Since the pandemic forced many homeowners to stay at home, they started looking for new ways to relax and entertain at home. And as the time we spent indoors grew, backyards became a natural extension to our kitchen, dining, and living rooms.
As a result, backyards became more livable and beautiful. But with so many backyard project ideas constantly floating around the Internet, social media, and magazines, it’s worth considering which one will add a return on your investment in the long run. Because the truth is not all backyard innovations will add much (if any) value to your property.
Are you looking for exterior home repair contractors who could help you add ROI to your house (with full backyard improvements)? Then we highly recommend Showcase Renovations. They are a trustworthy home remodeling company that will make sure your backyard looks stunningly attractive to all potential buyers.
In the meantime, this blog will show you the top 3 ROI-wise projects worth considering if you want to make your property more attractive to potential buyers.
Backyard renovations – is it worth it?
If selling your house is on your to-do list, you will want to sell it at the highest possible price (and probably as quickly as possible). And to ask for a higher price, you should first invest in important renovations that add value to your home. Backyard improvements are such innovations.
Even if selling is not anything that you consider in the foreseeable future but still want to make your home more livable and appealing, then backyard renovation is the first thing you might want to consider. When the time comes, and if you have invested in renovations that increase your home value, you will be pleasantly surprised to see how attractive your home is to potential buyers.
If you think about it, many people who have the luxury of choosing a home to live in prefer houses with extra not-so-common amenities. And if your house has an impressive backyard that looks like something out of a magazine, then potential buyers will be more attracted to it. So when the time comes and you want to sell, your home will be more appealing to potential buyers.
How much ROI can you expect from full backyard renovations?
While it’s impossible to give an exact number of how much value a backyard renovation will add to your home, it’s roughly estimated that a full backyard renovation with low maintenance cost can approximately add around 10% of ROI. So if your home is worth is $1M, then it’s fair to expect around $100 000 of added value from your backyard improvements.
As you see, backyard renovations are a project worth adding to your to-do list. Still, not all improvements are worth pursuing. Here is a list of the three backyard renovations that will improve the ROI of your house.
1. Privacy Fence
The time spent in the backyard will be significantly affected by the level of solitude provided by your neighbors. As Robert Frost beautifully said, “good fences make good neighbors.”
So, if you want to increase your house value, fencing is surely a backyard renovation that you should consider. When you think of what fencing would fit best to your property, think of the feeling you want to achieve – romantic, traditional, stylish, etc.
Different types of fencing add different “flavors” to your house. Wood fencing, for instance, has been around for a long time, and it’s a favorite choice for fencing as it adds a traditional feel to the house. Still, you can play around with the feeling you want to create by choosing vinyl or metal fencing.
Generally speaking, the ROI you can expect from fencing is around 50 % – 65%.
2. Fire Pit
The fire pit installation is among the hottest renovations that significantly increase your home value. Although fire pits come in different sizes and forms, often, they are gas-powered with stone decor and patio tile. You can also choose from propane, gel fuel, natural gas, and wood-burning.
When the weather turns cold, the outdoor fire pit will make you feel cozy and warm. Plus, you can expect to recoup around 60 -70% return on investment from your firepit if you decide to sell your home. That is huge because you can enjoy the outdoor fire pit and still recover a significant portion of the amount invested when you choose to sell.
3. Outdoor kitchen
When considering what will add value to your home, an outdoor kitchen is an absolute winner. As much as an indoor kitchen, the ROI from an outdoor kitchen will depend on the functionality and the materials you will use. Some say that the ROI from an outdoor kitchen is around 55% percent.
Still, depending on the needs of the buyer, you can even get 100%. Outdoor kitchens are great because they will increase your home value while providing you with more living space. And if you want to get the most of your outdoor kitchen, use natural materials that echo the feeling of your backyard.
For example, stone or wood flooring and countertops. A focal point in any backyard is the outdoor kitchen, as it brings the social gathering to the next level while allowing you to increase your home value significantly.
Although many other backyard renovations will add significant ROI to your home, a fence, outdoor kitchen with a fire pit, or a fireplace should be on the top of your to-do list if you truly want to increase your house’s ROI.
Remember that while these three backyard renovations are the absolute winners when it comes to increasing your house value, you can choose to improve any part of your backyard. So if a fence is what you want, go for it. Same with a fire pit or an outdoor kitchen – just don’t forget to consider people’s needs and desires when choosing garden design ideas for your backyard.
