While kitchen and bathroom renovations are still the top places within the home to upgrade when it comes to homeowners wanting to improve the value of their property, more and more homeowners are now looking to the improve their outdoor living spaces as well, says Adrian Goslett, CEO of RE/MAX of Southern Africa.
“With summer in full swing, many homeowners have turned their attention to the outdoor living spaces of their property because of the benefits they provide to their families. During the warmer months, most people find that they spend far more time outdoors, making it the ideal season to engage in a home improvement project that will maximise the enjoyment of these outdoor areas and add to the appeal of the home when wanting to sell,” says Goslett.
He notes that there are several reasons why investing in the outdoor living area of your home could pay off in the long run:
Increased appeal and resale value
Goslett says that from a financial perspective, more often than not homeowners will be able to recoup a large portion of the money they spend on any addition or renovation when they decide to sell, provided that they have not renovated above the ceiling price in the neighbourhood. Outdoor additions such as a deck or a swimming pool, for example, will increase the value of the property and, depending on the circumstances, between 65% and 90% of the cost could be recouped at sale. “Not only will the outdoor improvements add value to the property financially, it will also add to the home’s appeal, which could be what the seller needs to oust the competition in today’s competitive real estate environment,” he says. “Buyers will like the fact that the home has pleasant outdoor features and spaces.”
Enjoyment and entertaining
While the increase property’s value is a huge benefit, this can only be realised if the property is sold. However, the immediate benefit is that the family will be able to make full use of the outdoor space and enjoy it. An outdoor area designed around a homeowner’s specific needs and preferences can optimise space and act as an extension of the liveable area of the home.
Relax and de-stress
Medical research studies suggest that spending time outdoors can assist with alleviating stress and can improve mood. “A pleasant and accessible outdoor area can bring all the benefits of spending time in nature into the comfort of your home,” adds Goslett.
Potential money and water saving
Goslett notes that the addition of elements such as a low-maintenance deck or patio will reduce areas of lawn that require watering, which in turn will lower utility costs. Having an outdoor recreational area means that the family is likely to spend more time at home, which will reduce also entertainment costs.
“The benefits to homeowners of investing in their outdoor living spaces can be reaped in many different ways,” says Goslett. “Not only can it add to the home’s value financially, it will also create a space for the whole family to relax and reconnect at the end of a hard day,” he concludes.
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