Outdoor remodeling projects on both residential and commercial property offer hefty financial returns, and when completed, give great satisfaction to owners, according to the National Association of Realtors, based on information from the National Association of Landscape Professionals' 2018 Remodeling Report: Outdoor Features. Landscaping and lawn care projects bring in the best financial payouts at resale and the greatest enjoyment for homeowners.
The report looked at 13 outdoor residential and 10 commercial property projects, highlighting the value - both financial and emotional - that these remodels bring, and the great satisfaction the finished projects bring homeowners.
"Realtors understand that a home's first impression is its curb appeal, so when it comes time to sell, a well-manicured yard can be just as important as any indoor remodel," said NAR President Elizabeth Mendenhall. "Even homeowners with no immediate plans to sell can gain more enjoyment and satisfaction from their home by taking on a project to revive their outdoor spaces."
When asked which outdoor projects produce the most substantial financial payouts at resale, Realtors ranked standard lawn care service at the top, which recovers 267 percent of the project cost at resale. Realtors named landscape maintenance and tree care next with both recovering 100 percent of the cost at resale. Installing an irrigation system recouped 86 percent.
The study used Joy Scores ranging between 1 and 10 and higher figures to indicate greater joy from the project. Homeowners gain much enjoyment once these projects are completed. A fire feature and irrigation system tied for first, both receiving a perfect Joy Score of 10.
Eighty-three percent of homeowners who installed a fire feature said they have a greater desire to be home since completing the project, and 69 percent of homeowners who installed an irrigation system said they feel a major sense of accomplishment. The next most appealing projects were a new wood deck (Joy Score of 9.8), a water feature (9.8), statement landscaping (9.7) and an overall landscape upgrade (9.6).
"This report validates that landscaping is an investment worth making, offering the immediate benefits of increased enjoyment of your property, as well as desirable long-term value that holds if or when it comes time to sell," says Missy Henriksen, vice president, public affairs with NALP. "From lawn and tree care to installing a new fire or water feature or landscape lighting, there's no shortage of opportunities to enhance your landscape and to reap the benefits these upgrades provide."
This year, the report also covered outdoor projects for commercial properties and found that 43 percent of Realtors have suggested a commercial client improve the curb appeal of a property before listing it for sale. The most frequently recommended projects are standard lawn care (39 percent), completing a landscape management service (27 percent) and an overall landscape upgrade (26 percent).
"It is not just homeowners that need to think about curb appeal when it comes time to sell; a beautiful exterior is just as important for commercial property owners," said Mendenhall.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
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