Now that the weather is finally warm and sunny here in the North Country, many homeowners are getting geared up for summer home improvement projects. Things like decks, pools, patios, gazebos, and ponds can make spending time at home on nice summer days a lot of fun. From a financial standpoint, however, only some of these outdoor upgrades add to your home’s resale value.
First, the good news. Decks are a great investment. I’m tickled to hear this because as soon as the snow melted, my husband went out in the yard to continue working on the large wrap-around deck that he had started building last fall. Some of the dollar figures that I have read about regarding decks indicate that you could recoup between sixty and seventy-five percent of what you spend on your deck. In fact, if your house does not have a deck and it could have one, the fact that there is no deck could hurt your resale value a little or make the house slower to move. Personally, I think that our house looked silly without the deck – it just looked like it was stuck into the ground. Not all houses without decks look like that, but ours did. Other sound outdoor living investments include patios, gazebos, and pergolas.
Of course there is some bad news too. If you are considering a pool as an investment that will increase the value of your home, you may want to think twice before taking the plunge. Pools do not add nearly as much to a home’s value as you might think. An in ground pool adds between six and eleven percent, depending on your location. Above-ground pools could even detract from the value of your home if they do not look good, and they add nothing to the value even if they look okay. If you have been pining for a pool, go ahead and get it if you plan to be in your house a while and you can afford it.
Other investments like landscaping, ponds, and outdoor kitchens may be a bit more difficult to assess because their potential to add value depends highly upon where you live. Whether your home has some of the aforementioned improvements or you are in the process of adding them this summer, enjoy them whether or not they increase the value of your home. Summer is much more fun when your home has at least a little outdoor living space where you can enjoy fresh air and sunshine while reading a book or grilling some burgers.