Does An Outdoor Living Space Add Value to My Home?
Outdoor spaces like patios, decks, and even outdoor kitchens are popular renovations for many homeowners. But, if you’re considering building one for your own home, you may be wondering if the investment is worth it in the long run.
Can an outdoor addition increase your home’s value? Here’s what you need to know.
The Short Answer: Yes!
But it’s a bit more complicated than that.
In order to ensure you’re getting the maximum resale value out of your outdoor additions, you should choose the most desirable type of outdoor space and use the highest-quality building materials that are still cost-effective. Read on for a more detailed explanation of which outdoor living spaces are most valuable and how to build them in a way that maximizes your return on investment.
5 Outdoor Living Space Additions That Add Value to Your Home
From pergolas to swimming pools, there are many outdoor living space additions that can bring enjoyment and add value to your home. But which ones are the most cost-effective? Let’s take a look:
Patios
Patios are valuable outdoor additions because they provide a space for outdoor entertainment. They can be furnished with decorative lighting and outdoor furniture, making them customizable to fit any family’s style preferences.
If you build a patio from scratch, you could see an average ROI of over 100%. However, if you choose to update (refinish or repair) an existing patio, you’re looking at much less of an investment, which can boost your ROI closer to 500%.
One thing to keep in mind: don’t make your patio so large that it takes up too much yard space. Homebuyers usually value some green in their backyard too.
Outdoor Kitchens
Outdoor kitchens have recently gained a ton of popularity. Although they may seem like a huge project — practically adding an entire new room to your home — they’re definitely worth the investment in terms of both personal enjoyment and resale value. When built properly and with good design, outdoor kitchens have an ROI between 100-200%.
The most important thing to remember is that if you can live without a very specific kitchen item, don’t put it there. For you, a large stone pizza oven may be great, but some potential buyers won’t use it enough to see its value. Sticking to the basics (grill, sink, fridge) makes for a much better investment.
Decks
Decks are a staple to any backyard. That being said, the ROI for decking varies a lot depending on which materials you use. Pressure-treated lumber and TimberTech composite decking are both weatherproofed and durable, so they’re usually the options that will add the most value.
Your estimated ROI will also depend on whether you’re building the deck from scratch or updating an existing one. A brand new deck will cost more, but still give you around an 80% ROI. An updated one will cost less, giving you an ROI up to 400%, depending on the materials used.
Similar to patios, make sure your deck doesn’t take up too much yard space, as that could reduce your potential ROI.
Fire Pits
A lot of homeowners have a basic outdoor fire pit, but upgrading yours to a more sturdy and beautifully designed one is worth the cost. It can return between 80-100% of your investment, depending on whether you use brick, stone, or concrete.
We recommend placing a fire pit in a hazard-free location, away from any buildings and especially windy spots. Also, connecting your fire pit to natural gas is a way to add some extra value.
Pergolas
A pergola or extended roof overhang is a great addition, especially if you already have a patio or deck to put it over. It can provide some shade for when you want to entertain on especially hot summer days.
By building a pergola by yourself, you’ll see around a 50% ROI. However, you can boost that percentage by cutting down on installation costs and purchasing a prefabricated one.
A word of caution: installing a pergola that doesn’t match the style of your home and/or isn’t compliant with any building codes and regulations could actually decrease the value of your home. Be sure to design your addition thoughtfully in order to get maximum enjoyment and cash from it.
Planning a new deck, patio, or outdoor kitchen? Standard Companies is your one-stop local resource for all the materials and supplies you need. With decking materials from top brands like Trex and Timbertech to durable outdoor kitchen countertop options, contact our team for all the materials and the expertise you need to complete that outdoor project.