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.
“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
This 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 and is conveyed as a “joy score.”
The report identified 11 outdoor remodeling projects and examined why consumers take them on and their increased happiness resulting from the project. The estimated cost of each item was:
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
Standard lawn care service – $415
Ranked on a scale of one to 10, consumers rated all 11 outdoor projects highly, with joy scores of nine 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).
The 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%). Following were 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 homeowners look at landscape maintenance (74%), standard lawn care service (53%) and tree care (44%) when completing landscaping-related projects.
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,” says Britt Wood, CEO of the National Association of Landscape Professionals. “Healthy outdoor living and green spaces help the environment, increase home values, make communities more desirable and improve 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 before 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.
Founded in 1912, Greater Chattanooga Realtors is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga Realtors serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. The association is one of approximately 1,100 local associations and boards of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a Multiple Listing Service that is one of approximately 600 MLSs in the country and services more than 3,000 MLS users. Local association membership consists of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines, including appraisal, commercial, industrial, land, multifamily, property management and residential. Affiliate members who represent related industries work alongside these Realtors, including mortgage lenders, home inspectors, title and closing services, pest inspection and control services and insurance providers.