Real Estate Matters
By Elisa Jo Eagan
As summertime is in full swing, it’s time to turn your attention to your outdoor spaces. Whether you are updating your home for a quick sale, or just want to choose a project that will contribute to increased equity down the road, it’s important to choose wisely and with the projects that sell.
Doors, siding, and roofing
They are not as hot as other outdoor projects, but these elements are among the most value-added improvements that you can make to your home’s exterior. Year after year, new exterior doors, garage doors, siding, and roofing lead the pack in return on investment.
Remember, these improvements don’t have to be strictly utilitarian – they can contribute to updating and upgrading your home’s curb appeal as well. Go for a different color, different material, and a different look, and enhance these updates with new exterior lighting and hardware for maximum impact.
Landscaping updates
One of the most cost-effective ways to add value, no matter what your plans are for selling your home, is planting trees. Offering a host of benefits, including improving your ecological footprint, savings on heating and cooling costs and appreciation year after year, mature trees add beauty and value to your home and to your neighborhood.
In addition, consistently well-maintained landscaping can make a big difference in the way your home looks, without breaking the bank or requiring weekend warrior DIY credentials. Consider a lawn service and the installation of an irrigation system to help your lawn reach its full potential.
Patios and decks
Patios and decks are always a popular upgrade, and they generally recoup much of their cost. Take a look at what the market will bear before deciding on an over-the-top, elaborate patio or deck. Multiple levels, pergolas and other bells and whistles may seem like a major selling point during the spring and summer, but it’s important to consider year-round maintenance costs.
Pools
Location is a major factor in determining the return on investment for a pool. In some locations and neighborhoods with many luxury properties, a pool may be considered a must-have. To some, a pool is considered a home oasis and a place for staycation time. For others, a pool is a detriment, especially when closed and not usable in the fall and winter months, and is considered a liability and an unnecessary expense.
In addition, a positive return on your pool installation investment is difficult to create since it is a costly upgrade, with high ongoing expenses for maintenance and upkeep. A general rule of thumb is to not install a pool unless it is something that will enhance your quality of life during the years you are living in your home.
Outdoor kitchen and dining room
A summer kitchen or outdoor kitchen can provide a beautiful setting for outdoor lunches, dinners and entertaining opportunities.
The key to enhancing your return on investment with an outdoor kitchen is scale. While a luxury property might require extreme upgrades, for most homes, an inset grill, stainless steel ice chest and drawers, and sufficient counter space are all that is required for a functional outdoor kitchen. Add a nice-sized table and chairs with a roof or pergola and you are ready to party.
Firepits and seating
Though summer is warm for the majority of the time, the evenings can sometimes turn cooler, especially at the beginning and at the end of the season. A large firepit or fire bowl with seating makes for a perfect place to cozy up for a long evening of marshmallow roasting and storytelling with family and friends.
As a bonus, fire features can range from elaborate, gas-powered setups to simple, cost-effective DIY projects – meaning they are a value-added update that you can afford no matter your budget.
Pet projects
Our pets are our family, too, and for many buyers, pets are a major consideration, so projects that appeal to pet parents are particularly popular selling features. These can include:
- Pet-friendly fencing options or dog runs.
- Animal pools or bathing stations.
- Climate-controlled dog house.
- Dog potty areas.
- Pet friendly landscaping.
- Splash fountain water feature.
Since 67% of United States households own a pet, a marketing plan that includes pets may make your home the top choice for more buyers.
Don’t forget to include additional features like outdoor lighting and audio to enhance your updated space. For upgraded landscaping, ensure that you have a plan in place to keep it healthy and optimally maintained, no matter the season.
A real estate professional has the insights and professional resources to help you determine which outdoor improvement will have the most impact at the closing table for you, depending on your specific home and a variety of factors, including buyer demand, comparable properties, and market conditions.
Until next time…enjoy the pool…and keep cool.
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
