The terrace, a very popular space for buyers!
Terraces are a major selling point for residential real estate in urban settings. Their relative scarcity in some areas of the city, namely the historic districts, can lead to irrationally high prices. Many city dwellers would love to have a nice terrace in a central location, but they should be wary of paying too much for the property they desire.
A selling point is the terrace
Apartments with a terrace provide a nice alternative for city dwellers who love "nature" but cannot afford to buy a house with a garden due to high property prices in major metropolitan areas. They are easily smitten by a lovely terrace with favorable weather conditions, no direct neighbors, and an appealing vista. When these conditions are met, they can reasonably conclude that they are in possession of a unique and, therefore, valuable property. In the case of more expensive finds, the buyer should always ensure that the asking price is fair.
It is important for a buyer to always make sure that the asking price is reasonable, especially when it comes to a favorite.
Exactly what factors into the final cost of a deck?
This is an extremely complex and debatable issue. Buyers should keep their cool and not overpay for a home, even if features like a terrace add significant value. In determining total floor space, terrace area is disregarded. However, due to the lack of guidelines for accurately determining its worth, some experts use the same price per square meter as that of the apartment, to which they add a weighting coefficient based on the level of the apartment in which the terrace is located. Because other, more subjective factors, such as orientation, lack of noise pollution, or opposite, can intervene in this evaluation, limiting oneself to this strict calculation seems arbitrary. Apartments with terraces are unusual, and as such, their value is hard to pin down because of a lack of comparable properties.
"The purchaser needs to maintain composure and not get emotionally attached to the property”.
Whether you call it a terrace or a balcony is a matter of terminology
Even the tiniest of balconies can be considered a terrace by some owners. There is, however, a distinction between the two that is not based on size alone; a sizable balcony can be more than 15 square meters in area, while a modest terrace might be no more than five square meters. In terms of the building's structure, a balcony is an element that extends outward along the facade, while a terrace extends out over the apartment's rooftop. This is why most apartments on higher floors don't have terraces, though other configurations are possible due to alterations or changes in building use.
"The average balcony is around 5 square meters, while a large balcony can be up to 15 square meters”.
Can spacious balconies take the place of a terrace?
Adding the word "terrace" to an ad is guaranteed to increase sales. They may be let down if they visit the apartment and find a tiny balcony instead of the lovely terrace pictured in the ad, too small even for a bistro set. No matter how nice a balcony is, it can never replace a terrace, which can be used as a true extra room as soon as the weather permits, and therefore will never fetch the same price.