If you have two identical homes, one with a ocean view and another with a beautiful mountain view, how much of a premium are you willing to pay for that ocean view?

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There isn’t a huge amount of information on the topic but a May 2003 study (1) analyzed various attributes of buildings in New York giving each a premium and concluded that a good view gave an apartment a 3.6% premium and an excellent view 7.99%.

However Mitchell Hall notes that: “I have seen two listings of the same apartment – one facing the back of a building and the one with the view listed for 50% more. Both priced right.”

In Australia “Some real estate agents believe it (the view) can add up to 50 per cent to the value of a house…” But what happens to the value of your property if a new construction blocks your view?

We analyze prices and compare the kind of construction and other features of real estate – a tangible, physical asset but the definition and value of a ‘good view’ really all boils down to one intangible thing – your perception.

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How much value do you place on a good view? And are you talking about a good view of the ocean? Lake Arenal? A lush green valley? A volcano? A river or the city lights at night?

What premium would we pay for each of those views? If you have to choose between an ocean view and beautiful mountain view would you pay 50% more just for that ocean view? You might want to discuss these things with your partner before you start looking for real estate.

Perhaps we should ask why exactly do we feel that the view is so important to us? Is it because we’ve never had an ocean view before? And seriously, how much time will you spend sitting there actually enjoying that view?

The majority of people I know with magnificent ocean views tell me that they’ve never even been in the ocean so it’s not that they even enjoy the actual facilities, they only enjoy the view.

“Homes located within 300 feet of water sell for up to 28% more than comparable homes located elsewhere. A study of homes with a view of Lake Erie showed a doubling of value when compared to similar homes without a lake view.” (3)

For me personally, I do love a beautiful view but a view is less important than privacy, security and access to everything that’s important to me like good food shopping, entertainment, cultural activities and a good school for the my girlfriend’s remarkable 17 year old son but yes! If all them are available that would be fantastic.

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Buying real estate anywhere based purely on emotions may be great for the seller but it’s rarely a good move for the buyer. Having a clear idea of how you think about these things before you look at real estate in Costa Rica will help prepare you for that emotional thrill that you get when you do see one of those eye-popping, jaw-dropping ocean views…

Talking about mind-boggling views… Did you see the sunset view from my vacation home in the mountains?

Here you go …

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Written by Scott Oliver, author of How To Buy Costa Rica Real Estate Without Losing Your Camisa and Costa Rica’s Guide To Making Money Offshore. This new feature was created at the request of numerous VIP Members who have asked us repeatedly to recommend experienced developers with a proven track record who are building quality homes in Costa Rica.

Although Scott Oliver does not personally sell real estate, he would be happy to Help-U-Search for your perfect property in Costa Rica.

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