Would you rather sell your home for an intended price or settle for less? Every homeowner wants to get significant ROI on the sale of their home. However, you must understand that the cost of your home doesn’t depend on your presumed value.
A potential home buyer wouldn’t dole out $3500,000 to buy a home that reeks, has poor curb appeal, or lacks valuable features like fountains or ponds, fire pit, outdoor kitchen, etc. On the other hand, a prospect would be encouraged to buy your home at your intended price if it contains valuable outdoor features. And what are these features? We have highlighted them below.
Patios boost a home’s curb appeal and help increase its value. It is estimated that well-designed patios add 8-10% home value and attract an ROI of over 80%, making them a valuable addition when trying to sell your home fast.
On average, building a patio can cost homeowners $5,300, depending on the size and materials used. Rather than invest such a huge amount of money in building a patio, you can consider renovating or repairing an existing patio for $1,400 (average estimate). Renovating a patio can boost the value of your home, offering you an ROI of almost 500%.
Consider these tips to spruce up your patio.
- Include lighting to enhance the ambiance of your patio.
- Include patio furniture to boost its appeal and make it more comfortable.
- Add patio accessories like plants, rugs, mirrors, etc.
- Include fragrance.
- Don’t let your patio area consume too much space. Many families admire big backyards because of their dogs and kids.
2. Swimming pool
Swimming pools are a sought-after amenity for most homes. Installing one can boost your social worth, including the value of your home. But, the increase isn’t as much as you think. In fact, adding a swimming pool may raise the value of your home by 7% (depending on factors like your location). In light of this revelation, is installing a swimming pool a good idea?
If your home lacks a swimming pool, installing one may cost you over $22, 500 (average cost, excluding regular maintenance). Recouping such an amount of money after the sale of your home may be difficult. At best, you may end up recouping 50% of the cost when you sell your home.
So rather than installing a new pool which ends up adding little value to your home, why not consider calling in a pool renovation company to spruce up an existing pool. Renovating an existing pool will make it more appealing to potential buyers, therefore increasing its value.
3. Wooden deck
Adding a new wooden deck to your home is a good way to boost its aesthetic appeal, increase its square footage, and improve functionality. But can this addition increase the value of your home? Of course, to an extent.
It takes over $16,000 (on average) to add a new wooden deck. But such an addition can only increase the value of your home by $11,000 (based on a report by remodeling magazine), which is around 66% of recovered costs.
Rather than install a new deck, consider repairing an existing wooden deck. It takes around $15,000 to repair wooden decks—a measure that can help you recover 600% of the cost spent on the repair. You can get the best return on your wooden deck by:
- Incorporating stylish deck furniture
- Including outdoor lightning (preferably LED lights)
- Sealing your deck to increase the durability of the wood
- Ensuring that your deck doesn’t take too much space. You want to provide enough backyard for prospective buyers.
Fire pits add ambiance to your outdoor space and boost the value of your home. Based on Jessica Yonker of HGTV Gardens, adding a fire pit to your outdoor space may add 15-40% to your home value, making it one of the best outdoor living features that increase home value.
Building a fire pit isn’t expensive (the average cost of installing a fire pit is $700). However, to cut costs and personalize this outdoor feature, you can decide to build it yourself.
Potential home buyers wouldn’t dole out big cash for your home if they don’t find it unworthy of the price. If you cannot afford to install new outdoor features, don’t stress yourself; upgrade or renovate existing ones, you’ll end up attracting more ROI regardless.