Return On Investment- Outdoors, Really?
Indoor remodels like a renovated kitchen and bathrooms can add significant value to your home, but you don’t have to limit yourself to indoor upgrades to get a good return on investment (ROI). There are numerous investments you can make to enhance the outside of your home and increase its value when it’s time to sell. From upgrading your deck to putting in an outdoor kitchen, here are 5 places to invest for the best ROI.
1. Update Your Fence
Fences serve multiple purposes, from providing security to enhancing the aesthetic look of your property. They create privacy from your neighbours and make it more difficult for individuals and animals to come into your yard. They also act as a sound barrier, keeping out the noise of busy streets and loud neighbours so you can relax outside. Adding or upgrading your fence is one of the easiest and most affordable ways to add value to your home. A quality fence can increase your home’s value by $1,000 to $5,000 and you can get an even higher ROI if your neighbours agree to split the cost of the fence with you.
2. Upgrade Your Deck
Your backyard deck can get you a return of 68 to 77% or higher if it’s done really well. Not only will a gorgeous deck add aesthetic appeal to your backyard, it also increases the square footage of your home, giving you more space to hang out and entertain guests. When it comes to ROI, a nice backyard deck can get you just as much as a new kitchen or bathroom. It provides more usable space and is the perfect spot to host family and friends.
3. Add An Outdoor Kitchen
An outdoor kitchen can add significant value to your home, making it a sound financial investment. From urging your family to spend more time outside, to expanding your living space and saving on utility bills, there are numerous benefits to putting in an outdoor kitchen to enjoy for years to come. Fill your outdoor kitchen with easy-to-clean stainless steel appliances that can handle the changing temperatures and seasons. Consider equipping your outdoor kitchen with a BBQ, prep surface, bar, storage space for food, a refrigerator, lighting, table, chairs and entertaining system to really make the most of it.
4. Plant Trees
Planting trees is a sure fire way to increase your home’s value down the road. Mature trees are increasingly valuable, especially in areas that lack green space. Plant one or two trees as soon as you move in, so that when it comes time to sell years down the road, they’ll be a good size. Trees appreciate in value over time, so are definitely a smart investment!
5. Put In An Outdoor Entertaining Space
Anyway you can extend the entertaining space of your home is a good investment. Whether you fancy a more relaxing space to enjoy drinks with friends, or want a more upscale entertaining area, an outdoor entertaining space will increase your home’s value. A large deck offers ample space for entertaining, but if you don’t have a deck you can also create an entertaining space in your yard. Consider furniture like a table set to host dinner parties or a lounge seating area with lots of throw pillows so people can sit and relax under the stars.
If you want to make investments that will increase your ROI, look no further than these 5 outdoor upgrades!