Making a few small changes, especially outdoors, can do much more than make your home a better backdrop for family portraits. In fact, when done correctly, an
This infographic fromWilliams Ski & Patioshows which outdoor renovations will yield the highest return on investment for homeowners.
For example, replacing the siding on your house is ahome renovation projectthat gives you an 80 percent return on investment, and replacing exterior doors gives you a 101 percent ROI. Replacing your garage doors gives an 88 percent ROI, and paving a gravel driveway can earn a 50-75 percent ROI. Even adding outdoor lighting, a very small change, can give you a 50 percent ROI.
Determining the ROI of decks, patios, and other places to enjoy sitting onoutdoor furnitureis a little more complex. The average ROI of a professional deck construction is 73 percent; however, this rate tends to be higher for higher-quality wooden decks, and lower for composite materials. Patio additions, meanwhile, have a slightly lower ROI of 30-60 percent. If you have a porch, think carefully before deciding how much to spend to screen it in: spending $35,000 to screen in your porch has an average return of 75 percent, while spending $50,000 only has an average return of 50 percent.
Don’t forget that the value of curb appeal extends to your yard as well; landscaping can add as much as 28 percent to the value of a home in addition to cutting the time a home spends on the market by 10-15 percent. You can strategically plant windbreaks and shade trees that will cut your heating needs by as much as 15 percent and air conditioning needs by as much as 75 percent. Also, make sure that your plants are native to your area in order to save money; maintaining an acre of native plants costs $3,000 over the course of 20 years, while the cost of maintaining non-native turf grass over that same time in $20,000.
In the backyard, outdoor kitchens are becoming very popular and are considered anoutdoor room. Adding an outdoor kitchen sees an average ROI of 100-200 percent, but this depends largely on the climate (with higher ROI in warmer areas) and if durable materials are used.Fire pitsare also desirable to buyers; a properly styled fire pit can earn an ROI of 150 percent, as long as it’s purchased and installed at a reasonable price.
Pools and other water features are trending downward, and considered by many buyers and real estate agents to be a maintenance chore. Even if the pool is well-maintained, relatively new, and in a warm climate, it will only add an average of 7 percent to the home’s value.
If you don’t have the budget for major home renovations, there are several low cost options forstaging your home’s exteriorin order to increase its value. Re-sodding your lawn, trimming and weeding your garden, adding flowers to your home’s entrance, sealing your driveway, and adding mature plants to a new garden all cost less than $1,000 (often significantly less), yet each project has an average ROI of up to 200 percent.
Your home may be your castle, but at the end of the day, future buyers will pay more for a castle with a beautifully landscaped front gate and an outdoor kitchen. Investing in outdoor renovation projects today will pay off in the future.
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HOME BUYING TIPS... (by: SHEYNA STEINERAPRIL 3, 2018)Step 1. Impr
"When I decided to sell my home and look for a new place, my first call was to Jim and Ion Real Estate. He listed my condo and in two short weeks my place was under contract. Now, the real fun began, looking for a new place! The Ion Real Estate website was great. I loved the map function and the emails it sent with new listings that matched my previous searches. On Saturday, Jim and I headed out to look at several places I had picked to see. At the time I didn’t really notice how he listened carefully to everything I said about each place from the lighting to the layout. I was even a little sad that I didn’t find anything that day but Jim reassured me not to worry and a week later he had set up some more appointments. I still remember walking into my new place and just knowing. I had only taken two steps into it and I knew I wanted it.
Next came the easy part for me, but this is where having the right realtor and mortgage broker is essential. They make it seem easy! Jim guided me through all the aspects of my sale and purchase. I appreciated how simple each step seemed from making an offer to dealing with inspections. Even the loan seemed easy. I asked a ton of questions, I think it’s the teacher in me. I wanted to understand all the moving parts. Jim explained everything so clearly that I joked that he missed his calling and should have been a teacher, but he didn’t, I’m glad he is helping people find their homes!
Recently one of my close friends mentioned she wanted to stop renting and buy. I immediately referred her to Ion Real Estate. This time I was able to watch with an outsider perspective at the way Jim cued in on my friend’s preferences. Stephanie kept talking about the charm of old houses, a far cry from the sleek modern condo I chose. By the second house-hunting excursion, Jim knew just which home she would pick. As we walked up to the front porch, I saw Stephanie with the same excitement I had felt just a few months earlier. I watched her mentally move in her furniture and this time I saw the smile that crossed over Jim’s face when he knew Stephanie had found her home.
Throughout both experiences, it was clear Jim understands what people want in their homes and how to structure the entire buying experience to be a positive one. I have heard so many crazy stories from people that didn’t chose the right realtor or mortgage broker. They always start by saying, “I didn’t think a realtor made any difference.” It makes a difference! It made a difference for me and for Stephanie. Owning is better than renting; and, it is even better when Jim and Ion Real Estate are guiding you through the process!