The Secret to Boosting Your Home’s Value with Outdoor Projects
Are you a homeowner considering outdoor projects to improve the value of your home?
Whether you’re planning to sell your home in the near future or simply looking to make it more fun and enjoyable, it’s important to understand the difference between outdoor projects that simply bring “joy” and those that provide a return on investment (ROI) when it comes time to sell.
Here’s what you need to know based on a recent National Realtor Association survey:
Outdoor projects based on the homeowner’s “joy” score:
Inground pool addition – 10
Landscape lighting – 10
New patio – 9.9
New wood deck – 9.8
Fire feature – 9.7
Overall landscape upgrade – 9.7
Landscape Maintenance – 9.6
Irrigation system installation – 9.4
Standard lawn care service – 9.4
Tree care – 9.3
Outdoor kitchen – 9
Outdoor projects based on the return on investment (or cost recovery) when selling your home:
Standard lawn care service – 217%
Landscape Maintenance – 104%
Overall landscape upgrade – 100%
Outdoor kitchen – 100%
New patio – 95%
New wood deck – 89%
Tree care – 87%
Irrigation system installation – 83%
Landscape lighting – 59%
Fire feature – 56%
Inground pool addition – 56%
As you can see, an inground pool addition and landscape lighting are the top two outdoor projects that bring homeowners the most joy. Other projects that make your home a more enjoyable place to live include a new patio, a new wood deck, and a fire feature.
What homeowners want & what actually brings value differ
But when it comes to ROI or recovering those costs when you sell your home, it seems as if the survey results are flipped. You have the value for standard lawn care service far exceeding the cost. Next you have landscape maintenance, overall landscape upgrade, and outdoor kitchen all returning you 100% or more of your money (aka good investments!)
Things like an inground pool (expensive) and landscape lighting (inexpensive) seem to bring homeowners more joy, and make for a fun homeowner experience. However, you only get pennies on the dollar when it comes to the money you invest into those projects.
What does it mean for you?
If you’re planning to sell your home in the near future, it may be wise to focus on projects that provide a good ROI, such as standard lawn care service, landscape maintenance, or even full landscape upgrade. This tells me that presentation is everything!
On the other hand, if you’re not planning to sell your home anytime soon, you very well may want to focus on outdoor projects that bring you joy and improve your quality of life at home. An inground pool or cool outdoor lighting may be just the thing to make your home more enjoyable and fun for you and your family.
Factor in costs
It’s also important to consider the cost of these projects. While an inground pool may bring you the most joy, it’s also one of the most expensive outdoor projects you can undertake. Which is why it’s so important to understand your goals and how long you plan on living in your current home.
Final thought
Ultimately, the outdoor projects you choose should reflect your personal preferences and goals for your home. Whether you’re looking to sell your home or simply improve your quality of life, there are plenty of outdoor projects to choose from that can add value, fun, and joy to your home. Just remember this survey next time you’re considering investing money into an outdoor project!