Jun 11, 2015
Outdoor renovation projects can require a great investment of both time and money. But if you plan your project strategically, it can develop into a valuable addition to your home that actually increases the value of your property. Here are a few things to consider when planning an outdoor upgrade to make sure you get the best return on investment.
What is the average ROI of an outdoor renovation project?
You’ll get about 50% return-on-investment if you upgrade your outdoor lighting. Replacing siding and exterior doors can earn you up to 101% ROI! The average return on investment for a new garage door is roughly 88% while ROI for paving your driveway is anywhere from 50-75%. Adding an outdoor kitchen sees an average ROI of 100-200%, with the higher range in warmer climates. Portable fire pits have an average return on investment of about 150%. Built-in fire pits usually have a higher cost and lower ROI. Surprisingly, even the most well-maintained swimming pool in a warm climate will only add about 7% to the value of a home on average.
What about adding a deck or patio?
The average ROI for professional construction of a deck is about 73%. This rate is usually higher for high-quality wood and lower if you decide to use composite materials. Patio additions have a slightly lower ROI (30-60%). If you decide to screen in your porch, you’ll see about 75% return on investment.
How much can new landscaping add to the value of your home?
Upgrading your landscaping can add as much as 28% to the overall value of your property. Additionally, fresh landscaping can cut time on the market by as much as 15%! Planting trees can help cut back on heating and air conditioning costs, saving you 75% annually. If you use native plants, the cost of maintenance is significantly less.
If you want to do something small to add to the value of your home, consider resetting your lawn, pressure-washing your deck and sidewalks, and repairing cracks in the driveway. Add a flower garden and some greenery to bring more life to your outdoor space.
If you want to make a little piece of The Island your own, you need more than just a road map and a REALTOR. You need a partner who can make things happen.
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