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How much does have a ravine/green space at the rear boost a property’s value vs comparables?
For more context, it backs on to trees with a walking path and a stream. No chance of future development.
Nicks answer:
Hey u/Gullible-cynic,
The politician’s answer here is “it depends.” The guesstimate is 5-10% premium, but that can vary a lot. It depends upon:
- How big the lot is
- How accessible the green space is to the property (is there a gate in the back that makes it easy to get to a trail?)
- Is the green space maintained, or is it wild and potentially a haven for mosquitoes or other pests?
- How heavily travelled is the walking path, and can it see into the yard.
- Are there other nuisances that might negate the benefit (eg: a noisy road behind the green space)?
- What is the lot you’re comparing it to?
Ideally, a couple of other homes have sold on the street/in the neighbourhood that can be compared on the ravine/interior side which will give you your best idea. What you describe (forested green space with a walking path) is pretty close to ideal if it’s a quiet area. If not, look for similar areas in that part of town and extrapolate from sold records in that area.
Source: I’m a Realtor in Ottawa, Ontario.
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