Do renovations to your backyard increase the value of your home? We all know that having a lovely garden is a desirable feature for many house purchasers, especially now that the pandemic has forced most of us to stay at home, which has meant that we’ve been using our outside areas as extensions of our living rooms, kitchens, and dining rooms.
Is upgrading your backyard truly one of the greatest methods to increase value when it comes to selling, and if so, which renovations should you prioritize?
Nice Backyard – Price Impact
Knowing how much value a good backyard will bring will always be an estimate – and before you start planning, your realtor should always be the one to consult for their professional advice on what would work in your region.
Having a ballpark number, on the other hand, can assist you to decide how much to spend on landscaping to obtain a decent return on investment. As a conservative estimate, a well-landscaped, low-maintenance garden may add up to 10% to the value of your house. For example, it would be an extra $100,000 on a $1 million home.
It’s important to note that landscaping a backyard seldom generates a profit; but, if done well, you should be able to recover your investment by raising the value of your home, giving you a better chance of selling it sooner and for a higher price.
Value-Adding Outdoor Improvements
Which backyard renovations should you consider as possibly value-adding once you’ve taken care of the essentials, such as a sound fence, a clever patio and decking, and attractive planting? This is the list we’ve put up for you.
Get A Fire Pit
Nothing beats toasting marshmallows and swapping tales around a blazing fire during the summer months. Installing an outdoor fire pit not only creates wonderful memories but also generates a 67 percent return on investment. The typical cost of a fire feature with a gas burner and patio space is $6,000, and you’ll regain around $4,000 when you sell your property.
Get your grass under control if you want to sell your house for more money. A proportion of Lawn care will recoup 267 percent of landscaping experts’ estimated expenses in 2018. Overgrown hedge sections should be removed, and low-maintenance plants should be used instead. Artificial options are also great due to being low-maintenance. Do a search for “best artificial grass for dogs” if you wish to find a supplier with options most suited for your pets.
Native plants are ideal since they are adapted to the soil and temperature of the area. If you have the foresight, consider planting shade trees, which will not only look good but will also save you money on cooling expenses as they mature. But don’t go overboard! Consult your local garden store if you’re unsure where to draw the line.
You may experience the romance of sunset whenever you want with “Malibu lighting,” easy-to-install solar-powered outdoor lights. These lights not only make your lawn and garden more beautiful at night, but they also protect everyone safe from tripping and robbery. Installing a typical 600w transformer and 20 LED lights cost $5,000, with a 50% return on investment when you sell your home. Meanwhile, it boosts visibility and curb appeal while allowing you to spend more time in your yard at any time.
If your grass is your home’s center point, invest in a high-quality watering system to keep it looking great. Customers will unquestionably notice. Aside from the usual high quality garden hose, a subsurface sprinkler system is one of the best short- and long-term investments for a great-looking lawn. In addition, you’ll save money on your water bill by saving a substantial amount of the projected $3,500 installation costs.
When it’s time to sell, the system will likely raise the value of your home by $3,000 on average. With an 86 percent cost recovery (not including water savings), that’s one of the best house upgrades you can do!
There are numerous advantages to the relaxing sound of trickling water. Small water features like fountains and ponds attract birds and other animals, making it pleasurable to sit outside and enjoy your yard. Best of all, for as little as $50, you can add a basic terra-cotta pot with a recirculating pump to your landscaping.
When these components are coupled with a comfortable place to sit and relax, your home may gain a lot of aesthetic value. Even if that doesn’t equate to a specific monetary figure, enhancing your home’s overall landscaping and curb appeal may be all you need to attract a suitable buyer.
Today’s backyard status symbol is an outdoor kitchen. Depending on the amenities and appliances you pick, such as barbecues, refrigerators, and sinks, installation fees might range from $15,000 to more than $100,000.
Keep things simple if you want the best possibility of recouping your expenses during a future house sale. You may expect a 71 percent return on your investment with this type of installation.
Other Outdoor Rooms
Making the necessary modifications now might save you a lot of money when it comes time to sell if your backyard has the potential for outdoor entertainment. But which among a dining area, gravel, a dry paved patio, a covered patio, and an above-grade deck would offer you the best bang for your buck?
According to experts, a deck has a resale value of at least 76 percent, which is much more than virtually any other home improvement project. Wood decks are a great option because they’re both inexpensive and popular. Composite decking is more costly and has a lower resale value than wood decking, but it is of superior quality.
Repair your Facade
Replacing external siding may appear to be a costly and time-consuming endeavor, but according to Remodeling Magazine, it is one of the most cost-effective methods to increase the value of your home—just it’s a matter of doing it correctly. According to the research, you should concentrate your efforts exclusively on the front of your house and use synthetic stone veneer. The estimated cost is close to $9,000, however, you’re anticipated to recoup 95% of your investment
Aside from lowering your electricity cost, solar panels have another long-term financial benefit: they can raise the value of your home. The percentage by which they increase a home’s value varies by state (as well as the size of your installation, of course).
According to Zillow, houses with solar panels command a 4.1 percent premium over those without. A home with an average-sized solar array will cost about $15,000 extra, according to the Office of Energy Efficiency and Renewable Energy. Homeowners who own their solar panels outright, on the other hand, earn a higher return when it comes time to sell.
Garage Door Replacement
You may believe that your present garage doors are adequate, but replacing them would significantly improve your home’s exterior appeal and value. A garage door replacement may cost up to $3,600, according to Remodeling Magazine’s 2019 Cost versus Value Report, but you’ll recuperate nearly 98 percent of that cost. When potential buyers arrive, your house will have already made a good first impression.
A pool is a big expenditure, and the value it adds varies a lot – but it’s getting better. There used to be just as many individuals seeking a pool as there were those who refused to buy a home with one. However, the epidemic altered the equation. People are spending more time at home these days, which has raised a demand for swimming pools.
Nothing is more unattractive than a lovely home with a sagging fence. Your home’s fence acts as a safety element. Consider the moat and walls around your fortress. Improving the fencing around your property can give the impression that it is more substantial and stable.
Finally, when considering these outdoor renovation options, keep your location in mind. If you renovate in a place that is warm most of the year, you are far more likely to see a return on your investment. You’ll get a lot more use out of your renovated backyard, and buyers will notice when it’s time to sell. Of course, you should avoid investing too much money in a project. At the very least, you want to break even, with the ultimate objective of increasing the value of your property.
Understanding the outward characteristics that contribute to the value of your property is only the first step in determining its worth. When determining the worth of your property and appropriately pricing it for sale, there are several things to consider. To make informed and confident decisions, you must have a thorough understanding of your property and the local real estate markets. Nothing compares to the knowledge and experience of a seasoned real estate professional.