Exterior upgrades enhance the look of your property and can offer recreational benefits. Not every renovation, however, produces a return on investment, and some upgrades (like swimming pools) make your home less attractive to potential buyers. These outdoor renovations not only make your home’s outdoor areas more enjoyable, but have excellent returns on investment (ROI).
Build an Outdoor Fire Pit
During the summer months, nothing beats roasting marshmallows and sharing stories around a roaring fire. Homeowners who install an outdoor fire pit will not only create delightful memories, but will also realize a 67 percent return on investment. Fire features that have a gas burner and patio area cost an average of $6,000 to construct, and you’ll recoup about $4,000 when you sell your home, according to the National Association of Realtors®’ (NAR) and National Association of Landscape Professionals’ (NALP) 2018 Remodeling Report: Outdoor Features.
Implement a Lawn-Care Program
If you want a good-looking lawn, you need to supply sufficient nutrients and take steps to reduce weeds. The NAR and NALP recommend an average of six applications of lawn fertilizer and weed-control annually, which will cost around $375 for a 2,835-square-foot lawn. Your efforts can boost your home’s value by $1,000, which equals a 267 percent ROI.
Fix the Facade
Replacing the exterior siding sounds like an expensive and immense project, but it is actually one of the most cost-effective ways to improve your home’s value according to Remodeling Magazine—it’s just about doing it right. The report suggests focusing efforts solely on the front of the home and using manufactured stone veneer. The expected cost is close to $9,000, but you’re projected to earn back 95 percent!
Refresh Your Landscape
Luscious landscaping increases the chance of a home sale. Plus, according to the NAR and NALP, an outdoor makeover could net you a healthy 83 percent return on investment. The association defines a “landscape upgrade” as installing a natural flagstone walkway, adding stone planters, mulching, and planting a handful of flowering shrubs and a sizable tree—all of which will set you back, on average, roughly $6,000.
Add a Deck
Do you enjoy spending time outdoors? Then consider installing an attached or detached wood deck, which will give you the perfect spot for grilling, sunbathing, and entertaining. Wooden decks are also a major selling point. According to Remodeling Magazine, a 16′ x 20′ wood deck with stairs and railings runs an average of $13,333, but you’ll recoup $10,083 of that when it’s time to sell. That’s a return of almost 76 percent!
Install a Backyard Patio
Installing a patio is another project that expands and enhances your outside living area while increasing the value of your home. According to the NAR and NALP, an 18′ x 20′ concrete paver patio costs about $7,200 and you’ll earn around 69 percent.
Invest in an Outdoor Kitchen
An outdoor kitchen might not be on most homebuyer’s must-have lists, but it is a feature that could seal the deal for the sale. The NAR and NALP claim an outdoor kitchen project will set you back about $14,000 but you’ll recover an estimated $10,000. To guarantee the best ROI keep the project simple: an inset grill, stainless steel drawers, ice chest, sink, 60 square feet of concrete countertop is plenty.
Add Outdoor Lighting
Outdoor lighting deters burglars and creates magical ambience in your yard. What’s more, stylish, effective exterior lighting (think motion lights or low-voltage landscape options) can really amp up your home’s curb appeal. You can expect to pay up to $5,000, but according to the NAR and NALP, you could see, on average, a 50 percent return on your investment.
Contact VIP Services when you’re ready to liven up your outdoor spaces!