While it might be tempting to tell homeowners to update kitchens and bathrooms before they sell their homes, the truth is that owners usually don't get a positive ROI with these enormous and disruptive projects. While some major overhauls of outdated kitchens and bathrooms can provide an ROI of greater than 100 percent, the truth is that most kitchen and bathroom updates don't do all that much to a home's value.
Instead, homeowners should be focusing on an area of the property that rarely receives updates but has a major impact on home value: the landscape. Yard updates are relatively easy and inexpensive, and they can work wonders on home equity - if the right updates are completed. Here are some of the most valuable upgrades for homeowners in the coming years.
Less Lawn
Few people look on a vast, well-maintained lawn and feel anything but admiration - but the truth is that few large residential lawns are properly cared for. That's because lawns are not native anywhere, so they require an incredibly amount of work to keep in good health. Many homebuyers are well-aware of the cost and time commitment of large lawns, so they prefer a smaller and more manageable green space.
If a large lawn is looking grubby, it is probably time to downsize. Homeowners can do this attractively by expanding the garden beds around their lawn or adding additional hardscaping for entertaining spaces. Then, they should perform necessary lawn maintenance to get the remaining grass in tip-top shape.
More Trees
Trees are incredibly high-value landscaping features, and in general, the more trees a property has, the better. This is especially true of older trees, which provide ample shade over exterior spaces and effectively reduce energy requirements for indoor spaces - all while providing a beautiful look to a property.
Typically, the type of tree is less important than the size of tree. Newly planted saplings don't add much value at all - but a large, healthy tree in front of a home can add more than $7,000 to the ultimate selling price. Homeowners should prefer trees that are native to their region or else tolerant of the climate to reduce the resources required to grow and maintain them.
More Lights
If a landscape isn't visible, it isn't valuable. Homeowners should prioritize illuminating their yards in a variety of ways. For example, landscapes should have functional lighting that allows entertaining and recreational spaces to be used after the sun sets. However, there should also be dramatic lighting on attractive features of the landscape and home, like uplighting on tall trees or trellises or path lighting along hardscaping. Finally, there should be a good amount of security lighting, perhaps attached to motion sensors to ensure that the property is safe.
Outdoor Living
These days, it isn't enough to have some outdoor furniture under a covered patio; homes need well-appointed outdoor living spaces, that make yards functional as well as comfortable. Outdoor entertaining areas should be equipped with features that make the space feel like a typical indoor living room: plenty of furniture, ceiling fans and recreational opportunities, like a sound system or TV. It's not uncommon to see an outdoor kitchen, replete with refrigerator, sink, countertops and built-in grill. Homeowners might even consider blending their outdoor and indoor spaces with large sliding or folding glass doors. The goal is to make the yard feel like an extension of the home, so homeowners and guests feel drawn to spend time in the space.
Relaxing Atmosphere
Finally, given the stress of most people's everyday lives, a valuable yard should promise a relaxing atmosphere where homeowners can go to destress and find contentment. There are more than a few ways to encourage relaxation in an outdoor space, including:
Hang a hammock
Plant fragrant flowers and herbs
Add a water feature
Build a fire pit
Create a private space
Include a Zen rock garden
Hang bird feeders
Many features for relaxation are highly subjective, meaning homeowners might not need to make large, permanent updates to their yard to accomplish this goal. Still, relaxation tends to come with an attractive, well-maintained space, so homeowners to put money into making a beautiful landscape will be rewarded with plenty of value in their home.
A kitchen or bathroom renovation won't go to waste - but it won't be nearly as impactful on home value as a thoroughly updated landscape. As the outdoors become more important to homebuyers, the value hidden in landscape improvements increase, so it pays to invest in this underestimated area of one's property.
