- Updating outdoor structures and adding landscaping can significantly increase a property’s value.
- Installing a water feature, planting trees, and paving pathways are beneficial for increasing value.
- Replacing windows and doors with modern materials can improve energy efficiency and aesthetic appeal.
- Professional installers should be used to ensure the job is done correctly and quality materials are used.
Real estate is one of the most profitable businesses, and enhancing a property’s value can exponentially increase its financial returns. Boosting property value is essential to success in this industry, as it helps ensure that the investment will produce maximum profits.
According to the National Association of Realtors (NAR), improvements made to a house can help increase its sale price by up to 20%. This means that for every $100 worth of upgrades made, a homeowner can make an extra $20 in profit. Furthermore, NAR reports that making just minor renovations can generate up to a 105% return on investment.
When considering outdoor projects, homeowners will likely recoup more than 75% of their investment costs when selling their properties. Studies from the Remodeling Impact Report from the National Association of Realtors show that outdoor projects generate higher returns than indoor renovations — up to 90%.
Still, you might need help deciding which projects will be the most beneficial. Here are some of the best outdoor property upgrades that you can do to increase the value of your real estate:
When looking to increase the value of a property, one of the best places to start is with landscaping. Landscaping can make a massive difference in terms of overall aesthetics and curb appeal, as well as in terms of increasing the value of your real estate. Here are some ways you can improve your landscaping to get maximum returns:
Update Outdoor Structures
Updating outdoor structures such as fences, decks, and patios can instantly add value to a property. You may consider replacing old or outdated material with something more modern and stylish, such as composite decking. Additionally, adding outdoor lighting is an easy way to enhance aesthetic appeal.
Add Plants and Flowers
Adding plants, flowers, and foliage will bring color and life to any outdoor area. Planting local vegetation is a great way to ensure that they are suitable for the climate, but it’s also essential to have an eye for design when choosing plants and flowers; this way, you can create visually exciting landscapes that add both beauty and financial value.
Install A Water Feature
Installing a water feature such as a fountain or pond adds immediate visual interest with the calming sound of running water. This type of investment is sure to capture buyer attention — plus, it helps promote healthy plant growth in your garden by providing additional moisture throughout the year.
Trees provide a variety of benefits in terms of real estate. First and foremost, they add value to a home; according to the National Association of Realtors, planting trees can increase property value by up to 15%. Additionally, trees help reduce energy costs as they provide shade for buildings and block excessive winds during the winter months.
Install Driveways and Pathways
Adding driveways and pathways to residential properties is a great way to improve curb appeal. Aside from being aesthetically pleasing, creating a paved path or driveway provides an easier and more convenient way for occupants and visitors to access the house. Additionally, a paved path looks clean and neat and adds value to the property as it improves safety by providing a clearly defined walkway.
Moreover, paving a driveway can benefit overall maintenance costs; unlike gravel or dirt pathways, paved surfaces require less upkeep so homeowners will save money on repairs and replacements. Furthermore, adding driveways can also reduce soil erosion due to runoff from rainwater. This helps create healthier ecosystems and ensures plants have enough water for proper growth.
Finally, getting professional driveway installers can help ensure the job is done correctly with quality materials suitable for the climate. Professional driveway installers typically use materials such as concrete or asphalt, which are both highly durable and long-lasting; this ensures the investment into driveway installation will last for many years without needing to be replaced or repaired.
Upgrading Windows and Doors
Replacing windows and doors can drastically change the appearance of a home while also providing additional benefits. A study by Cost vs. Value showed that replacing an exterior door with a new steel unit can generate up to a 101% return on investment, making it one of the best investments you can make in real estate.
New windows and doors are also beneficial in terms of energy efficiency; they help reduce cooling and heating costs throughout the year by keeping warm air out during the summer and cold air out during winter. Additionally, modern materials such as UPVC are highly durable, so homeowners don’t need to worry about extensive repairs or replacements in the future.
Enhancing a property’s outdoor area is one of the best investments in real estate. Most renovations to your home’s exterior will add beauty and curb appeal and generate significant returns on investment when it comes time to sell. With these tips, you should be well on improving your property and making the most of your real estate investment.