Dive Brief:
- Outdoor remodeling projects add big resale value and make homeowners happier, according to the National Association of Realtors 2016 Remodeling Impact Report.
- When it comes to items that increase curb appeal, the NAR said reseeding the lawn will deliver a 417% pay off at resale, while maintaining a lawn (303%) and improving the look and quality of a lawn with sod delivers 143%. However, homeowners can only expect to recoup 50% of their investment in a pool when it comes time to sell.
- The NAR said homeowners should undertake those large, expensive projects only if it brings them satisfaction. The real money, in the form of recovery at resale, lies with the relatively inexpensive landscaping and exterior improvement projects.
Dive Insight:
Outdoor spaces that merge with a home's interior have become increasingly popular with homeowners and buyers. According to the American Institute of Architects, this trend is part of a return to practicality, with outdoor living areas topping the list of the most popular specialty rooms in its second-quarter Home Design Trends Survey report.
Earlier this month, architect Kelly Scibona told Construction Dive that the desire for indoor-outdoor living, once popular primarily in California because of the great weather, has firmly caught on in other areas of the country, with modern sliding glass doors creating "a seamless transition" from indoors to outdoors and providing more entertainment space. The love of indoor-outdoor space is largely considered a millennial attribute, but baby boomers also put it high on the list when they are making a decision to buy a home, according to a Hanley Wood and Taylor Morrison study.
The NAR determined that potential homebuyers are most attracted to homes with:
- A lawn care maintenance program
- Landscape upgrades
- New patio
- New wood deck
- Softscapes
However, if homeowners are looking to make a good return on their investments when it comes time to sell, these project should be on their list of priorities:
- Landscape upgrades: Seeded lawn (417%)
- New patio (102%)
- New wood deck (106%)
- A lawn care maintenance program (303%)
- Lawn with new sod (143%)