Outdoor Improvements that Add Value to Your Home
In the competitive housing market, you want to be sure your home listing stands out among the others. But with so many home improvement options available, how can you be sure that you’re making the right choice? Of course, it’s important to keep an eye on the current renovation trends to learn what buyers are looking for, but you also want to make changes that will look beautiful and last for years to come.
This guide will help you figure out the best ways to ensure recoupment on your improvement investments when it comes time to sell.
First impressions really do make all the difference. And while your front lawn’s appearance isn’t likely to be a deciding factor in whether a potential buyer decides to seal the deal, it will have some influence on the outcome. So, if you’ve been neglecting or not taking very good care of your grass, now is the time to get on it and make your yard green and vibrant. Start by filling in any holes with seed or sod and set up a standard lawn care program with fertilizer to keep it looking nice.
Improving your lawn is one of the less expensive improvements you can make that will be sure to make your home more attractive. It’s also been known to improve general happiness in regard to your outdoor spaces and might motivate you further to keep improving your home! Check out my Pinterest board for more landscaping ideas here.
Build a deck
With people spending more time at home due to the pandemic, many turned to renovating their backyards to expand their overall living space outdoors. Building a backyard deck has one of the highest average ROIs among the most popular home improvement projects. Not only does it look great when you list your house on the market, but you’ll be able to spend even more time outdoors when the weather is right!
Adding a deck to your home also gives you lots of opportunities to utilize your outdoor space in creative ways. For example, if you plan to construct the deck on the second floor of your home, there are tons of ways to use that extra space underneath! Creating an underdeck ceiling is just the beginning of turning the unused space into a cozy nook.
Another way you can save money both now and later is by installing renewable energy in the form of solar panels. Not only will they help you cut back on your electricity bill, but they’re also known to increase home value down the line, and they’re only getting more popular. Of course, the exact percentage of increasing your home’s value depends on the installation’s size and in what state you live. However, in 2019, Zillow reported that you could expect a premium of about 4.1% for homes with solar versus homes those without solar.
Install an outdoor kitchen
One attractive feature that’s sure to appeal to buyers of a higher budget is the outdoor kitchen. And while there are lots of options for customization that can make your project cost over $100,000, if you want the best chance at recouping your investment, keep it simple. The National Association of Realtors reports that an inset grill, stainless steel drawers, an ice chest, a sink, and 60 square feet of countertop would suffice. In addition, they say that you could expect about a 70% ROI for this kind of project install.
Install a sprinkler system
If you want to keep up the curb appeal of your newly refurbished lawn, installing a quality sprinkler system is the perfect way to do so. However, a buried sprinkler system is a great long-term investment that potential buyers will definitely notice.
You can also expect to see much of the $3,500 installation costs in savings on your water bill. When it’s time to sell, it’s expected that a system like this would increase your home’s value by $3,000 — an 86% recoupment! And factoring in the savings on water, this is one of the best ways to ensure added value to your home.
Add a garden
One possibly unexpected improvement that is favorable among potential buyers is a backyard garden that’s been expertly maintained and landscaped. The NAR’s report estimates that the cost of annual mulch application, lawn mowing, pruning of shrubs, and planting of approximately 60 perennials or annuals to average around $3,000. However, they also found that this typically garners a 100% return on investment.
However, this option presents a dilemma. The report also found that the majority of US home buyers are not particularly keen on garden maintenance. So, while it may be an attractive feature to those looking for a home with a lovely garden, it could dissuade some buyers who aren’t looking for the extra work.
Add some color
A great option that’s easier on the budget is to touch up some of your outdoor spaces with a bit of freshening up. A new coat of paint on an outdoor fence or trellis can be a significant boost to your home’s appearance. If you’ve got wooden patio furniture, making it look shiny and new can’t hurt at all. You can also add some colorful flowers in planters and swap out your outdoor pillows for more vibrant colors to make your backyard more attractive as well.
As always, thank you for stopping by to read about outdoor improvements that add value to your home. Make sure to check out more of my home decor and real estate investment posts below: