by The CE Shop Team
99% of REALTORS® Believe That Curb Appeal Is Important in Attracting a Buyer
Many homeowners dream of having a lush, beautiful yard, but anyone who’s taken on a large landscaping project knows that it can be an expensive and time-consuming process. That’s why it’s important to take a step back and carefully select landscaping projects that will be worthwhile.
Whether you’re working with a buyer who’s considering a fixer-upper or advising a homeowner who’s planning to list their home, your clients are likely to be interested in which outdoor projects will deliver the highest return on investment (ROI).
Outdoor Home Improvements That Pay Off
When it comes to landscaping projects, homeowners’ motivations can vary — some complete landscaping projects simply for their own enjoyment, while others put in the work in the hopes of boosting the resale value of their homes.
A report from the National Association of REALTORS®, 2018 Remodeling Impact Report: Outdoor Features, analyzed 13 outdoor residential projects to determine which have the highest ROI at resale and which bring homeowners the most enjoyment.
Many outdoor projects increase a home’s curb appeal, which is extremely important when it’s time to sell a home. 94% of REALTORS® say that they have encouraged sellers to improve their home’s curb appeal before listing their home, and 99% believe that curb appeal is important in attracting a buyer, the report says.
With that in mind, let’s take a look at the three projects with the highest ROI.
Standard Lawn Care Service
The project: Standard lawn care service, including six applications of fertilizer and weed control, on 2,835 square feet of lawn
Cost estimate: $375
Estimated ROI: $1,000
The homeowner is expected to recover an astounding 267% of the cost of this project at resale.
The project: Annual mulch application, mowing of 2,835 square feet of lawn, pruning of shrubs, and planting of approximately 60 perennials or annuals
Cost estimate: $3,000
Estimated ROI: $3,000
With this project, the homeowner can expect to recover 100% of their investment at resale.
The project: Three applications of tree fertilizer; regular spraying, trimming, and pruning; and the removal of one 30-foot tree by professional
Cost estimate: $2,000
Estimated ROI: $2,000
The homeowner is expected to recover 100% of the cost of this project at resale.
Of the 13 outdoor projects analyzed in the report, standard lawn care service, landscape maintenance, and tree care are the only projects that allow homeowners to recover the entirety of the cost upon resale.
However, the report found that many of the other projects have emotional value. All 13 projects were also ranked on a “joy score” from 1-10 to indicate the amount of enjoyment that homeowners gained from the projects.
Two projects — a fire feature and an irrigation system — received a perfect joy score of 10.
Resources for Further Reading
Do you want to read more about home improvement projects and increasing a home’s resale value? We have lots of content created just for you.
Are you interested in learning more about home renovations? Whether you’re selling a buyer on a home that needs a new kitchen or advising a seller on pre-market property updates, you’ll want to know your stuff when it comes to returns on home renovations. Check out this blog to discover which four remodeling projects pay off.
One of the most important aspects of a home’s resale value is its curb appeal. This guide provides tips you can use to help your clients improve their home’s curb appeal, along with some common mistakes to avoid when getting a house ready to sell.
As a real estate agent, you’ve likely come across homes with do-it-yourself renovations that made you think, “Why would anyone ever do this?” Maybe it was a project that didn’t quite go as planned, or perhaps it was a highly personal custom addition that would never appeal to new owners. In this blog, we share a few agents’ best DIY fail stories.