The Benefits to Outdoor Renovations
Everyone loves enjoying their outdoor space. It provides not only provides a peaceful retreat but the benefits that it can add to your home’s value are valuable.
Investing in your outdoor space now not only allows you to enjoy your space now but once you are ready to sell, it will increase the value of your home.
See Below the benefits of individual Outdoor Renovation projects.
On average, the ROI of a deck is 70%. But those are general numbers — the size and kind of deck you build can greatly affect its ROI.
The total ROI depends on key factors including:
- Materials Used
- Deck Design
- Deck Usability
According to the real estate site Inman.com, determining the ROI of decks, patios, and other outdoor spaces is a little complex. “The average ROI of professional deck construction is 73%. However, this rate tends to be higher for higher-quality wooden decks and lower for composite materials.”
According to Inman, patio additions have a slightly lower ROI than decks, but they’ll still give you a return of 30 to 60%.
When it comes down to deciding whether to renovate or add to your house, the motivation is likely twofold: you want to improve the livability of your space but you’d also like to increase the value of your home. In the end, it doesn’t make too much sense to make spendy changes to your house without knowing whether that time and money will result in a good return on your investment. While it may be easy to see how a sunroom will make your daily life better, adding a sunroom also proves to be a good investment when it comes to increasing your home’s resale value because of the added curb appeal. By the numbers, some real estate experts say the average return on investment for a sunroom addition is about 60 percent. When you consider that alone, you might be asking yourself why you haven’t already gotten it started. Here are some of the ways it adds value to your home.
As a general rule-of-thumb, you as a homeowner can expect the following potential ROI:
Selling property within 1 year: 75% to 150% ROI is generally expected for many site improvements. For homeowners that are looking to make improvements for purposes of selling, it is best to prioritize basic garden enhancements and limit hardscapes and other built features.
Holding property for 5-7 years: 100% to 150% ROI with proper care and maintenance.
Long term hold: Investment goals for long term holds are more directed for the homeowners experience and enjoyment.
For longer property holds, it will be important to maintain a proper care and management plan that goes beyond our warranty.