent attraction to investors. Many will want to develop residential and commercial properties in such areas in preparation for the foreseen development.
In addition, the government is more likely to invest in public development projects, such as transport systems in areas with beautiful attractions, to attract more tourists and generate income. These developments enhance the area’s economic value, thus the rise in property value.
- Availability of Unique Amenities
A property near a scenic location is more likely to have some unique amenities you may not find in other properties. For example, a property with a Mountain View may also have access to hiking trails, Mountain Parks, or other recreational facilities. Similarly, a property facing a sea or ocean is likely to benefit from additional amenities like a waterfront location or a private beach.
These additional amenities offer a more private and peaceful lifestyle you may not experience in other locations. Furthermore, they add value to the area generally, socially and economically. As a result, the value of properties will rise.
- Higher Resale Value
Properties near natural sceneries have a high potential for appreciation as the area develops. Any social or economic development means a percentage addition in property value in these areas. For instance, a property with an airport view will likely attract investors in export-related production, increasing the demand for commercial property.
Similarly, the development in the commercial sector will trigger the need for residential property to cater to the workforce. Thus, having a property in such areas means you will likely sell it at a higher price due to the rising demand. Therefore, buying a property with a scenic view in a less developed area is a blind yet lucrative investment.
- High Rental Income
Suppose you are purchasing a property to rent; consider a scenic view since it might attract more clients. Many prospective renters start their house hunt online using reputable real estate sites like Hauzisha.co.ke to look for apartments with desired views to rent. However, these properties are more desirable to certain population groups than others. For example, a retired couple will consider a property with a beautiful scenic view, such as a beach, even if it has no nearby schools.
The best thing is that these properties only attract high-end renters willing to pay an extra dollar for the view, meaning you can benefit from high rent income. On the other hand, real estate developers and investors understand this well, so the property value will also be increased.
- Demand and Supply
There are fewer properties with scenic views than those without. Therefore, prospective buyers and renters have limited access to these properties, but you can find several vacant properties in the middle of the same block.
The limited supply of these much-wanted properties makes them sell as much as luxurious homes. Only the few who can afford the extra cost can acquire these properties. As a rule, “the higher the demand, the lower the supply,” hence the higher the property value.
Scenic view affects property value significantly. Whether you are buying for residential or commercial purposes, you must be willing to pay for the extra cost that comes with the luxury of a beautiful view.