A Property Asset You Might Overlook
Uncategorized July 30th, 2007The following article is written by guest writer Jane Berger of .
The designer kitchen, the trendy new bathrooms, the bamboo flooring, fresh paint and carpeting have already boosted your home’s resale value. But the price could rise significantly higher if you simply look out your front and rear windows.
Most real estate experts agree that well designed, professionally installed landscaping can boost a home’s value by as much as 20 percent. According to the American Society of Landscape Architects, () an investment in landscaping of just five to 10 percent of your home’s value will return 100 to 200 percent when the property is sold.
• Money Magazine (May 2003) reported that landscaping offers a better return on investment than any other home improvement.
• The US Forest Service says trees alone can increase a home’s value three to seven percent
• The American Public Power Association says landscaping shades both windows and walls and can reduce air conditioning costs by 50 percent.
• Smart Money Magazine (March 2003) said a $25,000 spruce-up of a $500,000 home with a modest gain of just 7.5 percent would put $12,500 of straight profit into a homeowner’s pocket. How about that for a hot market tip?
High-value landscaping does not mean just a quick trip to the local nursery for a few new plants. It includes a number of outdoor features that more homeowners are insisting upon as they extend their living space from indoors to outside. Attractive lighting, well-defined pathways, decks and patios, garden “rooms,” outdoor kitchens, fireplaces, ponds and swimming pools can all greatly enhance the living experience.
An experienced designer will connect the interior of the house to the landscape outside to make the entire property a seamless whole. A seating area in front of a window can be enriched by a view through it to a beautiful spring-flowering tree, a perfectly-ordered herb garden, a serene lawn surrounded by lush borders. Double doors at the rear of a house can open on to a generous patio with an arbor overhead, doubling or tripling the useable living space. Destinations can be planned within your own back yard, taking you to a private corner where you can “get away” without ever leaving home.
And it’s not just “looks” that add to a property’s value. Not only is gardening good all around exercise, a serene outdoor experience reduces stress and tension and naturally improves anyone’s well-being.
So which backyard improvements will provide the most value?
According to Kiplinger.com (2006), outdoor living rooms have been growing in popularity over the past 10 years and are now the second most desirable home improvement project after remodeling kitchens. According to the US Census Bureau, consumers spent $3.7 billion on patios and terraces in 2004 – more than a 300 percent increase since 1994.
Kiplinger says that consumers should always consider irrigation systems to protect the investment they’ve made in plants. Other items that add solid value are covered patios, outdoor kitchens, complete with grill, refrigerator, and sink.
Some backyard projects, however, can scare away buyers. Both Kiplinger’s and Smart Money agree that swimming pools are not for everyone, mainly because of maintenance and safety issues. Other items that could put off prospective buyers include tennis and/or sport courts, built-in firepits, and rose or perennial gardens that can often require intensive care. But if your prospective buyer is into gardens, or if you’re not planning to move any time soon, there’s no reason why you can’t have it all.