For many, backyards can be a place of comfort and peace, a place to retreat to when the hectic energy of your house gets to be too much. And as important as the front and curb appeal is, the back exterior plays an important role in the value of your home. As top Realtor Holly Henbest adds, “Your backyard can essentially add square footage to your home and draw in buyers envisioning a lifestyle.” Depending on the project you had in mind, some backyard renovations can bring in a return as high as 200%. We ranked the list of backyard renovations from highest to lowest return.
Outdoor Kitchen: 100-200%
Adding an outdoor kitchen has an average ROI of 100-200%. The luxury of having an outdoor kitchen allows you to have great outdoor dining space only footsteps away. If you enjoy entertaining and cooking, especially in the summer months, having an outdoor kitchen is an ideal renovation project. While having the highest ROI, this project is also ONE of the costliest, starting anywhere from 2K all the way up to 100K for top of the line appliances and more durable equipment.
Fire Pit: 150%
According to the American Society of Landscape Architects, fire pits are ONE of the most requested items by owners today. Creating a fire pit, especially in the backyard, is a way to provide additional entertainment space adds Holly Henbest. Adding a portable fire pit can see an average ROI of 150%. Make sure it blends in with the landscape and there’s plenty of seating around so you can enjoy a comfortable outdoor space all year long.
Exterior Lighting: 50%
Ranking at 90% consumer demand, exterior lighting is a very desirable feature of home buyers. Exterior lighting grabs the attention and literally brings to light the opportunity in a backyard. The right kind of lighting helps to illuminate the features in a an outdoor space. Not only does it improve the functionality of your backyard space but also dramatically improves the aesthetic and mood. Utilizing different methods of lighting is an efficient way to create mood lighting inexpensively as well.
While it yields a lower ROI, additions to the patio can help to change the mood and aesthetic of a backyard. The benefits of a patio are numerous, from having a place to enjoy the sun or for weekend entertaining purposes. Patios that see the biggest return on investment are ones that take in regard the proportion of the home and the land itself. It should be a balancing act so, that the patio doesn’t overtake the rest of the home.
Plants and Fixtures: $200
If you’re looking for an easier project that doesn’t involve a high degree of planning, adding plants or fixtures is the equivalent of throwing a fresh coat of paint on the walls. It freshens up the space and adds points of visual interest to the area. If you’re seriously considering renovating your backyard, consult a professional that’s familiar with your neighborhood and understands your specifications.
Are you planning on renovating your backyard? What ideas do you have? Let us know in the comments!