Balconies can make for a diverse expansion to your home or apartment, but do they add any value to the property?
It’s estimated that balconies add as much as twelve to twenty percent value to a property, depending on location, the size of the balcony, and the quality of its construction. If your apartment is worth $100,000, a balcony could boost the value to between $112,000 and $120,000, for example.
Read on to learn more about balconies, the benefits of having one, and how much they cost.
Look Down Upon The World
These days, almost every apartment is constructed with some kind of balcony or terrace. It’s an easy way to add outside space to a property that would otherwise be solely indoors, owing to the nature of its creation.
Typically, balconies are considerably small, little more than a concrete, metal, or glass structure that protrudes from the side of an apartment or house. However, they’re incredibly diverse and can be used for a huge array of things.
This is one of the aspects that lead balconies to be worth a substantial amount against the value of your property. While the area of a balcony isn’t usually counted in a square footage valuation, it can still increase the value of your home by a figure between twelve and twenty percent.
However, this is an extremely subjective figure and the real valuation can only be determined on a case-by-case basis. There are many factors that are taken into consideration when looking at a balcony, such as the location, view, quality of construction, and overall size.
If you’re on the first floor of a building, overlooking a street, and your balcony is considerably small, it won’t add much overall value. However, a penthouse apartment with a sizeable terrace that overlooks a city skyline would certainly add a huge amount of value to the property.
For example, if you purchased a penthouse apartment in New York City, you’d almost certainly have a lengthy terrace bordering the property. Now, this terrace can be used as a relaxing outdoor area, a place for a grill, a garden, or even act as a home for a hot tub.
You couldn’t necessarily accomplish most of these things with a small, standard balcony, which clearly highlights the difference between the increases in value. Although, even a small balcony does boast considerable benefits.
Add One Where There Isn’t One
Of course, not every apartment or multi-floored property is going to come equipped with a balcony, and if you want one, you’ll need to build one. While the starting costs for a balcony can seem quite affordable, there’s really no upper limit.
For example, a ‘Juliet balcony’, which is little more than a guard rail placed in front of an inward-opening exterior door, can cost as little as five hundred dollars. However, a fully-fledged terrace with hardwood decking, glass walls, and lighting can easily cost around ten thousand dollars.
Again, these figures depend very heavily on the individual circumstances of the build, and certainly the depth of the construction. Ultimately, it’s a very bespoke process, with the owner of the property picking out exactly what they want from their balcony or terrace.
It could work out as a substantial investment, however. If your property is worth $300,000 and you spend $10,000 on a balcony, your property value could climb to around $360,000. Although, that’s at the very top end of the spectrum, and it’s not entirely realistic.
There really are no limits when it comes to a terrace or balcony; from the materials to the shape, and from the equipment you use to the heating and light options. You get to decide if you want an awning or pergola, sun loungers or an outdoor dining space, LED lighting, or heat lamps.
Get A Little Inspiration
If you already have a balcony and are unsure what to do with it, perhaps some of these suggestions can inspire you. Firstly, you could turn the space into a simple garden, with potted plants and small trees.
Alternatively, you could grow herbs, fruits, or vegetables in planters – there is plenty of quick-growing, easy to farm vegetables that can suit a small space. If you’re an artist, you could set up an easel, particularly if your balcony is covered.
If you’re a writer or a fan of reading, you can set up a comfortable, peaceful area with a nice, outdoor chair. Or, simply use the space for storage – the options are countless and it’s ultimately up to you what you do.