Outdoor Home Projects Offer Financial Returns and Owner Satisfaction
Posted by Regent Property Group on Friday, May 25th, 2018 at 10:50am. 245 Views
Thinking about remodeling? Homeowners should consider looking outdoors for their next upgrade, as outdoor projects can bring both financial reward and owner satisfaction, according to the National Association of Realtors®’and National Association of Landscape Professionals’ 2018 Remodeling Report: Outdoor Features.
The report looked at 13 outdoor residential projects and found that Realtors® ranked standard lawn care service as the most financially productive at resale, with a recovery rate of 267 percent of the project cost. Landscape maintenance and tree care came in second and third, with recovery rates of 100 percent. Installing an irrigation system was next most productive, at 86 percent recovery.
“Realtors® understand that a home’s first impression is its curb appeal, so when it comes time to sell, a well-manicured yard can be just as important as any indoor remodel,” said NAR President Elizabeth Mendenhall. “Even homeowners with no immediate plans to sell can gain more enjoyment and satisfaction from their home by taking on a project to revive their outdoor spaces.”
As far as owner satisfaction, fire features and irrigation systems tied for first, both receiving a top “Joy Score” of 10. New wooden decks earned a score of 9.8, water features earned a score of 9.8, statement landscaping earned a score of 9.7, and overall landscaping upgrades earned a score of 9.6.
NALP Public Affairs Vice President Missy Henriksen said, “This report validates that landscaping is an investment worth making, offering the immediate benefits of increased enjoyment of your property, as well as desirable long-term value that holds if or when it comes time to sell. From lawn and tree care to installing a new fire or water feature or landscape lighting, there’s no shortage of opportunities to enhance your landscape and to reap the benefits these upgrades provide.”
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