Exterior upgrades enhance the look of your property and can offer recreational benefits. Not every renovation, however, produces a return on investment, and some upgrades (like swimming pools) may make your home less attractive to potential buyers. If you want to refresh your yard and build equity at the same time, consider one of these outdoor projects virtually guaranteed to boost property value.
Build an outdoor fire pit
During the summer months, nothing beats roasting marshmallows and sharing stories around a roaring fire. Homeowners who install an outdoor fire pit will not only create delightful memories but will also realize a 67 percent return on investment. Fire features that have a gas burner and patio area cost an average of $6,000 to construct, and you’ll recoup about $4,000 when you sell your home, according to the National Association of Realtors’ (NAR) and National Association of Landscape Professionals’ (NALP) 2018 Remodeling Report: Outdoor Features.
Replace your garage door
You might think your current garage doors are good enough but upgrading them will give your curb appeal and home value a major boost. According to Remodeling Magazine’s 2019 Cost vs Value Report a garage door replacement will cost you upwards to $3,600, but you’ll recoup almost 98 percent of that. When prospective buyers pull up, your home will already be making a great impression.
Fix the façade
Replacing the exterior siding sounds like an expensive and immense project, but it is actually one of the most cost-effective ways to improve your home’s value according to Remodeling Magazine—it’s just about doing it right. The report suggests focusing efforts solely on the front of the home and using manufactured stone veneer. The expected cost is close to $9,000, but you’re projected to earn back 95 percent!
Add a deck
Do you enjoy spending time outdoors? Then consider installing an attached or detached wood deck, which will give you the perfect spot for grilling, sunbathing, and entertaining. Wooden decks are also a major selling point. According to Remodeling Magazine, a 16′ x 20′ wood deck with stairs and railings runs an average of $13,333, but you’ll recoup $10,083 of that when it’s time to sell. That’s a return of almost 76 percent!
Invest in an outdoor kitchen
An outdoor kitchen might not be on most homebuyer’s must-have lists, but it is a feature that could seal the deal for the sale. The NAR and NALP claim an outdoor kitchen project will set you back about $14,000 but you’ll recover an estimated $10,000. To guarantee the best ROI keep the project simple: an inset grill, stainless steel drawers, ice chest, sink, 60 square feet of concrete countertop is plenty.