Although kitchen and bathroom renovations still top the list as the upgrades that add the most value to a home, outdoor space is becoming a hot commodity as plot sizes shrink, making them a prime space in which to invest some money to attract potential buyers.
According to Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, an outdoor home improvement project will not only assist in maximising the enjoyment of the property’s outdoor spaces, but it will also add to the appeal of the home when it comes time to sell. Below, Goslett highlights some of the reasons why investing in the outdoor living areas of your home could help attract buyers and generate higher returns in the long run:
Increased value and buyer appeal
“As long as you do not over-capitalise and spend above the ceiling price of the neighbourhood, you can recoup a significant portion of the money spent on renovating your home. If you add a covered outdoor entertainment area, for example, you could add significant value to your asking price, depending on the size and quality of the addition. Apart from adding value, an outdoor improvement will also enhance the home’s overall buyer appeal, which might be the determining factor that concludes the sale on your home – especially in the Summer months.”
Prolonged enjoyment to maximise returns
“Often, by adding a covered patio, homeowners can create that much-needed extra space in which to entertain and relax, which could allow them a few more years of enjoyment in their home before they need to upgrade to a larger property. Because real estate is a long-term investment, homeowners will stand to see greater profits the longer they hold onto their home. By renovating the outdoor space and holding onto the property a little while longer, homeowners can earn higher returns on their investment.”
Potentially lower utility costs
“Adding functional outdoor features such as a low-maintenance deck or patio will reduce areas of lawn, saving water and lowering utility costs. Having an outdoor recreational area means that the family is likely to spend more time at home, which could also reduce entertainment costs. Installing eco-friendly solutions such as solar panels or boreholes will also lower monthly utility costs as well as increase buyer appeal and the overall value of the home.” As a final piece of advice, Goslett reminds homeowners that the South African climate allows us the privilege of enjoying outdoor living. “Nothing is more proudly South African than an outdoor bring & braai with friends and family. I would encourage homeowners who have the outdoor space to invest in their property so that they can truly enjoy the perks of living in a country as scenic as our own,” Goslett concludes.