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House pricing help please?
If someone builds a really expensive house in an area, will it boost the value of the area? i.e. if in an area with houses worth £1m someone builds a house worth £5m will it make the others worth more?
4 Answers
- CecesanLv 79 years agoFavorite Answer
Depends on the upgrades in the 5 million pounds house and your 1 million pounds house. Depends on the build up areas like numbers of bedrooms, bathrooms, size of kitchen, garage etc. Extra like a swimming pool, tennis courts, jacuzzi etc and also the land area. Considering one is a brand new house and another that need improvement, remodelling and renovation. It could worth a little more or even less, when buyers compare both houses.
- Timothy LLv 79 years ago
Probably not. Everybody will just buy the cheaper houses, refurb for a lot less and wonder why someone would spend 5 times what houses were worth in that area.
- Anonymous9 years ago
No.
Its the same as building a building a brand new house in a slum area, the other houses will still be slums.
- josephrob2003Lv 79 years ago
just one house makes no difference, but if the majority were up market, then they would all be in the same price bracket, again it also depends on the area itself, upkeep,services, etc
