Outdoor living spaces in the Willamette Valley and Bend, Oregon are great places for moments of peace and tranquility to read a book and for friends to get together and enjoy. As homeowners increasingly seek to enhance their living experiences, outdoor spaces have emerged as a focal point for investment. From patios and pavers to gardens and kitchens, outdoor living spaces not only extend one’s home but significantly contribute to property value. This article explores the benefits and returns on investment (ROI) associated with creating well-designed outdoor areas.
Why Invest in Outdoor Living Spaces?
- Increased Property Value: Research shows that enhancing curb appeal and outdoor areas can substantially increase a home’s market value. According to a report by the National Association of Realtors (NAR), 97% of NAR members believe landscaping improvements can help attract a buyer by increasing the curb appeal.
- Enhanced Lifestyle: Outdoor living areas provide a space for relaxation and recreation. They encourage families to engage in outdoor activities, which promotes physical health and improves overall well-being. A well-designed outdoor space can serve as an extension of a home, tailoring it to the lifestyle preferences of its occupants.
- Social Engagement: Outdoor spaces foster social interactions and community engagement. Whether it’s an outdoor kitchen for family gatherings or a serene garden for enjoying quiet moments, these spaces often become the heart of homes for social gatherings.
Return on Investment Analysis of Popular Outdoor Features
Investing in various outdoor enhancements can yield different returns. Here’s a breakdown of some popular features and their estimated ROI:
- Outdoor Lighting: Adding outdoor lighting helps highlight your home and increases the curb appeal. NAR states that you can expect to recoup 70% of your investment when you sell your home, according to NAR’s Remodeling Impact Report: Outdoor Features.
- Outdoor Kitchen: NAR also shows that an outdoor kitchen can return up to 100% recovery on investment and the joy rating of having an outdoor kitchen is a 10 out of 10. (NAR, 2023)
- Landscaping: Strategic landscaping choices offer impressive returns, often exceeding 100%, particularly when combined with hardscaping features like pathways and seating areas. Having a good company take care of your landscape maintenance is another place that has a great return on your investment by keeping your yard looking great.
- Patios: A well-constructed patio can return approximately 80% to 95% of the investment, depending on materials and design choices. There are many different types of materials that can be used; concrete for a clean-cut look and pavers offer many options for that custom looking patio.
Trends Influencing Outdoor Living Investments
- Sustainability: The integration of sustainable materials and practices is gaining importance for many people. Homeowners are increasing these sustainable materials by investing in native plants, energy efficient irrigation systems, and eco-friendly outdoor furniture, which can reduce maintenance costs and enhance property appeal.
- Technology Integration: Smart technology, like outdoor lighting and irrigation being controlled by a phone app, is becoming something that people are almost expecting. Homeowners are looking for features like outdoor speakers, Wi-Fi access, and automated watering systems, adding value and convenience.
Investing in outdoor living spaces can yield significant returns, both in terms of financial value and quality of life. Whether through hardscaping improvements, landscaping enhancements, or the addition of functional outdoor areas, homeowners can increase their property’s marketability while enjoying personal benefits. To maximize ROI, it’s essential to consider current trends, maintenance costs, and aesthetics when planning outdoor investments. To help you with making these decisions on how to transform your backyard into an outdoor living space give Green Acres Landscape, Inc a call at 503-399-8066 for a free estimate and meeting with one of our specialized estimators.
References
- National Association of Realtors. (2023). The Remodeling Impact Report.
- Remodeling Magazine. (2023). 2023 Cost vs. Value Report.
- HomeAdvisor. (2023). Outdoor Kitchen Cost Guide.
By understanding the intrinsic value of outdoor living spaces, homeowners can make informed decisions that elevate both their property’s worth and their day-to-day living experience.