Value of Outdoor Space

To me outdoor space is worth zero. I came to this conclusion after having rented an apt with a large Terrace. Unfortunately the terrace was unusable in the summer due to the heat and in the winter due to the cold but I still had to pay for it during those seasons! Would have rather had the interior space.

5,000 threads on this board say outdoor space = 50% the PPSF of the indoor space although only a MAXIMUM amount of outdoor space = 50% of the interior square footage can be used in total. So a 1,000 SF apt with an equal sized terrace would mean you could ONLY count 500 SF for the formula. And that 500 SF would be 50% of the PPSF of the interior.

Does the outdoor space get much light? How tall is the building? Is the outdoor space near any common space given that it's on the 1st floor (ground floor?) that would tend to make it dirty, noisy, or not private? Where is this located?

Outdoor space is very personal. To me it was everything. I could not live in NYC without my terrace. There is no exchange for being able to walk out on your own personal terrace or your own back yard. If you have pets how great it is for them as well. If you can get your outdoor space for nothing, how lucky you will be but I don't think those properties exist. It has to be important to you, no one else. Good luck.

Thanks all

The specifics are also important in tweaking the value assessment up or down. For instance, how private is the space? Does the building pile up garbage for removal behind a fence abutting the space so that in summer it smells foul or so that vermin might be a problem? If the building facade in the rear needs work, will this outdoor space be the staging area for scaffolds and workmen? Do you have the ability to improve the space with a pergola, plantings, etc or are there stringent restrictions?

Agree with kylewest. specifics are very important. some outdoor spaces make an apartment what it is, and that is very hard to value. a space that has enough area to grill/lounge/eat, in my mind, transforms an apartment and creates major value for the majority of people. a small space may have value to some, but not to others.

Outdoor space was a requirement for me in my search, but I found that I eventually needed to cross this requirement off my list due to everything that people have mentioned on this thread.

I'll add another --- we found a lot of apartments with "usable" outdoor space, but every neighboring building's mechanicals roared constantly, and invasively. It went far beyond general city noise. It was more like being on the set of "Eraserhead".

I used to have 900 SF terrace off of a 1000 SF apt, but it had little shade in the summer. So it was mostly too hot or too cold to ever use it. It was big enough to have four round tables outside for a catered event once, or big enough to easily fit 50 people for a party. But these were rare occasions. Mostly, it went unused. There were maybe 20 other units in the building with large terraces, and at least half were also almost never used, mainly the ones on the sunny side of the building.

Too hot, too cold. What a complainer. Best bet is to ignore Jason who wishes he were back home in California.

The size of the outdoor space relative to the indoor space is important. I would say ideal outdoor space is:
MIn100 sqf so that you can put a table and couple of chairs or a chaise to get some sun.
More than 25% of the indoor space will not add as much value.
If the apartment is already very large say 2000 sq ft, any outdoor space >100 sq ft will add value. For a nice developed outdoor space with view attached to the living room up to say 300 sq ft, people may pay the same as the inside space due to a lack of supply of such places. As the space >25% of the inside, the prices should decrease.

For the space in question by OP, 25-30% of the inside space per sq ft as the space does seem to be too large relative to inside space.

I agree with 300.

say you have a one bedroom apartment at approx. 600 sq ft. and it has a garden off the living room that is 25 ft by 20 ft.

why would you value the 500 sq ft garden as if it were only 150 sq ft (600 x 25%)? to me, there is much more utility in a 500 sq ft garden than there is in a 150 sq ft garden.

Sbk, I said not as much value not zero value. For your example, first 150 sq ft at 50 percent and remaining at 25 percent assuming the apt can not be combined with other apt.

Thanks for the clarification, missed that in your original post.