When it comes to home values, the phrase “location, location, location” may first come to mind. Yet while geographic location does indeed have a significant impact on valuation, this is not the only thing that matters.
Fill out a free home valuation assessment, such as the “How Much is My House Worth” feature offered by online estate agent Purplebricks, and you’ll see that other factors come into play. Here’s a great example: beauty may be in the eye of the beholder, but unique and aesthetically-pleasing architectural features can make a difference in increasing the value of your house. At least, that’s the takeaway from property market intelligence conducted on this topic.
What is Unique Architecture?
Unique architecture runs the gamut, from exterior features that enhance a home’s “curb appeal,” to interior design that optimises the living experience. Curb appeal, or the aesthetic appeal of your home as it appears from the street, may also be something that’s in the eye of the beholder.
For example, some home buyers prefer classic architectural styles such as tudor or Georgian, while other buyers are more fond of modernist architectural styles. Home buyers are also varied in their interest in exterior features such as landscaping and outdoor living space like patios and terraces.
Still, while you can’t impress everybody, you can still choose a design style that appeals to the greatest number of potential buyers, which in turn can increase buyer willingness to pay a higher asking price. The same such dynamic comes into play with unique interior architecture.
In particular, architecture like open space floor plans, which have become increasingly popular in recent years. Homes that more greatly integrate technological features also offer increased functionality, and therefore may be considered more appealing by home buyers.
The Numbers Don’t Lie
Aesthetics and design may be subjective, but their positive impact on home prices can be objectively measured. Per the aforementioned research study, homes designed by architects typically sell for 12% more on average than similar homes lacking this feature.
In other words, as the average home in the UK now sells for around £300,000, it’s possible that this particular factor could result in an additional £36,000 in value for the price of your home. Better yet, this factor does not “max out” in terms of significance at higher house price levels.
In fact, quite the opposite. The impact of unique architecture on home prices was even more pronounced among higher-end properties. For a home valued at £1 million or more, unique architectural features increased their value by 19% on average.
That is, for more expensive homes across the country, the incorporation of architectural features can significantly increase the proceeds from a home sale.
Bottom Line on Architecture and House Prices
For houses, variables like location and local market trends are by-and-large out of your control.
Even variables like the size of a house can be out of your control as well, given the impact of not just high construction costs, but zoning regulations as well. While these zoning requirements plus the cost for implementing the additional square footage can come with exorbitant costs, the ROI from this investment can be substantial.
As seen from the stats listed above, efforts such as enhancing curb appeal and indoor living functionality could make a double-digit difference in terms of your home’s value. Making your property stand out using unique architecture can also increase how long it takes to sell your home.
Given these various advantages, don’t brush off unique architecture as a way to maximize the value of your house. It may prove material, in selling a home quickly, and at the highest price possible.