When it comes to home improvement projects, some offer a better return on investment than others. If you’re looking to add value to your home to sell in the future, here are five outdoor features that will give you the biggest bang for your buck.
A Wooden Deck or Patio
Adding a wooden deck or patio is one of the most cost-effective ways to add value to your home. Not only does it create additional living space, but it also provides a great spot for entertaining guests or simply relaxing outdoors.
Although the average price for a new wooden deck is about $10,000, and a newly built composite deck costs an average of $17,000, this investment doesn’t go to waste. Wood decks give the best return on investment in home resale value. The cheaper material means a more affordable deck project while still increasing the resale value of your house comparably to a composite deck.
Although most home renovations see a return on investment (ROI) of only 50% to 80%, research shows that patios and decks made with high-quality materials can exceed 100%.
Another relatively inexpensive way to add value to your home is by investing in quality landscaping. This could mean adding curb appeal with colorful flowers and manicured hedges or going out with a full outdoor kitchen and dining area.
A home with landscaping typically has a 5.5 to 12.7% price advantage over a comparable home with no landscaping, depending on the type of landscaping and its original value. That’s an extra $16,500 to $38,100 in value on a typical $300,000 home.
Landscaping is more than just flowers and shrubs. It can also include retaining walls, outdoor lighting, and irrigation systems. These features are all functional and can make your home more enjoyable while adding resale value.
A swimming pool is one of the most coveted outdoor features and can make your home more appealing to buyers. The current pool trend is for more naturalistic designs that mesh with the surrounding landscape. A free-form shape is usually more desirable than a rectangle. For the pool surrounding, think about using flagstone or travertine for a more luxurious feel.
A swimming pool builder will help you choose the right size, shape, and depth for your pool. They will also assist with choosing the right type of pool for your home and budget. Although a pool might make you more popular among your social circle and increase the value of your home, don’t get your hopes too high. The return on investment is low, with research showing that you’ll only see a 7% increase in your home’s value.
An Outdoor Fireplace
An outdoor fireplace is a great way to extend the use of your outdoor space into the cooler months. It’s also a feature that can make your backyard stand out from the rest. According to a survey, a 10-foot diameter natural stone gas fire pit will, on average, have a 67% return on investment. The fire pit’s cost varies depending on whether it is permanent or mobile.
Outdoor fireplaces and fire pits are in high demand among homebuyers, as they create a warm and inviting atmosphere. When combined with your new patio, you can expect a substantial increase in resale value and an average 150% return on investment.
A Built-In BBQ
A built-in BBQ is another popular backyard feature that can really up the value of your home. It’s perfect for summer cookouts and can be used year-round if you live in a warmer climate. If you’re handy with tools, this is a relatively easy project that you could do yourself to save some money. Otherwise, hiring a professional should set you back around $1,500-$2,500 depending on the size and complexity of your design.
Not only do built-in grills last just as long as the rest of your home appliances, but they usually don’t require replacement over the years. Although you may initially pay more for a built-in grill, its low maintenance costs will eventually make it cheaper than other grills.
Whether you’re looking to add value to your home for resale purposes or want to enjoy some luxury backyard features yourself, there are plenty of options available to fit any budget and taste. From simple things like landscaping and flower beds to building an outdoor kitchen complete with BBQ and fireplace, there’s no shortage of ways to spruce up your backyard space. Some projects will take more time, effort, and money than others, but they can make your home look nicer (curb appeal) and be worth more if you decide to sell it.