Although real estate is a self-appreciating asset, it’s not uncommon for landlords to take the driver’s seat and try to improve their property value. If you’re considering renting your home, investing in outdoor improvements could be highly beneficial to your business as it could attract more leads and increase your ROI.
If you’ve researched outdoor improvements, you might have seen one or two articles recommending patios to boost your curb appeal. Well, if you’re asking yourself, does adding an outdoor patio increase home value, then stick till the end. In this article, we’ll be dissecting that question and sharing some much-needed tips.
Does Adding an Outdoor Patio Increase Home Value?
If you’re looking for a few outdoor updates worth the price tag, then one of the first improvements you should consider is a patio. These spaces are becoming a trendy attraction and can influence many prospective renters to turn in an application. After all, thanks to the many benefits patios bring to a family; they’re a sure way to drive up your home value. With a well-constructed patio, you stand to make as much as 80% ROI and increase your home’s overall value by a whopping 10%
How Adding an Outdoor Patio Increase Home Value
● It connects you with nature
Whether your tenants are expert horticulturists or gardening beginners, everyone appreciates little greenery. Thus, a patio is a great way to create a space where residents can enjoy the bright colors of their garden, fresh air from the trees, and avoid the scorching sun. Not only is that momentarily enjoyable, but it can also significantly boost people’s mental health.
● It extends your living space
Sometimes it’s necessary to take a break from your daily routine and step back a bit. Adding a patio to your property gives tenants the option of doing that by taking only a few steps. By including furnishings like chairs and other furniture, you can effectively extend the living space beyond the house’s four walls.
● It creates a space for entertaining visitors
The house can quickly feel cramped when you have a lot of visitors over for a party. Besides putting up with the heat, the congestion can limit everyone’s movement and make the get-together awkward. However, with a patio, you have more room to entertain visitors without inducing the feeling of claustrophobia.
Tips for Your Outdoor Patio
● Refresh your existing patio
If you already have a patio to work with, you don’t have to start from scratch. A newly repaired one can pull in as much money as a brand new one if you do it right. You’ll want to power wash the deck to get rid of all the dirt and debris, for starters. Next, reapply a coat of sealant to hide cracks and prevent discoloration of the wood. Finally, don’t forget to clean up any outdoor furnishings you have to make your patio look brand new.
● Install other outdoor improvements
We’ve already established that patios are an excellent investment, but there’s no reason to stop at one update. You can install other outdoor improvements to boost your home’s rental value further. Installments like a fire pit or pergola go well with a patio and can transform your outdoor space into an oasis.
● Pay attention to style and design
If you’re installing an outdoor patio, then do it right. Start by balancing the proportions with some space for landscaping, then move on to picking materials that suit your home’s design. For instance, if you have hardwood flooring, you could use the same material for your space. Of course, you must keep costs in mind to avoid going bankrupt. Other factors you might want to consider when decorating include durability, style, and ease of installation.
Whether old or new, there are many reasons adding an outdoor patio can increase your home value significantly. It allows you to connect with the best part of nature while offering some protection from the elements, and it extends your living space so residents can entertain visitors freely. We hope this guide has helped you realize how patios can boost your rental property’s ROI and gave you some great tips for yours.