ORLANDO, Fla. – Homeowners looking for a remodeling project should head outside, according to a new report from the National Association of Realtors® (NAR) and National Association of Landscape Professionals (NALP).
The report, 2016 Remodeling Impact Report: Outdoor Features, found that outdoor remodeling projects not only add value to a home upon resale, they also make non-moving homeowners happier. The report included information on the typical cost of 10 outdoor projects as estimated by members of NALP. It also surveyed Realtors on each project’s appeal for buyers as well as Realtors’ estimations on how much homeowners could recover on the cost of each project if the home was sold.
“Realtors understand the importance of curb appeal because when it is time to sell, a home’s exterior is its first impression to potential buyers,” said 2016 NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “Realtors also know that these projects – from flowerbeds to fire pits – can bring homeowners who have no plans to sell even more enjoyment and satisfaction in their home.”
The report analyzed the reasons homeowners complete outdoor remodeling projects and the value of those projects, both financially and emotionally. Overall, lawn maintenance provided the most bang for the buck at the time of resale. Realtors ranked seeding lawn highest, recovering 417 percent of the project cost at resale. Implementation of a standard lawn care program recovered 303 percent of the project cost, while updating landscaping with sod lawn recovered 143 percent of cost at resale.
When it comes to a homeowner’s enjoyment gain from projects, a new pool comes in at No. 1, receiving a perfect Joy Score of 10. (The report noted that Joy Scores range from 1 to 10, with higher figures indicating greater joy from a project.)
Ninety-five percent of homeowners who completed a pool project said they have a greater desire to be at home; 90 percent felt a major sense of accomplishment; and 80 percent said they have an increased sense of enjoyment at home. However, Realtors estimated that homeowners only recoup 50 percent of the cost of pool construction on resale, making it one of the least profitable projects in the report.
The next most appealing project was an overall landscape upgrade (Joy Score of 9.8) followed by a new wood deck (Joy Score of 9.7). When asked why homeowners took on these projects, the most common response was to add features to their home and improve livability.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.