When undertaking a new project around your home it is important to justify your investment for it’s enjoyment and the added monetary value it adds to your property. Whether you are investing your money or your time (or both), you should ask yourself – will these improvements increase the value of my home if not immediately, sometime in the near future?. While you don’t just want your eye on the money, as the enjoyment of say creating outdoor living spaces is important; it pays to make sure you’re not over capitalising your property; insofar as it ends up worth less than your total investment. A quick tally of the purchase price, renovation and improvements and finance servicing costs will give you a good estimate of cost which you can then compare with the market value of your home.
Another important factor when assessing the value of investing further in your property is how long you expect to remain in the property. If your intention is to remain in it for a minimum of five years then any investment you make now would ideally add additional value within that five year period.
Upgrading Outdoor Spaces
Upgrading your outdoor spaces is a cost-effective way to not only increase your property’s value, but also improve the experience of living in your home. “After energy efficiency, no other market trend is changing the landscape of new-home design than outdoor living”, comments David Barista, editor at Probuilder.com.
According to Realtor.com, 80% of potential buyers indicated that front decks and patios are essential to their home purchase decision. Below we discuss three easy ways to add value to your home or property by upgrading and renovating your outdoor spaces.
1. Gardening & Landscaping
Adding gardens and pathways outside of your home is an easy, inexpensive way to give your property a facelift. A potential buyer’s first impression is of the outside of your home, an attractive, well-maintained garden which faces the street is an excellent way to add value.
Unsure about what plants will give you home maximum curb appeal? According to a survey from houzz.com, flower beds with borders offer the greatest appeal, followed by shrubs and perennials. The same survey found that garden lighting also adds to curb appeal, with 45% of outdoor renovating homeowners opting to include some form of outdoor lighting.
2. Build a Deck
Known as one of the simplest ways to add immediate value to your home, a new deck effectively adds an additional room. The price of building a deck varies, depending on whether you are undertaking the project yourself, or hiring a professional. While a small deck can cost as little as $1500 if you are a seasoned DIYer, a hardwood deck from a professional builder can cost anywhere between $5000 and $15,000. However the investment can prove a wise one – adding up to 30% value to your home.
3. Outdoor Heating – Making Outdoor Spaces Comfortable
If you have invested in creating an outdoor living space, it only makes sense to maximise the amount of time you can spend enjoying it. Adding outdoor heating to an outdoor living space allows you year round use.
For the most cost-effective outdoor heating solution, install overhead infrared heaters to your deck area or patio. Unlike gas heaters which simply heat surrounding air, heat produced by infrared, electric heaters is only absorbed by solid objects. This means lower operating costs and lower energy wastage.
“Our range of infrared heater, manufactured here in New Zealand, can heat a 16 square metre outdoor space in a matter of minutes”, comment Kelray Heating founder Kelvin Davis.
“While heat from gas heaters can be blown away by a slight breeze, heat generated from infrared heaters transfer heat directly into our bodies similarly to the sun”.