If you’re a homeowner or real estate investor looking to sell a property, you might consider completing a few home projects to add value to the home and attract buyers. However, not all home improvements provide a return on investment. A full kitchen remodel, for example, rarely provides more value than the cost. The 2020 cost vs value report shows 15 of the 22 tracked remodeling projects have a value that is under 70% of the cost in the United States.
If you’re selling your home in the immediate future, is it worthwhile to renovate?
The answer is yes. Many homeowners receive higher offers and sell their properties faster as a result of small to mid-range home improvements, specifically landscaping projects that add value to the home.
Which landscaping renovations are the smartest for a return on investment?
1). Lawn Maintenance
Does your property have an overgrown front lawn or backyard? Cut the grass and trim the bushes before allowing a real estate agent to invite potential buyers to visit. When considering a home, buyers are alert for any signs of hidden expenses. An overgrown lawn begs the question: “What else isn’t the homeowner taking care of on this property?” First impressions matter, and the surrounding landscape is your property’s introduction. Ensure it’s memorable in a positive way with simple lawn upkeep.
Average Cost: $50-$120 per professional visit
2). Walkway Creation & Enhancements
The National Association of Realtors (NAR) states a walkway with a few planters may recoup up to 80% of the cost. Furthermore, 97% of NAR members believe curb appeal is important to potential buyers and 11% believe landscaping improvements like walkways led to a closed deal. The best part? Walkway improvements don’t need to be expensive. For a walkway, one economical solution is pavers with lights and flowers alongside the path. You can also arrange pavers to create an outdoor patio.
3). Fresh Mulch Installation
Liven up your property’s exterior with fresh mulch in a complementary color. Be mindful of the type of mulch you choose. Certain types of wood mulch attract termites. However, there are several types of wood mulch (and non-wood mulch) that resist or deter termites while adding curb appeal.
Average Cost (per yard): $15-$65 | $141-$291 mulch delivery and installation
4). Eco-Friendly Landscape Conversion (Drought-Prone States)
Is the property in an environment that’s prone to drought? If your house is in the West, consider xeriscaping, the creation of a drought-tolerant yard. Xeriscaping supporters report a 50-75% reduction in water usage. This is a big cost-savings benefit for buyers, with particular significance in states affected by water restrictions. Xeriscaping also attracts buyers who suffer from allergies and desire low-maintenance landscapes.
5). Plant Trees, Bushes, and Shrubs in Ideal Locations (States Not Prone to Drought)
If the property is in a location conducive to tree and plant life, adding greenery has a historic record of improving the value of a home. In addition to beautifying an environment and improving air quality, trees and bushes provide privacy. One item to keep in mind when planting trees is their location. Plant trees in areas favorable to their growth where the roots won’t disrupt the home foundation.
The best landscaping projects to increase home value or improve your odds of a quick sale aren’t always expensive or time-consuming, but they are guaranteed to make a statement. Before you sell your home, take a look at the exterior of your property and think like a buyer.