Value on Real Estate
Can Landscape Design and Outdoor Construction Truly Increase Home Value?
The answer is yes! Every year homeowners are turning to improving their outdoor space as opposed to updates to the interior of their homes. Why, do you ask? The answer is simple, landscaping can add up to 28% to the overall home value says landscape economist John Harris. There are many different factors that tie into what increases the value of a home, but landscape plays a major role in value. Landscaping can be the make it or break it when it comes to selling a home, can help reduce the overall cost of owning a home, and also can dramatically increase the home’s value.
The very first thing potential homebuyers will look at when viewing a home is the landscaping or lack-thereof. People will be more likely to view a home’s interior if the exterior is warm and inviting. The most desired landscaping addition according to The National Association of Home Buyer’s “What Home Buyers Really Want” survey, 41% of people rated outdoor lighting as essential, and 49% rated outdoor lighting as desirable. A study in Portland, Oregon found that trees with a medium to large canopy growing within 100 feet of other houses added roughly $9,000 to the home sale price as well as taking two days off its time on the market.
A big indicator on whether or not a home is suitable for a potential homebuyer is the cost to maintain the home. For instance, many homeowners find that they save dramatically by installing energy saving trees. The United States Department of Energy says that just three trees properly placed can save you $100 to $250 per year in energy costs alone. The placement of trees can also help to remedy drainage problems, and also can protect your home from the risk of water damage. A study in Portland, Oregon found that trees with a medium to large canopy growing within 100 feet of other houses added roughly $9,000 to the home sale price as well as taking two days off its time on the market.
Some insurance companies will actually give homeowners 5 to 15 % a discount, as well as reduced or even zero claims. Outdoor lighting helps to protect the home from burglaries, and lighting also reduces the risk of personal injury which some life insurance companies take into account as well. Not only are you increasing the value and esthetics of your home, you are also protecting it and saving money at the same time.
The addition of outdoor landscaping dramatically increases the value of any home, but it can also save you money in the long-run. The home not only is adding extra usable outdoor square footage, but it also creates a space for home owners and potential homebuyers to enjoy. The home becomes a welcoming, warm space when the exterior is inviting. Many homebuyers will not even consider looking at a home that is not landscaped to some degree. A well-landscaped home will only become better as the landscaping installations grow. Other additions such as a wood deck will recoup more than 80% of the cost invested in the project.
All in all, the statistics from studies have come to show that bringing the exterior of your home to life with landscaping not only increases the home value, but also the return on investment is great as well. A horticulturist from Virginia Tech found that well-landscaped homes had a significant price advantage over homes with no landscaping. His findings were that on a $300,000 home landscaping can increase that value into an extra $16,500 to $38,100. One can only conclude that investing in the outside of their home is indeed worth the time, and will reap benefits for years to come.