Springtime is here and summer is just around the corner! That means families across America are spending more time outside, enjoying the sunshine. With the uncertainty of a looming pandemic, what better place to enjoy the warm summer sun than in your own backyard.
While it's a great time for fun in the sun, it's also a perfect opportunity to add some value to your home. Adding small improvements or even major projects can add dollars to the worth of your home while also making your outdoor space the best on the block. Here are some ideas for summertime projects to add fun and future fortune.
1. Swimming Pool
A swimming pool is the number one amenity for summertime fun. Having one at home is even better…and it can add a ton of value. Many experts say that having an in ground pool can boost the resale value of your home, especially in warmer states. Coastal communities with seasonal rentals also allow homeowners to have higher rental rates on properties that include a pool versus those that don't.
If most of your neighbors have pools and you don't, it could decrease the value of your home. This is why higher-end neighborhoods are also more amenable to pools that increase a home’s resale value. However, be mindful because while your value will skyrocket with a pool addition, so will your homeowner's insurance and maintenance costs.
2. Outdoor Kitchen
Everyone loves the option of an outdoor kitchen space. It can be a great spot for entertaining, significantly lower your home's cooling costs, and also add significant value to your home. Many homeowners consider the ROI (return on investment) before installing their outdoor eatery. ROI will be dependent on what materials you use to install, where you live, and what appliances you select.
Most homeowners see an ROI of almost 200% after the kitchen is installed, which is a definite value booster and worth every penny spent.
3. Theatre System
There are plenty of benefits to installing a comprehensive, custom home theatre system, especially when it can be enjoyed under the stars. Today, projectors, giant flat screen televisions, and cinema quality surround sound are the go-to must haves when it comes to outdoor living.
In the New Hampshire housing market, where there is a lot of competition, having an added upgrade such as an outdoor theatre can help your home stand out amongst similar others, especially in the luxury market.
In most cases, this advanced technology will boost your home's value by almost 75% of the amount invested. Of course, this number can vary depending on what amenities your theatre has.
Keep in mind that in this instance, value doesn't just come from the final sales price of the property. Each day that the home sits on the market, it is costing the seller money. This means that it is paramount for sellers to find creative ways to stand out from their competitors. New Hampshire area homebuyers appreciate high end technology and upgrades that suit their luxury lifestyles. Some outdoor theatre features that are a sure fire attention grabber include:
- Custom theaters designed to the home's specs
- Lighting control
- Security cameras
- Wireless control systems
- Multi-area music systems (patio, deck, yard)
- Connected networks of entertainment features (gaming systems and streaming networks)
If you haven't considered the value this can bring to your home, now is a good time to do so. This system is a feature that can last a lifetime, with minimal maintenance. It's an exceptional enhancement to the home. For example, the outdoor theater system serves as a getaway and also as an entertainment feature that family and friends will love to enjoy.
As outdoor living becomes increasingly popular, so are structures like pergolas. And if you are a fan of home improvement television or Pinterest, you are probably familiar with the trend. A pergola's popularity isn't just in warmer climates but in northern states as well. Designed to provide cooling shade from the summer sun, a pergola can increase the comfortability of your outdoor space as well as the value of your property.
In today's market, homeowners can safely assume that the installation of a pergola can expect an approximate return on investment of between 50 and 80 percent. However, depending on the buyer, the structure can provide an even larger return and be the winning ticket to the buyer choosing your home.
One pro tip is to make sure that your pergola stays in good condition. This is a relevant factor when it comes to how much value it brings to the table. So make sure that when built, quality materials like vinyl are used instead of wood, which will deteriorate faster. Remember, cheaper is not always the best long term option.
5. She Shed / Man Cave
The popularity of these outbuildings is on the rise and it's doubtful that they are just a trend. Those with quality structure and in good condition can definitely increase your home's sellability. Most commonly used for storage or even recreational space, having a shed on your property can also increase your home's value without having a negative effect on your property taxes or homeowners insurance.
Sheds offer more space and that is an immediate attraction to potential buyers. They may not use it as a "she shed" or "man cave" but they will appreciate the added space.
If you decide to install one of these on your property, make sure that it can be multi functional for the next homeowner. It may serve as your personal getaway but the next in line may want to use it strictly for storing lawn or automotive equipment. For resale purposes, make sure that the outbuilding has flexible functionality.
When looking for help selling your home, or buying a new home, in the Monadnock Region, make sure you reach out to an agent at Halliday Real Estate. Our team of highly trained professionals can assess your home's value with or without any outdoor additions and also provide a comprehensive market analysis.