With 53% of Americans over the age of 6 enjoying activities like running, hiking, and camping in 2020, according to the Outdoor Industry Association’s Outdoor Participation Trends Report, there’s no doubt that we love the outdoors.
But with everyone’s health and safety at risk when going outdoors in the past two years, the most accessible way to enjoy it is chilling in one’s own yard.
This is great news for homeowners looking to sell their homes because a property’s outdoor space presents plenty of opportunities for raising the value of your property. Below, we listed down which features and improvements can boost your home’s value.
According to Remodeling Magazine, the addition of a wooden deck costs an average of $16,766, but you’ll recoup $11,038 when it’s time to sell. That is equivalent to a 65.8% return on investment.
A wooden deck is a multifunctional space, making it an attractive feature in any property. Different types of homebuyers may be interested in homes with a well-crafted deck, from those fond of hosting parties to those who need quiet time with nature.
Build your deck with high-quality materials and you will no doubt see an increase in your property’s resale value.
Dining alfresco is a great privilege that plenty of homeowners want access to in their homes. The easiest way to have this is by building an outdoor kitchen. An open-air kitchen in your backyard allows for easy entertaining.
The best thing about adding an outdoor kitchen to your property is that it doesn’t have to be fancy.
As long as you include a generous countertop space and provisions for grills, drawers, and a sink, your outdoor kitchen is pretty much set. It’s up to the owner how they’ll furnish and utilize the space.
According to the National Association of REALTORSⓇ (NAR), an outdoor kitchen project typicallly yields a 71% ROI.
Sports and Leisure Space
Sitting around and cooking aren’t the only ways to entertain guests or enjoy your outdoor space. With the right provisions, you can turn it into space for being active and at leisure at the same time.
Families with children looking for a home to buy may be interested in a basketball or tennis court in the yard. Having these spaces is a great way to keep children entertained and hone their skills at the same time.
What’s even better about a basketball or tennis court is how you can turn them into a space to hold family events like birthdays. Homebuyers love multi-purpose spaces like these, so find a local tennis court contractor and see your property value go up.
Swimming pools can also make for a great addition to your property, depending on where you live. In areas where summers are sweltering, a pool will definitely be an attractive feature.
But if you live in a perpetually cold or rainy city, then a pool might just be a maintenance burden that homebuyers won’t want to deal with.
Apart from swimming pools, other water features can also be a welcome addition to many properties. This is especially true if your home is competing against other high-end properties since water features like koi ponds and waterfalls are perceived as particular to a certain price range.
But if you’re sure of your target buyers, then adding water features will not be a problem. The sound of trickling water has calming benefits. Paired with beautiful landscaping, your outdoor space will turn into a zen sanctuary that may close the deal for buyers looking for a tranquil place to live.
Landscaping and Lighting
Proper landscaping should not be ignored either. According to NAR’s 2018 Remodeling Impact Report, landscape maintenance is the top project that adds value to a home for resale.
Landscape maintenance can set you back $3,000 on average, but the cost you’ll recover after resale is also $3,000. This means landscape maintenance gives 100% ROI.
Apart from maintaining greenery, a part of landscaping should also be installing proper outdoor lighting. This adds value to any property not only for its aesthetic value but also for its role in detering burglars. According to NAR, outdoor lighting gives about 50% ROI.
The installation of an outdoor firepit and the succeeding ROI, like installing a swimming pool, is dependent on where you live.
For properties in cities where it’s nice to gather around a warm fire and get cozy amidst a cold evening, you can recoup up to 70% of your investment with a beautifully installed firepit. This feature helps homebuyers imagine themselves using the backyard as their outdoor living room all year round.
Of course, you don’t have to have all of these on your property. But done wisely, the outdoor features mentioned above will give you a better chance of selling your home faster and for a higher price.