There are plenty of great reasons to make additions to your home – including increasing your comfort and enjoyment and fixing safety issues – but another common reason many homeowners do renovations is to improve the home’s value. Home upgrades can be unapologetically expensive, and you might end up not getting back your investment.
However, there are some tried and true renovation projects you can add to your outdoor spaces that are shown to improve your home’s value.
A patio is one of the most popular outdoor home fixtures today. It gives you additional space to entertain, like an outdoor living room. The average cost of building a 20×20-foot paver patio can range at around $5,600, and it comes with a potential recovery of over 62%.
A wooden deck is another attractive option that can increase the livability of your outdoor spaces. Wooden decks give you extra space outside to enjoy the breeze, a view of your garden, and a day outdoors with your family. The deck is also a great place to host guests for everything from brunch to evening get-togethers. Unlike the other outdoor home improvements, wooden decks are easy to maintain and can give you up to 100% potential return on investment.
Installing a fire pit is a sure way to introduce fun to your outdoor living space. A fire pit increases your home’s value through its versatility. You can use it for warmth on the cold days, warding away mosquitos, or for grilling.
The swimming pool is a classic outdoor addition promising fun in the sun, but the addition of a swimming pool rises safety concerns. Homeowners are often torn: is a swimming pool an investment? Or a liability? Despite the inherent risks, a well-maintained swimming pool can increase your home’s overall value by up to 7%.
A well-kept landscape featuring your favorite mix of trees, bushes, flora, and outdoor décor delivers curb appeal and can help improve your home’s value. Work with a professional landscaper to help you design a landscape aesthetic for valuable new construction homes. Think of all the flowers you can add for a vibrant look that enhances your home’s exterior design.
Outdoor kitchens are trending in popularity in real estate today. Given that many homes already add a patio and/or deck, an outdoor kitchen helps to enhance the outdoor experience. A well fitted and constructed kitchen comes with a scenic and functional appeal for prospective buyers.
You may be surprised to hear that outdoor lighting is a crucial part of the outdoor living experience. Outdoor lighting improves a home’s value in several ways, like accent lights that enhance the beauty of your home and garden. Consider attractive outdoor lanterns, spotlights, or flood lights to illuminate your home at night for aesthetic and safety reasons.
Outdoor Home Improvement: The Bottom Line
There’s a lot to consider when you’re thinking about an outdoor home improvement project. How badly does the home need the upgrade? Can you go without it? How much will it cost? Will your potential buyers like it?
Fortunately, the outdoor upgrades mentioned above are industry standards in home improvement, with proven return on investment. Research your options until you find the perfect mix of upgrades to improve your home’s value.