Which outdoor projects give you the best ROI?
This might not matter to you if you plan on staying in your home but if you are looking to add value or help it sell faster, curb appeal is still the way to go.
Consider designing an outdoor living space! With additions like patios, fire pits and outdoor kitchens, and even swimming pools, you can improve the chances of selling your home for more and (in some cases) quicker.
General trends to notice per Nasdaq:
First, exterior projects that create "curb appeal" generally produce higher returns than projects. Of the highest-return projects, four of the five are exterior modifications. And of the lowest-return projects, all five are either interior projects. This certainly makes sense -- curb appeal doesn't just add value to your home, but it can help it sell more quickly , too.
Second, if you want to add value, don't go too over the top. Midrange projects tend to add more value, in percentage terms, than upscale ones.
Four Outdoor Living Space Features That Boost Home Value
Patios are a sought-after amenity for most homes, making them a valuable addition when trying to sell a home quickly. On average, the cost of building a patio can be as high as $6,400, depending on size and materials used. That said, it’s estimated that patios can recover up to $6,525 of the cost to build, which is an ROI of just over 100%.
A better option for most homeowners, however, would be to refinish or repair an existing patio, as repair estimates average around $1,300. This can provide an ROI of nearly 500%.
2. Outdoor Kitchen
Outdoor kitchens are popular additions, and most experts estimate that homeowners with kitchens in their outdoor living spaces will break even on the investment when selling their homes.
According to Absolute Outdoor Kitchens, homes with outdoor kitchens can potentially see an ROI ranging between 100% and 200%. Keep in mind that higher returns are more likely for homes in the Southwest and Southeast compared to those in the Midwest, Northwest, or Northeast.
3. Fire Pit
An easy win in terms of home resale value is adding a fire pit. Most estimates see homeowners recouping 78% of the costs associated with building a fire pit, especially one that has natural gas running to it.
Depending on the materials used, DIY fire pits can be an inexpensive option. By choosing a less costly way to build and design a fire pit, homeowners may be able to increase the ROI of a fire pit to more than 80%.
4. Swimming Pools
Putting a swimming pool in a backyard can be a good addition to an existing outdoor living space, but it should be approached with caution. For homes that don't currently have a swimming pool installed, the average cost for building a new swimming pool is just over $22,500 and that cost doesn't include regular maintenance needed throughout the year, which can vary drastically depending on where you live.
When it comes to earning money back, a swimming pool isn't as valuable as the other options. At best, most estimates see homeowners recouping 50% of the costs when they go to sell, but the low end sees some homeowners only recouping 7% of the costs. A lot of that is due to the upkeep pools require. Many potential buyers will cross homes with pools off their lists when they learn about the associated costs.
This information is brought to you by G & P Concrete, LLC
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