Whether home improvement projects are designed to improve the interior or exterior of a house, focusing on renovations that make the most financial sense can benefit homeowners in the long run. The right renovations can be assets if and when homeowners decide to sell their homes. So where do you begin?
First and foremost, speak to a local real estate agent who is knowledgeable about trends in the community. While a swimming pool may be something coveted in one area, it may impede sales in another. It also helps to study generalized trends and data from various home improvement industry analysts to guide upcoming projects.
The following outdoor projects are just a few renovations that tend to add value:
• Fire pit: A fire pit is a great place to gather most months of the year. Bob Vila and CBS news report that a fire pit realizes a 78 percent return on investment, or ROI.
• Outdoor kitchen: Many buyers are looking to utilize their yards as an extension of interior living areas. Cooking, dining and even watching TV outdoors is increasingly popular. Outdoor living areas can be custom designed and built. In addition, prefabricated modular units that require a much smaller commitment of time and money are available.
• Patio: Homeowners who do not already have a patio will find that adding one can increase a home’s value. Patios help a home look neat, add useable space and may help a home to sell quickly. The experts at Space Wise, a division of Extra Space Storage, say that refinishing, repairing and building a new patio offers strong ROI.
• Deck: Decks can be as valuable as patios. A deck is another outdoor space that can be used for entertaining, dining and more. Remodeling magazine’s 2018 “Cost vs. Value” report indicates that an $11,000 deck can add about $9,000 in resale value to the home, recouping around 82 percent of the project’s costs.
• Door update: Improve curb appeal with a new, high-end front door and garage doors. If that’s too expensive, a good cleaning and new coat of paint can make an old door look brand new. These easy fixes can improve a home’s look instantly.
• New landscaping: The National Association of Realtors says an outdoor makeover that includes well-thought out landscaping can net 105 percent ROI. Installing a walkway, adding stone planters, mulching, and planting shrubs are ideas to consider. Many different outdoor projects can add value to a home.