Outdoor Living, Is It An Investment?
So… you’re considering a home remodeling project but not sure which one will be best to increase the value of your home. A fun place to start is with outdoor living spaces! These types of projects could include elements such as decks, patios, pergolas, outdoor kitchens and more. However, most people don’t want to spend a bunch of hard-earned money on outdoor elements unless they increase the true value of your home. Let’s discuss 4 different elements and help you understand what how they can help increase your home’s value upon resale.
Let’s start with patios. The addition of a patio can enhance that use of the exterior areas. Most homes with usable patios sell much more quickly than unusable yards. The average sized patio costs around $6000 to build. Most people see a typical sale increase of $6000 to $6200. This shows us that the return on investment is at or over 100%. Things to consider when adding a patio is using quality materials, adding unique lighting to help you enjoy the space in the evening, and not taking up too much of the yard’s space when considering size.
Outdoor kitchens are an excellent addition to the exterior of a home and can promote more outside entertainment activities. Outdoor kitchens can include grills, sinks, bars, refrigerators, and more. Although the cost of installing an outdoor kitchen is rather expensive compared to the other elements, the return on investment is particularly good. Typical homes resold with outdoor kitchens see the full value of their investment back. Outdoor kitchens are extremely popular in more southern regions of the country where they can be utilized many more months of the year. A few tips on designing outdoor kitchen are to build your kitchen around your grill or cooking elements, be sure to include plenty of counter space near your cooking areas, and avoid wood burning pizza ovens as they often get underused.
Wood or composite decks can be an excellent addition to your home. Decks add living space and for much less money than a full home addition. Decks can be upgraded with covered roofs, pergolas, screenings, built in benches, and more. Remodeling Magazine estimated in their 2020 cost vs. value report that, on average, homeowners spend just over $14,000 to add new wooden decks but see the resale value of their homes increase by $10,300, which is about 74% in recouped costs. This return is not as high as the others, but decks are very usable for entertainment. A few tips to consider is the use of composite decking over wood decking because of its increased popularity, adding outdoor lighting to enhance the area, and be sure to keep up with maintenance on wooden decks to keep it looking great!
Pergolas are an exceedingly popular addition to any patio or deck. Pergolas can use many different types of materials such as treated lumber, cedar, redwood, or composites. Although Pergolas don’t usually shield from rain, they provide an immense amount of shade from the sun’s rays. Pergolas often are customized to match the feel of the home and the homeowner’s style. The return on investment for pergolas is not quite as high, but still great. Most homeowners will see a rate of return from 50 to 70%. Outdoor lighting is a must with the structures, they should also be designed in such a way to accent the homes natural features and be sure they are built to code especially when an extension of the roof.
The Right Choice
If your home already holds one of more of these elements, consider updating or refinishing to increase the usability and value it provides. With the right design team, these features can bring a whole new experience to your home, boost your entertainment capacity, and build the most relaxing environment you always wanted. If you are in Daphne, Fairhope, Spanish Fort or Mobile, AL and are in need of a patio and deck builder or any other outdoor living project, let’s talk. Experience the outdoor living solutions you deserve.