Whether you're preparing your home to list it or just completing some outdoor projects to improve your curb appeal and enhance the enjoyment of your home, it's important to spend your home improvement dollars wisely. Some projects are more valuable than others in terms of buyer appeal and return on investment.
The National Association of Realtors recently released a new Remodeling Impact Report that focuses on outdoor improvements — that is, projects that enhance your outdoor living spaces. After surveying Realtors and members of the National Association of Landscape Professionals, the report ranks common outdoor projects by the potential appeal they contain for buyers and the return you can expect on your investment. What I've listed here are the projects that Realtors and landscapers say will provide the best return for your outdoor improvement budget.
1. Landscape maintenance
This project includes annual mulching, mowing, pruning of shrubs, and planting of perennials or annuals. By the way, 74 percent of Realtors said they have suggested to sellers that they complete landscape maintenance before listing their homes for sale.
Project cost estimate: $3,000
Realtor estimated cost recovered: $3,000
Value recovered: 100 percent
2. Overall landscape upgrade
This project includes installing a walkway, planters, shrubs and a tree as well as mulching.
Project cost estimate: $6,000
Realtor estimated cost recovered: $5,000
Value recovered: 83 percent
3. Standard lawn care service
Standard lawn care service includes six applications of fertilizer and weed control on a large lawn.
Project cost estimate: $375
Realtor estimated cost recovered: $1,000
Value recovered: 267 percent
4. New patio
This project was described as the installation of a 18-foot-by-16-foot concrete paver patio in the backyard.
Project cost estimate: $7,200
Realtor estimated cost recovered: $5,000
Value recovered: 69 percent
5. New wooden deck
How about a 14-foot-by-18-foot cedar deck attached to the house? The deck is finished with a clear sealer.
Project cost estimate: $10,000
Realtor estimate cost recovered: $8,000
Value recovered: 80 percent
The big takeaway for me from this report was the value of landscaping maintenance. Notice that two of the top three items on the list involve simple, regular upkeep of the lawn and other landscaping. That's an important message for potential sellers who might be considering how best to spend their outdoors improvement budget.
If you have other questions about the value of the home improvements you'd like to make, feel free to contact me. Call me at (540) 353-0123 or email me at sonya@sonyadickinson.com. Browse my listings here and be sure to like my Facebook page.
