What Is the Impact of Outdoor Living Spaces on Resale Value?
During the global pandemic, people found themselves spending more time at home. That trend lives on today, as many individuals continue to telecommute. Thanks to this added time at the residence, homeowners are making changes to their properties to better meet their needs. Countless individuals today are improving their property by adding outdoor living spaces. When doing so, however, they want to know the impact of these spaces on resale value.
An Estimate
Before finding ideas for an outdoor kitchen or other outdoor living space improvements, speak with a real estate agent. Although ageent cannot provide a definitive figure regarding the value an outdoor living space will add to the property, they know what sells in the neighborhood. For instance, they know a low-maintenance, visually appealing garden will add up to ten percent to the home’s value when you sell. However, that isn’t the case with all outdoor living projects. Which projects should a homeowner consider, and which should be avoided?
Which Improvements Should a Propety Owner Consider?
Homeowners often hear that adding a pool to their property will bring the value down. However, this isn’t always the case. If most homes in the neighborhood have a pool, this shows it is a feature people look for when purchasing a property. Adding a pool won’t bring the value down in this situation, but not having one might actually decrease the property’s selling price. The popularity of swimming pools has increased significantly since the pandemic, so consider this addition carefully to see if it is right for your home.
Location plays a role in which improvements a person might wish to invest in. For instance, an outdoor kitchen in Montana won’t see much use because the temperatures remain too cold a significant portion of the year for people to spend time outdoors. However, the same kitchen in Arizona can be used year-round, thanks to the sunny climate of the state. Keep the local climate in mind when deciding which upgrades to invest in.
The Home
Most starter homes come with only the basics in relation to features. Individuals buying their first residence often have a limited budget to work with, and they won’t be able to spend extra to have an outdoor kitchen or swimming pool. However, they will appreciate a structure that provides an outdoor living space and privacy. This could come in the form of a pergola or a roof over a portion of a deck or patio.
In contrast, a home in a high-end neighborhood tends to be lacking if it doesn’t have one or more outdoor living spaces. Install a patio or wooden deck and invest in a gas fire pit. Both additions add value to the home and will attract more potential buyers when it’s time to sell the property.
Personal Use
One thing many people overlook when considering an outdoor living space for their property is the enjoyment they will get from having the space. Take this into account when deciding which additions interest you.
Although an outdoor kitchen may not add significant value to the property when it sells, if this is an outdoor feature you will use daily and you plan on remaining in the home for several years, invest in the kitchen. The enjoyment you get from an outdoor kitchen ensures you get full value from the improvement, and it will add value to the home when it sells.