INVEST IN YOUR OUTDOOR SPACE TO SELL
Although kitchen and bathroom renovations still top the list as the upgrades that add the most value to a home, outdoor space is becoming a hot commodity as plot sizes shrink, making them a prime space in which to invest some money to attract potential buyers. An outdoor home improvement project will not only assist in maximising the enjoyment of the property’s outdoor spaces, but it will also add to the appeal of the home when it comes time to sell.
Below are some of the reasons why investing in the outdoor living areas of your home could help attract buyers and generate higher returns in the long run:
Increased value and buyer appeal
As long as you do not over-capitalise by spending above the ceiling price of the neighbourhood, you can recoup a significant portion of the money spent on renovating your home when it comes time to sell. If you add a covered outdoor entertainment area, for example, you could add significant value to your asking price, depending on the size and quality of the addition. Apart from adding value, an outdoor improvement will also enhance the home’s overall buyer appeal, which might be the determining factor that concludes the sale on your home – especially in the Summer months.
Prolonged enjoyment to maximise returns
Often, by adding a covered patio, you can create that much-needed extra space in which to entertain and relax, which could allow you a few more years of enjoyment in your home before you need to upgrade to a larger property. Because real estate is a long-term investment, you stand to see greater profits the longer you hold onto your home. By renovating the outdoor space and holding onto the property a little while longer, you can earn higher returns on your investment.
Potentially lower utility costs
Installing eco-friendly solutions such as solar panels or boreholes will lower monthly utility costs as well as increase buyer appeal and the overall value of the home. Adding functional outdoor features such as a low-maintenance deck or patio will reduce areas of lawn, saving water and lowering utility costs. Having an outdoor recreational area means that you are likely to spend more time at home, which could also reduce entertainment costs.
Nothing is more proudly South African than an outdoor bring & braai with friends and family. If you have any unused outdoor living space, it would be a wise investment to update it so that you can enjoy the perks of owning a property with a back garden.