21 Feb 2014

Luxury Real Estate: A View Review

144341015“I just bought a small condo overlooking the water. The water is in a cup, one floor below my unit.”
― Jarod Kintz, “This Book Has No Title

We have all heard the three most important rules of real estate: “location, location, location.” One piece of the location criteria is view. The best piece of advice that I can give anyone purchasing real estate, particularly in the luxury market, is this: Do not buy a view you do not own.

Take a waterfront property for example. From the rear porch, the water stretches out in front of you, with a gorgeous sunset view. Before you decide that this is the home for you, take a close look at property lines. Does your view run across the neighbor’s yard? Depending upon the angle of the house, the shoreline, and the lot lines, your view might be partly or solely dependent upon the good graces of your neighbor. In most cases, your neighbor is not restricted from obstructing your view. He may never do anything to change the landscape, but he can, and he could decide to move next week.

If an uptown condominium is more your style, make sure that beautiful city view is there to stay. Ask about zoning guidelines for neighboring properties. What can be developed next to you? Your local planning department can likely tell you what they envision on neighboring parcels. I have seen gorgeous lofts with city views become lofts with views of glass and steel.

A little due diligence, with the help of your Allen Tate Realtor, can help protect your investment so you can be sure the view you purchase is a view you can control. You can be in the very best location, but if the view does not match the luxury market, neither will your sale price when you decide to move.

By Hilary Broadway (Branch Leader, Mooresville Office) – Guest Blogger

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