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 home owners 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 home owners have turned their attention to the outdoor living spaces of their property because of the benefits these 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.
Increase appeal and resale value
From a financial perspective, more often than not home owners 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 a property and, depending on the circumstances, between 65% and 90% of the cost could be recouped at sale. Not only will outdoor improvements add value to a property financially, they will also add to a home’s appeal, which could be what the seller needs to oust the competition in today’s competitive real estate environment. Buyers will like the fact that the home has pleasant outdoor features and spaces.
Enjoyment and entertaining
While a property’s increased value is a huge benefit, this can only be realised when a 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 that is 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.
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 also reduce entertainment costs.
“The benefits to home owners of paying attention to their outdoor living spaces can be reaped in many different ways,” says Goslett. “Not only can this investment add to a 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.”