Cost | Yard Kidz

Adding value to your home with a remodel or addition can be a good idea, especially when it comes time to sell. Some projects, a kitchen remodel, for example, are almost guaranteed to offer a worthwhile return on your investment. Others, however, may offer mixed results. So, what about an outdoor living space? Creating an outdoor living space will add value to your home. How much value it adds depends on the type of project you choose. New wood decks, outdoor kitchens, and patios return the most value for the money spent. If you’re thinking about installing an outdoor kitchen or turning a bare patch of ground into a patio, you may wonder if that new and inviting space will add value to your home. Let’s find out. The Value of an Outdoor Living Space Improvements to your home’s outdoor areas can start with simply updating the landscaping to add some curb appeal. But what we’re talking about here are big projects like adding a patio or pool, or even installing an outdoor kitchen with all the bells and whistles. Outdoor projects typically require a fairly significant cash outlay to make them happen. And that means it’s important to consider the return you’ll get on the investment, particularly if you plan to sell your home in the near future. They’ll add value to your home, for sure. Just how much value will depend on the project. What you choose to add depends on your lifestyle and how you plan to use the outdoor space. Some common outdoor projects include: PatioFire PitDeckPoolOutdoor KitchenPergola Of course, in addition to any added monetary value, think about the intrinsic value the project will bring. If it’s something that will give you and your family joy and pleasure and enhance your home experience, don’t let a low ROI (return on investment) prevent you from creating an outdoor living space. Rankings for Outdoor Projects that Add Value to Your Property Ranging from basic and functional to high-end luxury, outdoor spaces vary in the value they bring to an existing home. A 2018 Remodeling Impact Report by the National Association of Realtors Research Department ranks the top features likely to add value to a home. Some of these relate more to curb appeal than lifestyle investments, but the list does contain several outdoor spaces that are common additions: RankingProject1Landscape maintenance2Overall landscape upgrade3Standard lawn care service4New patio5New wood deck6Tree care7Landscape lighting8Statement landscape9Irrigation system install10Outdoor kitchen11Fire features12Water features13New pool Now, let’s take a look at estimated ROI for projects such as these. What Kind of Return on My Investment Can I Expect? To get an idea of whether or not a new outdoor living area is worth the time, money, and (sometimes) inconvenience to build and maintain, let’s take a look at five “big ticket” projects that homeowners frequently undertake. Numbers are based on 2018 data and adjusted for an inflation rate of 2.85% per year or 11.91% cumulative price increase. Here are the estimated ROI of different outdoor projects: ProjectCost EstimateEstimated ROI% of Value Recovered18x16 ft. paver patio$8064$560069%Wood deck$11,200$896080%Outdoor kitchen$15,680$11,20071%Fire feature$6720$448067%Pool$64,400$28,00043% What the Remodeling Impact Report does show is that, while homebuyers like the idea of outdoor features and understand the joy and satisfaction provided by them, their wallets don’t always reflect that interest. How Do I Choose the Outdoor Living Space for Me? Adding an outdoor living space takes careful consideration. Yes, you want the addition to enhance the value of your home, but you also need to make sure it fits your lifestyle and home aesthetics. Here are a few points to consider: What will I use the space for? Entertaining? Individual relaxation? What size space will I need?Do I want a focal feature that involves fire or water?Would I prefer a covered or uncovered space?What will work best with the footprint of my existing house?Am I prepared to handle the cost and effort involved in long-term maintenance? Now you know everything about adding value to your property through updating your outdoor living space. Final Thoughts Adding an outdoor living space to your home is a big decision, particularly if you use top-of-the-line materials and include all the bells and whistles. While the investment may increase the value of your home over the long term, the most important value could be the pleasure you get from using your new space.