Incorporating balconies into the design of a multifamily building is a smart way to increase the value of a property. Outdoor space often tops the list of amenities when people are considering a home to buy or rent. After a year of being home-bound, easily accessible, private or semi-private outdoor space has become even more important in renters’ eyes.
Going green is a hot topic in today’s environmentally focused world and in the design industry. From an environmental perspective, a balcony is one of the green features that provides many advantages over conventional window designs. Balconies are considered an integrated “environmental filter,” and their projected structure can enhance energy efficiency by acting as a sun-shading device, provide a planting space, and help to mitigate adverse environmental impacts, such as noise and air pollution.
From a user’s standpoint, balconies create a larger living environment and give a room a touch of the outdoors by letting airflow around the home’s interior. People like that they can transform their balconies into a small garden, get more fresh air and sunlight, and even exercise outdoors without leaving their home. Another benefit of the balcony is the view itself. Several studies have included view amenities as a housing attribute in their regression analysis (a statistical process for determining the impact and value of multiple variables). Local studies, including one based in Fairfax County, Virginia, have found that a good view can add at least 8% to a home’s value.
In addition to, or perhaps because of, the various lifestyle and environmental factors, balconies can add value for resale and rental income. Research shows that balconies are becoming more popular than ever for their benefits and add up to 12% value to a property. Other research suggests that a square foot of outdoor space can be worth between 25 and 50% of the price of a square foot of indoor space.
Balconies in apartment units provide both the residents and owners many benefits that increase rental values and resident satisfaction. Plus, who doesn’t need a bit more fresh air right now?
About the Author:
Wrishmina Zurmati is a Junior Architect at SR/A. She resides in Bethesda, Maryland. Ms. Zurmati primarily works on the preparation of design documents and drawings, and site surveys.