Renovating your home is a smart way to add to your home’s overall value. When renovating, it is important to remember that your outdoor space is just as much a part of your home as the indoor space. In fact, curb appeal is one of the main factors in selling a home and selling at a more competitive price. It is tough to know which outdoor renovations will bring the best return on your investment. Here is a quick look at some outdoor renovations that will bring value to your home.
Outdoor kitchens are becoming a popular addition to homes. Coupling functionality with style, having an outdoor cooking space brings a huge return for your money. Often, building an outdoor kitchen results in between a 100-200% return on your investment, though they may require a larger initial investment than other renovations.
Pay attention to the weather patterns of your area before considering an outdoor kitchen. The colder your climate is, the less return you will have from adding an outdoor kitchen. However, if you live in a climate that can utilize an outdoor kitchen year-round then it’s a no-brainer.
A pergola is an archway that covers outdoor spaces like patios or decks. Pergolas are one way to incorporate more green into your outdoor space and can, with the addition of breezy curtains, help to keep bugs away as well. These add to your home not in direct monetary gain, but by making your home more appealing to buyers. About 83% of homeowners and buyers are interested in pergola additions.
While having a pergola to cover outdoor spaces without pre-existing ceilings is a plus, putting in a covered patio is an even better investment. A covered patio can easily become the main draw of a backyard, especially since the patio season can be extended through the use of patio heaters. A covered patio typically costs less than $4,000, depending on size and can bring a 30-60% return on investment.
Professional landscaping will make your home more appealing which can add as much as 28% to the value of the property (as well as reduce the time spent on the market). Additionally, adding in trees reduce the money you spend on both heating and air conditioning by providing sources of shade and windbreaks. This saves you money the entire time you live in your home on top of adding the to the overall value.
Siding and Doors
Updating your doors can prove to be one of the smallest financial renovations available since you can purchase a door and install it yourself. Meanwhile, siding costs anywhere from $3 to $7 per square foot which totals around $8,400 to $19,600 for an average two story house. While this amount may seem like a lot, siding can bring an 81% return while a door replacement can bring a 101% return, making them both wise investments.