12-18-2012 01:52 PM
I live in a small, 4 unit condo building in Northeast DC. Our building's elevation is such that, from the roof, you can see all the way to Maryland, Virginia, and the Washington Monument. We used a ladder to go up and watch the fireworks last 4th of July and we had 360-degree displays. It was pretty awesome. Well, we're considering capitalizing on our location by building a combination roof deck/green roof (the total roof size is 1400-1500 sq ft) to take advantage of some of these views.
But, in considering this possibility, we're all very interested to know what a new roof deck would do to our property values. As four, individual condo owners,what kind of increase might we expect for access to such a green roof/roof deck? Any thoughts or suggestions would be greatly appreciated!
12-18-2012 02:06 PM
Its hard to put a value on these types of changes. While a green roof will not make someone buy your unit, it may be the tie breaker when compared to a similar property.
You also need to consider the cost of maintaining this green roof? Who will maintain and are you guy setting up a fund to pay for such expenses? Will this add to the maint fee?
I would suggest that if you guys agree, then go for it. Enjoy the space while you are there and dont worry about resale value
12-18-2012 02:10 PM
I think that having a roof deck is definitelty a nice ammenity for any condo building and could add a couple thousand dollars to the value of each unit but would also end up increasing the necessary reserves to maintain the deck. Like RFAddict said, if you guys agree on it you should definitely go for it as it will increase both the value and the ease of resale. I doubt that you will get a tremendous return on the investment from a resale standpoint, my guess is something around 90% to 110% of the cost of the deck divided by the number of units is about what every unit will go up. At the same time having that space is going to be really enjoyable so I would say go for it.
In temrs of the green roof the return on investment there is likely to be lower in dollars and higher in attracting those people who care about being green. You are not likely to recoup the costs but again if being green is something that the four owners feel strongly about it may be worth it from a non monatary standpoint.
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