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From the Colonel - Late August edition - Outdoors Ideas for Resale
Outdoor Ideas For Resale With Dan Lang
There are many ways to increase the value of your house in the Real Estate market. I want to give you some of the best options to better your chances of successfully raising your home’s value and getting your investment back. Here are a few of the ideas to upgrade your house:
1) Patio: 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 the size and materials used. According to supermoney.com, it’s estimated that patios can recover up to 80% of their ROI.
Nevertheless, a better option for most homeowners could be to simply refinish or restore an existing patio, for restoration estimates average around $1,300, with an ROI of around 30-60%.
You can get the best return on your patio by following these dos and don’ts:
DO: Add lighting to enjoy your outdoor living room in the evening and add patio furniture for more comfort.
DON’T: Take up too much backyard space. Many families covet big backyards, so leave enough space for kids and animals.
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 supermoney.com, homes with outdoor kitchens can potentially see an ROI around 55%. Keep in mind that higher returns are more likely for homes in the Southwest and Southeast.
You can get the best return on your outdoor kitchen by following these dos and don’ts:
DO: Build enough counter space to facilitate cooking. Design or place your outdoor kitchen around your grill.
DON’T: Add unnecessary items, such as a full wood-burning pizza oven. If the next buyer doesn’t think they’ll get use out of it, it may go undervalued.
3) Wooden Deck: Remodeling Magazine estimated in their 2018 cost vs. value report that, on average, homeowners spend just under $11,000 to add new wooden decks and see an ROI of 82%.
However, if a home already has a wooden deck, choosing to renovate it is a smarter investment. Typical repair costs for wooden decks can average around $1,500, providing homeowners with the chance to see more than 30-60% of their investment recovered.
You can get the best return on your wooden deck by following these dos and don’ts:
DO: Add outdoor lighting and seal your deck to ensure the wood’s longevity.
DON’T: Take up too much space on the deck or overtake the backyard. You want to have enough backyard space so not only your family but your friends can move around.
4) Fire Pit: An easy win in terms of home resale value is adding a fire pit. According to bobvila.com, homeowners can expect to recoup around 60% of the investment associated with building a fire pit, particularly 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 can increase a fire pit’s ROI to more than 70%.
You can get the best return on your backyard fire pit by following these dos and don’ts:
DO: Build a fire pit out in the open and far from structures. Additionally, if your municipality requires it, ensure you have the correct permits and paperwork for your fire pit.
DON’T: Create a pit. Even though the name “fire pit” sounds like it suggests a structure isn’t necessary, take the safety precautions seriously and build a sturdy structure around it.
Observations: It’s important to be aware of other factors that come into play with the ROI of outdoor living space. One major factor is where you live, as previously mentioned. Homeowners on the coast or in southern regions can see better value since outdoor living spaces can be enjoyed, practically, year-round.
Homeowners should take into account the current value of the home, as it will help determine how much value can be added. For example, if you live in a $200,000 home and you add $50,000 worth of outdoor living room projects to your backyard, it’s not a sure thing that you’ll be able to sell for $250,000+. Keep an eye on the real estate market trends before investing in major outdoor remodels.
Also, be aware of your HOA and city ordinances. Depending on your neighborhood, you might not be able to build certain structures to your home without permits and explicit permissions.
Prior to starting any project, always do your research! Knowing what you’re allowed to do, the values of the homes around you, and what’s available for your budget will be the best way for you to truly maximize the ROI of your outdoor living space and improve your home’s value for years to come!
Don’t forget that when it comes to Real Estate, “DAN’S THE MAN”. Please let me know if I can help you!
Fathom Realty, Chapin, SC
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Dan Lang is a realtor/broker in Chapin, South Carolina. Dan retired after 29 years of service in the Marine Corps as a Lieutenant Colonel. He has personally moved more than a dozen times during his ca....
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