As we’ll see, there are many benefits to a balcony. A balcony is usually a small space off your second floor (most often a bedroom) where you can hang out and enjoy the views. It is enclosed by a wall or a balustrade and supported from below. Balconies have private entrances, so only the homeowner can access them. Being elevated, home balconies are most often used for soaking in the beautiful views here in Texas.