Are you one of the many Americans who invested in their own comfort and happiness this past year by improving your backyard? The United States spent a lot of time at home collectively last year, and as a result, many people invested in themselves so that they’d have plenty of spaces for rest and relaxation.
If you’re wondering whether these improvements are going to help if, like many, you’ll eventually find yourself buying a new house and selling this one, you’re in luck. Many backyard improvements have gone up in value to homebuyers. That being said, if you haven’t yet said “yes!” to a contractor, don’t necessarily jump in just for the ROI, as we’ll see from this data gathered by the Homelight team in Q2 2021.
Outdoor Kitchens and Decks for Entertaining
Two common updates that have become even more popular this year are the additions of an outdoor kitchen and a deck. Decks were more expensive than usual with lumber shortages, but decks used to add about a $4,252 boost to a home’s sale price, and that value is closer to $7,014 now. If you can find an affordable deck contractor (average prices range from $4,000-$10,000), you actually stand to see much of your money come back to you.
Outdoor Kitchens have grown much more exciting too – gone are the days of a single lonely grill somewhere on the back patio. With storage, bar space, a nice grill, and even high-end amenities like a pizza oven, an outdoor kitchen has grown in popularity, and the average buyer has gone from paying $6,156 more to have one in their home to $9,751.
People really saw the benefits of getting to entertain outdoors, and there’s something so nice about being able to cook while chatting with guests outside, enjoying the evening air and the sunset. With outdoor kitchens ranging widely in price (as little as $5,500 and as much as $22,000), your ROI will be pretty dependent on what you add, but you can see that a mid-range outdoor kitchen will now recoup quite a lot when it comes to sale time.
Backyard Improvements: The Best ROI Is a Life Well-Lived
It’s tempting, especially when you’re in the daydreaming phase of choosing a home improvement project, to consider the ROI and be particularly optimistic about returns on home projects. While people absolutely connect with buyers who really want an outdoor kitchen or a deck and pay enough to recoup the costs, it’s not a certainty. If every buyer who sees your home happens to not be much for cooking, your outdoor kitchen just won’t be as big of a draw for them, and they’ll be less apt to pay a premium for it.
The best way to decide, if you aren’t yet in a home with excellent backyard upgrades, is whether your own family or friends will use the spaces you’re creating. If you know that you all love to cook and a deck would help you enjoy the outdoors from the comfort of an adirondack chair, those upgrades will get their ROI from being well-used. Any further benefit at sale time is just a little extra!