Architectural design is important for today’s buyers. It is seen as an expression of personality, spirituality and lifestyle. Good architecture has a significant impact on real estate market value.
Although hiring architects and architectural designing are often considered luxuries, maximising your budget on them can fetch you better earnings in the long term.
Choosing a building style that suits you or your potential buyers will increase the value of the property. Alterations can be made to existing buildings to fit the architectural standards that the buyers demand to boost selling prices.
Although, it is not just the physical design of the specific property that is important, but also the built environment. It is a man-made environment within which all human activities take place on a daily basis, including living, working and recreation.
The architecture and real estate sectors together are responsible for building structures that would benefit the end-user.
Architecture plays a role at the macro level of a city – urban planning and urban design, landscape architecture etc., as well as at the micro level, that is, construction details of a building. Architecture exists in different forms:
Architecture is a form of art and art is an expression. A buyer conscious of design would be looking for a property that reflects his personality and style.
A building that has structural stability and sustainability, serves its function efficiently and uses good, cost-effective materials will automatically have a strong market value.
A structure not only serves the needs of the owner but also the surrounding population. Buildings and bridges hold the beauty and strength of a city. The rise of modern and contemporary structures are examples of designing a building to fit the emerging design standards of the people.
Some buyers look to preserve culture and tradition through their properties. Traditional designs have their own enthusiasts and this makes them valuable.
A well-designed building saves money for its user, thereby increasing its value. For example, if the design is made in a way that there is natural lighting and cooling, the expense of electricity is reduced. The design also affects the economy in future maintenance works in a building.
A professionally designed building would follow all rules and regulations devised by the authorities, limiting future complications regarding paperwork as well as health and safety issues.
Architecture and real estate make up the landscape and economy of a country. The management, business, investment and economic aspects of real estate, along with the creativity of architectural design works integrally contribute to a country’s development.
A single structure can be capable of changing the market values of all properties in its locality as a whole. For instance, the uprise of a bridge would reduce transportation costs significantly, and people would find the ease of travel attractive.
The real estate market value of a property depends on its physical features and location, both of which can be strategically planned through architectural principles. While looking for a property, an average person would want the following from it:
In some ways, the effect of architecture on real estate market value is not easy to understand. This is due to the variables when it comes to personal preferences and ideas. Generally, a good design is proven to command a price premium on the property and has a positive result in the financial returns from the property.
Most of the architecture’s influence on the market price of a property comes from the property’s larger impact on the location.
Architects are responsible for preserving, improving and creating a quality “built environment”. The quality of the built environment directly impacts the market values of all the properties within.