Investing in your outdoor space
Although kitchen and bathroom renovations still top the list as the upgrades that add the most value to a property, a growing number of homeowners are now looking to improve their outdoor living areas, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
“With the warmer months around the corner, many homeowners will once again turn their attention to their outdoor living spaces because of the benefits it provides to their families. In spring and summer, South African families generally spend a great deal of time outdoors. An outdoor home improvement project will assist in maximising the enjoyment of the property’s outdoor spaces and add to the appeal of the home when it comes time to sell,” says Goslett.
He notes that there are several reasons why investing in the outdoor living area of your home could pay off in the long run:
Increased value and buyer appeal
“To a large extent a homeowner will be able to recoup a significant portion of the money they spend on renovating and upgrading their home, as long as they do not overcapitalise and spend above the ceiling price of the neighbourhood,” says Goslett.
He adds that an outdoor addition such as a deck or swimming pool will increase the value of a property, and depending on the circumstances, between 65% and 90% of the cost could be recouped at sale. “Apart from adding value to the property, an outdoor improvement will also add to the home’s overall buyer appeal, which might be the determining factor that pushes the deal in the seller’s favour. Buyers will like the fact that the home has pleasant outdoor features and spaces.”
Enjoyment and entertaining
Increasing the property’s value is a massive benefit to any home improvement, however this can only be realised if the property is sold. Goslett says that immediate benefit is that once the project is complete, the home’s occupants will be able to use and enjoy the improved outdoor space. An outdoor area designed around a homeowner’s specific needs and preferences can optimise the space and act as an extension of the liveable area of the home.
Space to relax and de-stress
According to medical research spending time outdoors can help with alleviating stress, as well as improving one’s mood. “A pleasant and accessible outdoor area can bring all the benefits of spending time in nature into the comfort of your own home,” adds Goslett.
Potentially saving money and water
Adding functional outdoor features such as a low-maintenance deck or patio will reduce areas of lawn that require watering, which in turn will lower utility costs. Having an outdoor recreational area means that the family is likely to spend more time at home, which will also reduce entertainment costs.
“The benefits to homeowners of investing in their outdoor living spaces can be reaped in several ways,” says Goslett. “Not only can it add to the home’s value financially, it will also create a space for the whole family to relax and reconnect at the end of a hard day,” he concludes.
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