The backyard was the main focus for renovations in 2020 because homeowners wanted a place where they could kick back, relax, and enjoy the beautiful summer weather.
These backyard upgrades not only improved the overall enjoyability of their property, it also added value!
For those interested in selling, those upgrades played a big factor in getting their houses sold quickly and often for more money than asking.
While this may be great for the seller, buyers may have had sticker shock when they were trying to see how much house they can afford.
Be that as it may, insights from top real estate agents indicate that those upgrades are still popular and in demand.
Question is, how much value (if any) do the upgrades add to your home?
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In-ground Hot Tubs – 42% ROI
In-ground swimming pools aren’t the only big-ticket upgrades homeowners sought in 2020. They wanted to up the ante by installing an in-ground hot tub nearby.
With the addition of the in-ground hot tub, they could have added $7,000 to the value of their home.
That may sound like a huge return, but when you consider that you could pay anywhere from $8,000 for an entry-level hot tub to $25,000 for a nicer setup… The return isn’t as high as you’d think.
Freestanding Hot Tubs – 50% ROI
Freestanding hot tubs come in a variety of styles and qualities, but the average entry-level freestanding unit costs between $2,000 to $6,000.
If you’re not interested in taking the hot tub with you when you move to your new abode, you can tack on an additional $2,000 to your asking price and leave the unit there.
With that said, you could be limiting your buyer pool because not everyone will be keen on having the additional cost to maintain or run the hot tub.
Outdoor Kitchen – 71% ROI
Most homeowners with a backyard have a grill, be it charcoal or propane. Either of these is fine and well, but for homeowners who like to entertain, a beefed-up grilling area is a hot commodity!
Some homeowners opted for a simple built-in grill with extra counter space to prepare their food.
Then you have those who chose to do the whole shebang and built a complete outdoor kitchen that included a cooking area, storage, a wet bar, and a sink.
Depending on the complexity of the project, homeowners could spend anywhere between $5,500 to $22,000+.
The addition of an outdoor kitchen can add between $6,000 to $12,500 to the value of your home.
Deck – 97% ROI
Decks or patios are almost an essential component of any backyard oasis – we need a place to sit after all!
Some homeowners may already have one (or both) of these features and all they need to do is freshen it up by sanding it, restaining it, and making sure everything is nailed down properly.
For those who didn’t have these things, the cost could range between $4,000 to $10,000 – the national average sits around $7,200.
Upon completion and depending on the materials used, you could add between $3,800 to $9,700 to the value of your property!
Backyard upgrades are good investments
When we know we’re going to be selling our homes in the near future, we aren’t too keen on the idea of pouring more money into it.
But you know the saying, “you need to spend money to make money,” the more money you put into your home, the higher your home’s value will be.
Of course, you don’t want to do any old project because buyers may not be interested.
However, you can consult your realtor for advice regarding what features today’s buyers are clamoring over and which renovations aren’t so popular.
