Rooftop restaurants aren't a new invention; in fact, they've been around since one was built on the roof of the Casino Theater in New York in the 1880s. Even so, they started trending again during the COVID-19 pandemic, and their popularity hasn't diminished since then. Rooftop restaurants can be found at local eateries and entertainment venues in many large cities in the United States, and now, the housing industry seems to be catching on to their potential to increase home value and attract buyers. Many luxury condominiums have rooftop amenities, such as shady areas, bathrooms, food and drink services, and even dog runs.
Real estate agents, mortgage lenders, and appraisers aren't the only ones who understand the value of a view. Psychologists have found that there are specific reasons why people of all ages and walks of life value views. Psychology Today explains that elevated views give us a sense of privacy, refuge, and control. They allow us to temporarily detach from the world below and its stresses and give us new perspective. Rooftop views also give a feeling of power and importance. While many of us don't think much about our self-esteem as we enjoy a rooftop meal or gathering, the truth is that high floors are typically associated with luxurious hotel suites and CEO offices, and being high up can help us feel like we're in control and on top of the world, so to speak.
Another reason why rooftop restaurants and condos with rooftop features are so popular is that they encourage community. Not everyone owns a home with an elevated view or lives near a restaurant with rooftop amenities. Thus, being able to spend time hanging out with friends in an elevated environment is an attractive proposition. This same point holds true for other venues with a great view.
Experts note that there are several main factors that make a view valuable. The first, and perhaps most obvious, is visibility. Two identical properties in the same district could vary in value by anywhere from 5% to 45%. A clear, unobstructed view is more valuable to most people than a view with obstructions. That's why savvy home buyers and those who are purchasing expensive housing do careful research to ensure that a valuable view won't be ruined at some point in the future by construction, or other factors.
Proximity is yet another factor. Close-up views are often more highly valued than long-distance ones when it comes to proximity to natural features such as bodies of water, a forest, hills, mountains, and parks. However, since nature is perhaps the most popular view for many people, a slightly distant view of a natural feature could be appreciated more than a panoramic view of houses and buildings. Elevation also plays an important role in the value of a view. Generally speaking, the higher the view, the greater the increase in property value.
Finally, home buyers put a premium on exclusivity. Is the home in question the only one with a particular view of a forest, water feature, or section of a beach? Is the home higher than all other homes in the area, offering panoramic views of the neighborhood that nobody else can enjoy? Is the home in a secluded spot and the only house overlooking a particular area? Capitalizing on the exclusive nature of a view can raise a home's value and attract buyers.
One of the most important lessons the real estate industry can learn from rooftop restaurants is the evergreen value of a good view. People have appreciated elevation, views of nature, and exclusive views for decades and this appreciation most likely won't diminish at any point in the near future. Granted, many factors influence potential home buyers when considering a home purchase. Even so, it's safe to say that designing homes to provide homeowners with the best possible amenities can be ideal ways to boost a home's value and improve its curb appeal.
Author bio: Erin Schlachter is Mortgage Sales Manager (NMLS#: 645889) at Right By You Mortgage, a division known for offering a comprehensive range of mortgage products. Backed by the strength and stability of Fidelity Bank, a trusted institution with more than 115 years in the financial services industry, Schlachter and his experienced team of loan officers provide personalized guidance at every step of the mortgage process, ensuring that clients receive expert support and a seamless experience from start to finish.
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