Increasing the Value of your Home with Outdoor Upgrades
Dated: May 20 2021
As we find ourselves spending more and more time at home due to the pandemic having an outdoor space to entertain friends, spend time with the family, or wind the day down by yourself is becoming more important to home life, and in turn, has become more important to potential buyers.
You wouldn’t be wrong if you thought that a renovation or in this case an outdoor upgrade can increase the value of your home, but it's important to be careful about what you are investing in as your ROI (return on investment) is usually not what you would think. Few people are able to do it all when it comes to DIY renovations (if the job is to be completed with that professional finished look) and therefore there are few upgrades inside or outside the home that will give you a dollar-for-dollar return on your investment. Take your time and think about what you are trying to accomplish. Are you just getting the home ready for the market, is it for the enjoyment of yourself and your family, or a mix of both? These 5 exterior upgrades may just accomplish all the above for you.
- Outdoor Fire Pit
I don't think anyone would be surprised to see this one on the list, because there is nothing like roasting some marshmallows and a couple of spider dogs with friends and family around a roaring fire. The bigger the better in my opinion (just mind the eyebrows). While this one would probably provide the most entertainment factor/enjoyment value it is on the lower side of ROI for this list coming in around 65 to 70%, however, this item should hold its value for some time.
I don’t know what it is, but every year I get older the more and more I care about seeing a healthy thick lawn outside my house. I talk about it with my friends and ask what they are doing to keep it thickkk, I just love to take my shoes off and grab a toeful of that green grass….I know how this sounds... do I really want to take advice from one of those weirdos obsessed with his lawn... and you know what, my wife would probably agree with you, but I must not be the only one. At the top of our list for ROI is implementing a lawn care program that could see returns up to 267% according to the national realtor association and the national association of landscape professionals. Now both of those organizations are American sources and I typically like to keep it as local as possible, however, I believe this would apply here in Ontario as well. The NALP state that 6 treatments of fertilizer and weed control will cost you around $375 and you would see a return of around $1000.00
Planting a tree
Sure planting a tree might not be the sexiest idea/way to spend your money, however, it does have its benefits. It muffles noise and provides a home for pretty birds. That doesn’t appeal to you?
How about it can help keep some money in your pocket? Having a tree in your yard can keep your home cooler in the summer. Sure in Ontario we only get 3 to 4 months of it, but when it's here we are cranking up that AC because from late June to early August we are on the doorsteps of Hell. Often we see the daily highs hitting well over 30c and we are no strangers to seeing a real feel of 40c. Shade Trees block excess light from entering the home which obviously heats it up. Annually you could see a 15 to 50% reduction in your air conditioner costs. It also reduces the chance of flooding and provides a wind block that can help reduce cold air from entering your home in the winter. Lastly, it's number 2 on our ROI list with a 100% return. I do believe the ROI should be much higher due to the immediate saving that will occur with the energy savings, but in terms of resale, every dollar in “should” be returned to you on the sale of the property.
Replacing the Front Door
The front door is an important part of curb appeal, it's the 1st impression of your house and it is a quick and easy way to spruce things up. If you have an older exterior door you could start to struggle with the energy efficiency of your home which in turn will have you dishing out a couple of extra loonies with increased heat/cooling costs, but the main reason why I wanted to include this item on the list is that even if you get it done by a professional you will still see an ROI between 75 to 100%.
Add a Deck
When thinking about an upgrade outside one of the 1st things that come to mind is adding a deck. If you have one of these bad boys it will surely be where you spend most of your time outside, whether you are sunbathing, cooking, eating, or having a couple of wobbly pops with family and friends. It is a focal point of the backyard and a great selling feature.
Rising wood prices have affected the costs to have one built running you around $35 to $40 per sqft, but this should still be a decent investment in your outdoor space. The value this item will bring to your home is 100% on the entertainment factor and in terms of ROI around 75%.
There are so many awesome ideas to make your backyard pop like adding lighting (only 50% ROI) and ensuring jealousy from your neighbors and onlookers alike. I got lost in this article daydreaming about summer fun. All of them might not be the best in terms of ROI but you're sure to have fun and that's got to be worth something.
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