Remodeling your house? Add an outdoor redo to the project.
According to a report from the National Association of REALTORS® (NAR) and the National Association of Landscape Professionals (NALP), an outdoor renovation can add significant value to a home come resale. The most valuable updates, per the report, are:
• Seeding the Lawn (Reaps 417 percent of its cost)
• Implementing a Standard Lawn Care Program (303 percent)
• Sodding (143 percent)
An outdoor renovation can also up the enjoyment factor—the “Joy Score,” according to the report. The highest project on the Joy Score scale? A pool, though it is one of the least profitable at a 50 percent return-on-investment.
The most appealing projects following a pool, the report found, are an overall landscape upgrade and a new wood deck.
“Realtors® understand the importance of curb appeal because when it is time to sell, a home's exterior is its first impression to potential buyers,” says 2016 NAR President Tom Salomone. “Realtors® also know that these projects—from flowerbeds to fire pits—can bring homeowners who have no plans to sell even more enjoyment and satisfaction in their home.
"Homeowners looking to take on large, expensive outdoor projects should do so for themselves, for the enjoyment they and their family will gain from the finished results, and not only to improve the value of their home for when they sell,” Salomone continues. “Smaller projects will bring potential sellers the most value back upon resale—and have the benefit of costing less up front.”
“Homeowners working with a landscape professional to embark on renovations—whether that means enhancing their turf and growing a lush lawn, rehauling their entire landscape, or incorporating new features like patios and exterior fireplaces—can rest assured that they are making a smart, worthwhile investment,” adds Missy Henriksen, vice president, Public Affairs, NALP. “Further, that investment is coupled with the immediate happiness received by beautiful landscaping and the long-term enjoyment of outdoor living spaces, which are priceless.”
Source: National Association of REALTORS®
Nancy M. Alexander Stone Harbor and Avalon NJ Real Estate, Long & Foster Avalon
