Balconies add more value to homes than an extra bedroom, says Melissa York
IT SEEMS London is beginning to understand Paris’ love affair with balconies. According to developers they’re more popular than ever, and research by estate agent Chesterton Humberts suggests a London home with raised outdoor space can command up to 15 per cent more than similar properties without.
The estate agent even suggests that a balcony can add more to the value of a property than having either an extra bedroom or a further 150 sq ft of internal floor space.
But not just any balcony will do as the direction it faces also plays an important part in determining the overall value of a property.
The report reveals that southern and westerly terraces can deliver premiums of up to 15 per cent.
Chesterton Humberts’ Little Venice office reported houses that had balconies were going for £145,000 more than similar-sized houses that didn’t.
New developments are getting in on the act as well. Regent Canalside, which opens its showroom tomorrow, is a collection of 52 apartments and two townhouses located on Regents Canal in Camden Town. Prices range from £799,000 to £1.2m. James Wenham from Chesterton Humberts’ New Homes department says it is the only new development along Regents Canal which offers significant outside space – it also boasts a communal roof terrace – which partly explains its cost popularity.
“We all value outside space,” adds Nick Barnes, head of research at Chesterton Humberts, “but especially so during the summer months when we want to make the best of those rare sunny days but don’t necessarily want to share them with the thousands of people that flock to the capital’s popular green spaces. Private gardens and balconies are increasingly difficult to come by.
“Our advice to those looking for a property this summer, and especially those looking to invest in London property, would be to consider outside space perhaps over an additional bedroom or office as it will almost certainly add a significant premium when it comes to sell.”