With summer around the corner, now is a great time to get outside and see where you can do a bit of updating. Not only will this help you make the most of your summer outside, but when it comes time to sell you might see some benefits too. Here are a few outdoor projects that give you the best return on investment.
Add Outdoor Lighting
Good landscaping adds to your curb appeal and, in turn, the value of your home. Outdoor lighting can also play a big part in creating a desirable, visually pleasing landscape. In fact, for many homebuyers, outdoor lighting is essential for both visibility and security at night. Tasteful lighting can help prevent people from slipping and falling and make your property a more difficult target for intruders. Online home improvement site HouseLogic.com has some tricks to help you improve your home's curb appeal.
Replace the Garage Door
We know this one's not technically in the backyard, but your potential return on investment is so high we thought it deserved a spot on the list. How high? JLC's Cost versus Value survey compared 30 popular remodel jobs across the country, and this one scored the number two spot.
Upgrade the Deck
Upgrading an existing deck or adding a new one varies quite a bit in cost, depending on the type of materials you want to use and the deck size. But most experts agree that the payoff is well worth the money and effort. Remodeling Magazine puts the addition of a wood deck at a 50% return and a composite deck at a 40% return. If you already have a deck, adding some stain can go a long way. Whichever route you choose, just remember to keep the look of the deck in line with the rest of the house. For a seamless look, decks and patios should appear to have been in place since the home was built.
In one HGTV article, Leslie Sellers, president of the Appraisal Institute, states that an out-of-proportion project throws off a home's balance aesthetically but also detracts from its home value. Just because an extravagant patio costs a lot to complete doesn't always mean you'll see a cost-worthy return when it comes time to sell.
Plant Trees for Windbreak and Shade
This project can make your outdoor living space more visually appealing, plus it's environmentally friendly and could save you money on your energy bill. According to one Today.com article, younger is usually better when it comes to planting trees, but if you're planning to sell your home within three to five years, you'll need some size to get the full effect. The best size to buy is 8' tall, 1-2" in diameter, sitting in a 15-gallon pot ($50-$150).
Expand Your Living Space Outside
Like a deck addition or upgrade, outdoor kitchens vary greatly in time and money spent. When budgeting your project, be sure to consider the area you live in. If you're in Arizona or New Mexico, future buyers are more likely to pay top dollar for a robust outdoor kitchen as they can use it far more than their Pacific Northwest counterparts—giving you a greater return on your investment. You'll also want to consider your property and home value after the kitchen addition or upgrade. HGTV offers a helpful article on building an outdoor kitchen if you're interested. As a good rule of thumb, you don't want your home to go far beyond the value of the rest of the neighborhood, since a big outdoor kitchen can increase your property value, which affects your property taxes.
Which Outdoor Projects Should You Avoid?
In general, a pool, pond, or sunroom may be great to enjoy, but they're expensive and, depending on where you live, don't always pay off when it comes time to sell. If you're in sunny states like Texas a pool might be a big selling point. If you're concerned about what adding a pool will do to the value of your home, check with a local real estate agent you trust to get their professional opinion.
WaFd Bank is Here to Help
While we can't come over to install anything, we are here for your financial needs and questions both big and small. And, with *Free Checking you can get all the things you need to manage your money without worrying about minimum balance requirements and monthly fees. You even get great-looking debit cards so you can save money and look good doing it! Visit your local branch, give us a call at 800-324-9375, or open your account online today!
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