How much is this extra outside space worth?

olias

Scenario is this....

Two identical houses in identical condition worth in the region of £200000
House 1 has a tiny rear yard (literally an arm span wide!) that is dark, gets no sun and is really only useful as a bin store.
House 2 has a courtyard that is approx 20'x12' and has been landscaped with decorative paving and gravel and has attractive climbing plants, trellising, hanging baskets, flowers, plants and a pleasant seating/barbecue area and gets the sun in the afternoon.

How much of a premium could House 2 expect for the extra outside space?

And I know, 'how long is a piece of string', and 'whatever extra the buyer is prepared to pay', but I'd like advice on a rough ballpark figure as to what extra people feel it is worth. Thanks.

Olias

lincroft1710

What sort of houses are they, old? modern? terraced? detached? 3 bed? 2 bed?

olias

Period style, but modern 4 bed townhouses.

Olias

Manchee

To me (very personal view point, I know) I would look at that space as if it was split by the amount of bedrooms, how much per bedroom. That amount of extra space with a 1 bedroom place would add a lot more extra value than added on to a 4 bed place. Just my view point.

paddyrg

I don't know how to measure it in the entirely arbitrary 'value' axis, but in terms of saleability it's surely higher. Just a bin yard won't attract a small family, a bit of a garden may well do. Depends on the rest of the house (eg 1 bed, 3 bed, 6 bed, etc) as to who is likely to move in as to the 'value' which will be variable.

As you're keeping absolutely all the other factors identical, perhaps you're questioning buying a plot of land to increase the value of your place? If so, more real details may help people hypothesize for you

lincroft1710

I would have thought minimum 5%, I would expect a 4 bed modern property to have at least a small courtyard.

grifferz

I've got a feeling that rather than this being a "yeah I would for £x" issue, this is more like a straight will or won't consider it issue. I mean yes clearly the house with the courtyard is worth more, but from people that are massively bothered by it not having one you won't get any interest.

I would not consider it. Someone who sees no advantage in outside space might actually prefer it since less work.

Hard to see how a 4 bed house works without outside space though.

I think it's just going to be a case of the one with the courtyard sees more interest than the one without and therefore goes for more, not strictly as a function of the outside space being worth £x, but because it is clearly better and appeals to more people.

Can't put an exact price on it.

DRP

if they were for sale at the same time, the house with the tiny yard would have a tough time of it.

Who would buy a 4 bed house without a garden, unless they were buying to let out?

Rather than the gardened house being worth extra, i would say the house with the yard would be worth quite a bit less than otherwise equivalent houses in the area. Total guess but at least 10k+ less

olias

Ok, the reason I am asking, is that I have recently put my house on the market (House 2) at a price similar to that which several agents valued it at. Neighbour (House 1) has now put theirs on the market at £15000 less than mine!

To say I am bl**dy annoyed is an understatement. I do not know whether I will have to lower mine to avoid it seeming overpriced (but risk seeming desperate after only just marketing it at the higher price). Or should I leave it as is, hope that buyers look at both, like mine more and accept paying a premium for larger outside space (although I doubt now I will get anywhere near the £15000 more, as their pricing has made mine seem well overpriced.) Grrrrrrrrrr.

olias

fishpond

If it helps, I wouldn't even look at a house with no garden.
Cannot imagine a family with children not wanting a garden.

Strapped

I wouldn't sweat it. I personally wouldn't consider the neighbour's if it has genuinely no usable outside space.