Price Premium For Being Beside Landscaped Open Space

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taytoman

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I am currently in the process of buying a house in a new estate. I have the option of two 4 bed semi's, both with the same orientation and garden size. However, one is near a quite large attractive landscaped area with a playground / walking paths etc (private managed estate), that almost has a "rural" feel about it- don't laugh!The other is on an otherwise identical layout road that has a pedestrian opening into a neighboring estate that and may also have 4 storey apartments on this boundary.Question; Is it worth paying €20K / 4% more to be in the "best" road in an estate house in this price bracket, and would you recover the €20K/ 4% premium if you went to sell in the future? Thanks for any help.
 
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Gordon Gekko
Thanks for response. Sorry, my mistake,when I say "beside" I don't mean right next to. I have edited my original posting.Its clear that the "open space" road looks more attractive, but does the "best road" in an otherwise identikit estate command 4% more?
 
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taytoman said:
Gordon Gekko
Thanks for response. Sorry, my mistake,when I say "beside" I don't mean right next to. I have edited my original posting.Its clear that the "open space" road looks more attractive, but does the "best road" in an otherwise identikit estate command 4% more?
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We thought we were buying in an ideal location beside wide open spaces with some trees dotted around as opposed to being surrounded by other houses or roads. Now we've discovered that the wide open spaces are being used by lots of children as football pitches - and we're constantly requesting the games to be played a bit further away from our bungalow. Beware!
 
Thanks Eithneangela. My question is not really what is the best option is, its really does the market pay 4% more to be in the most attractive as opposed to the least attractive location in an estate
 
taytoman said:
Thanks Eithneangela. My question is not really what is the best option is, its really does the market pay 4% more to be in the most attractive as opposed to the least attractive location in an estate
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I don't think so - if you want to sell at a particular time and potential buyers see lots of activity in the open spaces around the house including kiddies during the day and maybe teens during the evening/night, this will not result in a premium price. Just saying!
 
If your house is the same as any other in the estate, you will not be able to command €20K more because it is in a 'better' street (whatever that means!). Good old Celtic Tiger thinking from the developer though on trying to play on inherent snobbishness/country dwelling!!

All the houses of the same type will settle into a reasonably narrow price bracket that will be influenced by: a) how it is kept/presented b) what additional work is done to it eg. extension, attic etc. c) aspect d)price of similar other houses in other estates in the area.

However saying that, a house beside a green area will obviously be worth more than one overlooked by a four-storey apartment block but who can quantify that? The advise of kids playing on a space beside your house is also very important.
 
Thank you for all your replies. This is very helpful. Thinking of getting an attic conversion done on the house that would cost about €20K- would this be recoverable if I went to sell in the future?
 
We converted our attic about 10 years ago, and my understanding then and now is that we won't get the money back if we sell. We have found it invaluable though. We are now about 17 years in the house, and we've had lodgers for nearly 10 of those years which have really helped us through the lean times, which wouldn't have been possible without the converted attic.

On the green spaces thing. I would pay a premium to be in an area with good green space (but not too big as I would expect a large area to be developed sooner or later) but NOT right beside it, for the reasons stated above. Kids during the day (including our own kids) and teenagers at night. Rainy nights and back-to-school are very attractive when there are gangs of teenagers roaming!
 
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