The spring homebuying and selling season is officially upon us. Many people seek to increase their property’s appeal to buyers by taking on some outdoor remodeling to help curb appeal. When looking at a property, there’s nothing quite like a fresh look to make your property stand out.
But what if you’re not looking to enter the housing market right now? A recent report from the National Association of Realtors might give some suggestions for projects that will make you happy in your home and potentially bring more money for your property whenever you decide to sell.
The 2023 Remodeling Impact Report: Outdoor Features looks at why homeowners complete outdoor remodeling projects, the value of undertaking these enhancements, and homeowners’ increased happiness after completing an upgrade. Referencing the methodology of the report, it specifically examines:
Project Cost. This is the typical cost of 11 outdoor residential projects as estimated by members of the National Association of Landscape Professionals.
REALTORS®’ Estimated Cost Recovery and Recommendation. REALTORS®’ estimated cost recovery is defined as the amount of money homeowners can recover on a project upon selling a home, and the share of REALTORS® that recommend these outdoor upgrades before listing a home.
Consumer Experience. This measures the overall experience consumers had upon completing the 11 projects, including a” Joy Score.”
The Report identified eleven outdoor remodeling projects and examined why consumers take them on and their increased happiness resulting from the project. The estimated cost of the eleven items were fire feature ($9,000), in-ground pool addition ($90,000), irrigation system installation ($6,000), landscape lighting ($6,800), landscape maintenance ($4,800), new patio ($10,500), new wood deck ($16,900), outdoor kitchen ($15,000), overall landscape upgrade ($9,000), tree care ($2,875) and standard lawn care service ($415).
Ranked on a scale of 1-10, consumers rated all 11 outdoor projects highly, with Joy Scores at 9 or above. Among the features, the highest Joy Scores were for an in-ground pool addition (10), landscape lighting (10) and a new patio (9.9). Slightly lower Joy Scores were provided for an outdoor kitchen (9), tree care (9.3), standard lawn care service (9.4) and an irrigation system installation (9.4).
High Joy Scores did not necessarily correspond with REALTORS®’ estimate for high-cost recovery. Interestingly, the least expensive project — standard lawn care service — had the highest cost recovery (217%), followed by landscape maintenance (104%), an overall landscape upgrade (100%) and an outdoor kitchen (100%). In comparison, the lowest cost recovery was for an in-ground pool (56%) — which had the highest Joy Score — followed by a fire feature (56%) and landscape lighting (59%).
More REALTORS® recommended that when completing landscaping-related projects, homeowners look at landscape maintenance (74%), standard lawn care service (53%) and tree care (44%). The shares of REALTOR® recommendations were the lowest for an in-ground pool addition (1%), outdoor kitchen (1%) and an irrigation system installation (2%).
The outdoor projects for which landscape professionals saw the most increased demand included an overall landscape upgrade (61%), landscape maintenance (58%) and a new patio (55%). Conversely, they saw the least increased demand for a new wood deck (15%), an in-ground pool addition (25%) and tree care (29%).
“It’s no surprise that nearly all REALTORS® and most homeowners place a high value on the curb appeal of a well-maintained yard,” said Britt Wood, NALP CEO. “Healthy outdoor living and green spaces help the environment, increase home values, make communities more desirable, and improve people’s mental and physical health.”
If you’re looking to list your property for sale, these improvements can make a big difference. In fact, most REALTORS® (92%) suggested sellers improve curb appeal prior to listing a home for sale. So if you have questions about how to get the most for your property, or if you’re just looking to get a good return on your investment, consult a REALTOR®. We’re here to help our clients and community with their property questions all year long. That’s Who We R®.