Home Buying in Belmont>Question Details

Melina Marti…, Renter in 02478

When pricing a condo, what value does access to a yard give to the property?

Asked by Melina Martinez, 02478 Thu Apr 17, 2014

Yards are not included in square foot measurements, but I image they boost the per square foot price of a condo significantly no?

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5
Having a yard does not directly correlate to a higher price per square foot because it is not included in the total square footage of the property. Having a private yard can increase the property value as compared to other similar properties without a yard.

Jordan Staiger
Belmont MA
Realtor
0 votes Thank Flag Link Sun Jul 13, 2014
It's never easy to assign dollar values to specific amenities especially in our area where the properties vary so widely. If you were comparing identical units the one with outside space would sell for more. Most buyers would like outside space so it definitely will add to the desirability of a property. The value will differ depending on whether the yard space is exclusive use or is shared. Condos with exlusive use yard space come up much less frequently.
0 votes Thank Flag Link Thu Apr 17, 2014
In a condo a "yard" does not add a per square foot value. It does add desirabiity though, Say you have two condos, exactly the same size, age and condition. One with a yard and 1 without, which would you choose? The yard so there fore having a yard will attract more buyers which could lead to a higher sales price and quicker sale.
0 votes Thank Flag Link Thu Apr 17, 2014
It's a wash.
Those that value the yard are thinking BBQ and smoking.
Some see a potential 'doggie' walk.
Others see a security issue.
More see a privacy issue.

Be aware, condo ownership means owning the air that exists on the outside of the paint.
That communal yard is not owned by the condo buyer therefore can not be a factor in the tangible assets.
0 votes Thank Flag Link Thu Apr 17, 2014
Since most condos have common areas, like yards and pools and such, I think it's more accurate to say these things don't ADD value to the property....However... NOT having them CAN DETRACT from the value of a condo that has none.
0 votes Thank Flag Link Thu Apr 17, 2014
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