Which principle of value relates to the idea that an increase in one property's features can lead to higher overall value?

The principle of value that relates to the idea that an increase in one property's features can lead to higher overall value is known as contribution. This principle asserts that the value of an improvement or feature added to a property is based on the amount it adds to the property's overall value, rather than the cost of the improvement itself. Essentially, if a feature such as a swimming pool or modern kitchen remodel is added, the increase in value is assessed based on how much buyers appreciate that feature in the context of the property's overall market value.

For example, if a property has a functional but outdated kitchen and an owner invests in a complete remodel, the principle of contribution posits that the increase in value will reflect the buyers' perceptions about the usefulness and desirability of that kitchen, rather than simply the expense incurred during the renovation. This principle underlies the understanding of how individual improvements can significantly impact the market value of a property.

In contrast, other principles such as substitution, which emphasizes that a property’s value is influenced by the cost of acquiring a similar substitute property, and competition, which concerns how similar properties can affect each other's values in a marketplace, do not focus on the direct contribution of particular features to overall value. The principle of change is more about how