When considering a remodeling project, most homeowners think of renovating their kitchen or redoing a bathroom, but maybe they should be looking to the outdoors for an upgrade. According to research by the National Association of REALTORS® outdoor remodeling projects not only add value to a house on resale, they also increase the amount of enjoyment owners derive from their homes.
It is important to decide ahead of time what the prime objective of a remodel is: added financial value or added enjoyment. If recouping the costs of a project on resale is the goal, seeding lawn can recover up to 417 percent of the cost when the house sells. If a homeowner is hoping to create a space to enjoy in their home, REALTOR® research shows that putting in a pool – while only recouping 50 percent of the costs on resale – receives a perfect Joy Score of 10; Joy Scores range between 1 and 10 and higher figures indicate greater joy from the project.
Review NAR’s 2016 Remodeling Impact Report: Outdoor Features for more information on the cost and value of various outdoor remodeling projects. Talk to homeowners in your community about an outdoor project they have taken on and how they feel about the result. Speak with REALTORS® in your area about what outdoor features or upgrades buyers are seeking.
Each month, NAR produces a few story ideas for the media, presenting timely topics accompanied with background information and facts related to the real estate market. These housing and real estate story ideas are designed to help media generate content for news stories, hopefully serving as a helpful resource to those in the media looking for stories or new angles.