May in Maryland brings the start of outdoor entertaining and outdoor dining. If your backyard…
Outdoor Living Projects with the Greatest Return on Investment (ROI)
If you’re looking for ways to spend more time outdoors and increase the functionality and livability of your home, you may be wondering which outdoor living projects have the greatest return on investment (ROI). While most of our clients say the biggest return on investment is their increased enjoyment of their home, we understand that some people like to know if they’ll get any of their money back if and when they sell their home.
Nearly everything you do to improve the look of your home and enhance your outdoor living spaces will increase the value of your home. What your exact return on investment will be will depend on your neighborhood, the exact improvements you make, the quality of the project installation and materials, as well as the housing market when you choose to sell your home.
With that being said, here are the outdoor living projects the National Association of Realtors (NAR) 2023 Remodeling Impact Report: Outdoor Features, says will give you the greatest ROI:
Keep in mind their numbers are based on average projects rather than custom-designed projects with higher-end materials. The report does specify estimates and costs recovered. It’s also important to note that the numbers in the report are aggregated from projects nationwide.
According to the NAR report, simply taking care of your yard and landscaping and enhancing curb appeal with trees, shrubs, perennials, annuals, and mulched beds can yield a cost recovery of 100-217%. This can include overhauling your landscape design as well as hiring a lawn care service.
Adding a basic outdoor kitchen can result not only in you hosting incredible outdoor parties but in you recovering 100% of your costs if you choose to sell your home. The basic kitchen includes a grill inset, stainless steel cabinets, a refrigerator, a sink, and 60 square feet of concrete countertop.
New Paver Patio
A new paver patio is next, with a 95% recovery of costs incurred. This is based on an 18’x16’ paver patio set over a compacted gravel and sand base.
The majority of homeowners who choose to install an inground pool do it for the joy factor rather than the ROI, and the NAR report reflects that. This project has an ROI of 56% nationally. It might have a higher return in neighborhoods where nearly everyone has a pool. The numbers are based on an 18’x36’ inground pool with gunite walls with 3-7’ depth and standard features.
Outdoor Fireplace/Fire Pit
A built-in fire feature such as an outdoor fireplace or fire pit with a patio comes in at a 56% ROI. Again, keep in mind the ROI can vary depending on the size of the project and the materials you use.
The Bottom Line
The bottom line is this: if you plan to be in your home for years to come, you should customize your outdoor living projects the way you want, and the way that will bring the most joy to you and your family.
Make It Exceptional. Make It Woodfield.
Are you ready to upgrade your outdoor living space? Whether you opt for an inground pool, an outdoor kitchen, a new patio, or all of the above, we can help. We design and build custom outdoor living projects our clients enjoy for years to come.
The road to your outdoor oasis starts with hiring an outdoor living contractor who can give you the exceptional experience you deserve. That’s what we deliver. We provide custom design and installation services for homeowners throughout the Baltimore area, including Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Cecil County, Harford County, and Howard County. Schedule a call today.