Which characteristic does NOT contribute to the value of real estate?

The characteristic that does not contribute to the value of real estate is aesthetic appeal. While aesthetic appeal can enhance a property's attractiveness and may influence a buyer's first impression, it is not a fundamental driver of real estate value in the same way that location, scarcity, and utility are.

Location is crucial because it affects accessibility, desirability, and potential for future development, which directly impacts value. Scarcity relates to the limited nature of land and property available in desirable areas, making those properties more valuable. Utility pertains to how well a property meets the needs of its users, such as functionality and purpose, which adds to its overall worth.

In summary, while aesthetic appeal can play a role in marketing a property and influencing buyer perception, it does not fundamentally alter the underlying value determined by location, scarcity, and utility.