During the summer months, nothing beats roasting marshmallows and sharing stories around a roaring fire. Homeowners who install an outdoor fire pit will not only create delightful memories, but will also realize a 78 percent return on investment. Fire pits cost an average of $4,500 to construct, and you'll recoup about $3,500 when you sell your home, according to CBS News.
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- 12 Outdoor Projects That Boost Your Home’s Value
12 Outdoor Projects That Boost Your Home’s Value
Build an Outdoor Fire Pit
Reseed Your Lawn
CBS News notes that freshly seeded grass instantly boosts curb appeal, and it’s also likely to raise your “overall happiness with your outdoor spaces.” What’s more, although reseeding a lawn costs only $120 on average, it will increase your home’s value by $500—resulting in a major 417 percent ROI.
Create a Lawn with Sod
If your lawn needs more TLC than a simple reseeding, or if you don’t have time to water and nurture tender new grass seedlings, consider laying sod. The project will turn your drab yard into a luscious grassy lawn overnight. According to CBS News, the cost to install sod on a 1,000-square-foot yard is about $700, but it boosts your home’s resale value by $1,000. That’s a healthy 143 percent return on investment.
Implement a Lawn-Care Program
If you want a good-looking lawn, you need to supply sufficient nutrients and take steps to reduce weeds. The National Association of Realtors (NAR) recommends an average of six applications of lawn fertilizer and a weed-control product annually, which will cost around $330 for a 5,000-square-foot lawn. Your efforts can boost your home’s value by $1,000, which equals a 303 percent return on investment.
Pave a Gravel Driveway
While a gravel driveway may be acceptable in a rural setting, some buyers will balk at the maintenance demands. For example, bits of gravel tend to travel to the grass, gardens beds, and sidewalks, and the driveway itself requires an occasional new layer of gravel. The cost of paving a gravel driveway ranges from $4,000 to $20,000, but according to real estate brokerage firm The Pimental Group, the project results in as much as a 75 percent return on your investment.
Related: Ready to Sell? 17 Things to Do First
Refresh Your Landscape
Luscious landscaping increases the chance of a home sale. Plus, according to the National Association of Realtors, an outdoor makeover could net you a healthy 105 percent return on investment. The association defines a “landscape upgrade” as installing a natural flagstone walkway, adding stone planters, mulching, and planting a handful of flowering shrubs and a sizable tree—all of which will set you back, on average, roughly $4,750.
Add a Wooden Deck
Do you enjoy spending time outdoors? Then consider installing an attached or detached wooden deck, which will give you the perfect spot for grilling, sunbathing, and entertaining. Wooden decks are also a major selling point. According to Remodeling Magazine, a 16' x 20' wood deck with stairs and railings runs an average of $17,600, but you’ll recoup nearly $11,000 of that when it's time to sell. That’s a return of almost 83 percent!
Install a Backyard Patio
Installing a patio is another project that expands and enhances your outside living area while increasing the value of your home. The cost of a 16' x 20' patio ranges from $4,500 to $17,000, depending on the material used. For instance, a concrete patio costs less than a brick or flagstone patio. According to HouseLogic.com, homeowners who put in a new patio can see a 60 percent return on investment.
Related: 8 DIY Pick-Me-Ups for a Plain Patio
Invest in an Outdoor Kitchen
Outdoor kitchens can be costly renovation projects. Amenities like masonry cabinets, cooktops, grills, wet bars, and fireplaces don't come cheap; an outdoor kitchen can set a homeowner back between $12,000 and $25,000. On the bright side, however, real estate management firm Green Residential predicts a 100 to 200 percent ROI, depending on the housing market in your area. For the best return, they suggest not going overboard with extravagant features, unless they're for your own enjoyment.
Add Outdoor Lighting
Outdoor lighting deters burglars and creates magical ambience in your yard. What’s more, stylish, effective exterior lighting (think motion lights or low-voltage landscape options) can really amp up your home’s curb appeal. You can expect to pay anywhere from $250 to $1,500, but according to Inman.com, you could see, on average, a 50 percent return on your investment.
Related: 8 New Ideas for DIY Outdoor Lighting
Some renovation projects decrease in value over time, but trees actually appreciate as they age. While it’s hard to put an exact ROI on new trees, Realtor.com suggests that they could boost the market value of your home by $1,000 to $10,000. The cost of planting new trees varies from around $100 for a small sapling to several hundred dollars for a larger tree.
Install a Lawn Sprinkler System
One of the best investments for a great-looking lawn is a buried sprinkler system. When calculating the ROI of installing a sprinkler system, which runs between $3,000 and $4,000, you should also consider the amount you'll probably save on water. According to Turf Magazine, this could be as much as 40 percent over a two-year period.