Why enhancing your outdoor space is a win-win

I hope you had a wonderful Memorial Day holiday weekend. With summer here, albeit unofficially, it's the perfect time to enjoy more outdoor activities. In New York, private outdoor spaces have always been highly sought after, and their desirability has only increased post-pandemic. Balconies, terraces, and private gardens remain at the top of many buyers' "must-have" lists.

Private outdoor spaces offer numerous lifestyle benefits and significant financial advantages. Apartments with a terrace, balcony, or roof deck can sell for substantially more than units without such amenities. Jonathan Miller, President and CEO of Miller Samuel, notes that "the value of one square foot of outdoor space is about 25 to 50 percent of the price per square foot of the apartment." For instance, if an apartment costs $1,700 per square foot, a 700-square-foot terrace could add up to $850 per square foot to the total purchase price, translating to an additional $595,000 ($850 x 700) in value.

However, not all outdoor spaces are created equal. The example above assumes the best-case scenario with optimal views and aesthetics. Factors such as privacy and views play a significant role in the appraised value. While you may not be able to change the views, investing time and money into making your outdoor space functional, beautiful, and enjoyable is worthwhile in the long run. Not only do you create your own private oasis, but you also make the space more appealing to potential buyers if you decide to sell.

There are plenty of resources available to help you create the perfect outdoor retreat, regardless of size or budget. Keita Turner, a Manhattan-based interior designer, advises making the most of your outdoor space, even if it’s small, awkwardly shaped, or surrounded by other buildings. Some suggestions for small outdoor spaces include keeping it simple, limiting the furniture, adding greenery, selecting accessories with character, incorporating lighting, and considering the view from inside.

If you're fortunate enough to already have private outdoor space and are looking to enhance it, design pros suggest adding features such as water elements, fire pits, entertainment options, or herb gardens. There are many ways to achieve this without breaking the bank. Simple improvements like adding privacy screens, trees, or plants can create a more secluded and serene environment, improving your mental well-being by providing a sanctuary to escape from the stresses of daily life.

If outdoor space is on your list of must-have amenities, I’m more than happy to help you find properties that fit within your budget and desired neighborhoods. Give me a call, and let’s get started on finding the perfect private oasis for you!

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