How Much Does Outdoor Living Space Add To Home Value?
Understanding the Impact of Outdoor Living Spaces
In the realm of real estate, outdoor living spaces have become increasingly coveted by homebuyers. These spaces, whether in the form of a patio, backyard oasis, or other outdoor additions, can significantly increase the appeal and value of a home. As the cost of living increases, people want to enjoy more time at home. As a matter of fact, since COVID-19. More people than ever want to spend time outdoors. Why? Spending time outside is good for not only your physical health but your mental health, too. With a shift in work culture and more people looking for remote jobs than ever, many people are looking to make their spaces places where they enjoy spending time with increased functionality now that our homes serve multiple purposes in our daily lives. In this comprehensive guide, we'll explore how outdoor living spaces can add value to your home, from increasing its overall square footage to enhancing its aesthetic appeal.
Why Buyers Value Outdoor Living Space
When considering the value of adding an outdoor living space, it's essential to understand its impact on the overall value of your home. Outdoor spaces, when well-designed and integrated seamlessly with the indoor living area, can significantly increase a home's perceived value. Property experts share that homes with an outdoor living space typically sell faster and often go at a higher price point than those without. But it's about more than just the ability to resell your home. It's also about you and your family, and the impact revamping your outdoor space has on you and your quality of life. It's important to consider what kind of additions may be the most beneficial for you and your current lifestyle. For instance, if you're someone who doesn't have a lot of free time, a patio is a worthwhile investment, while an addition that requires more upkeep, like a vegetable garden or a pool, might not fit your current lifestyle.
Function & Entertainment
One of the primary reasons buyers appreciate outdoor recreational spaces is their functionality and opportunity for entertainment. These spaces provide additional room for entertaining guests, hosting barbecues and parties, or simply relaxing and spending quality time with family. Adding other outdoor features to your space, like an outdoor swimming pool or a relaxing hot tub, can also increase the entertainment factor. Many homeowners love having an area set up outside to enjoy meals with their friends and family during the warmer weather months, which can be an excellent addition for those without a dining room or those who have smaller kitchens that make it hard to host. By extending the usable square footage of a home, outdoor leisure spaces make homes more functional and bigger than before.
Makes Homes Feel Bigger
Outdoor leisure spaces have a unique ability to make homes feel larger. You may think that taking up space in your backyard and breaking up your lawn area would make it feel smaller, but often, when done with intention, it has the opposite effect. This feeling of spaciousness is highly desirable among buyers and can significantly impact a home's perceived value. Buyers value outdoor living spaces for their ability to enhance their overall living experience. These outside spaces offer a beautiful sanctuary busy from the hustle and bustle of everyday life, providing a place to relax and unwind and enjoy outdoor hobbies like gardening. Beyond their functional benefits, outdoor leisure spaces connect homeowners with nature, providing a sense of tranquility and peace that is hard to find indoors. For many buyers, outdoor leisure spaces feel like an approachable way to add a bit of luxury to their lives and serve as a way to enjoy the outdoors without having to leave the comfort of their own homes.
Will I Get A Return On My Investment?
The return on investment (ROI) of an outdoor recreational space can vary and is dependent on various factors. The extent of the improvements, the materials they're made from, the way you upkeep and care for them, and the local market all play a role in determining your return on investment. However, in general, well-designed outdoor spaces can yield a high ROI, often recouping a significant portion, if not all, of the initial investment. This is especially true when the outdoor improvements are made using high-quality materials that add value and are adequately maintained. Homes with outdoor leisure areas also typically tend to sell more quickly and often at a higher price point than those without. This is because outside spaces add to the overall appeal and functionality of a home, making them more attractive to potential buyers.
Outdoor Improvements That Add Value To Your Home
Enhancing your outside areas can significantly boost your home's value and appeal. Whether you want to design and create a peaceful retreat or a lively entertainment area, there are various updates you can consider. These improvements can transform your outdoor area into a functional, warm, and inviting outside space that complements your lifestyle.
Adding A Patio
A patio is a popular outdoor improvement that adds value to your home. It's also a relatively approachable update to DIY if you're up for the challenge. Whether your patio is made of wood, concrete, or pavers, a well-designed patio creates an inviting outdoor area that extends the usable space of your home.
Swimming Pools
While installing a swimming pool in your outdoor leisure space can be an investment, it can also add considerable value to your home, especially in warmer climates. A pool provides a luxurious touch and can be a big bonus and selling point for buyers seeking a resort-style living experience. If you're looking for a cost-friendly and space-saving alternative, a hot tub or even a water feature can also add potential value.
Water Features
Adding water features such as bubbling fountains, small ponds, or tranquil waterfalls can add a touch of calm and elegance to your outside space. These features not only elevate the visual appeal of your home but also create a relaxing atmosphere that buyers find appealing.
Outdoor Fire Pit
A fire pit is a desirable feature that adds both function and beautiful ambiance to your outside area. Whether used for warmth on cool evenings, hosting bonfires with friends, or roasting marshmallows with family, a fire pit can make your outside area more inviting and enjoyable.
Building Additional Living Space
Adding an outdoor kitchen, sunroom, gazebo, or pergola can significantly increase the value of your home. These additions to your outside living spaces create a seamless, beautiful transition between your indoor and outside spaces, making your overall square footage seem bigger.
Landscaping Can Add Value Too
If you don’t have the room or funds for a major overhaul to your outside living space, refreshing your landscaping can be a wonderful way to make a significant impact for an affordable price. It can be beneficial to hire a landscaping company to make the upgrades for you as they can get it done quickly and make relevant suggestions for your climate and lifestyle. In addition to hardscape improvements, landscaping can also add value to your home. Well-maintained gardens (even simple ones), lush lawns, and strategic plantings and trees can elevate the aesthetics of your home and make an impactful and positive first impression on homebuyers.
Hire A Professional
When it comes to outdoor improvements, it's often best to hire a professional. Landscaping and hardscaping architects and designers can help you create a stunning, cohesive, and very functional outdoor living space that maximizes the value of your home.
In conclusion, outside living spaces can add significant value to your home. Whether you're looking to create a functional entertainment area or simply enhance your home's curb appeal, investing in improvements to your outside area can pay off big in the long run. With the right upgrades and a well-designed outside leisure space, you can add to the appeal and value of your home for years to come.