We want to do some outside renovation to our home this spring/summer and are considering all of our options. In your experience, what do you think people value the most in outdoor living spaces?
We’re considering all options, from a built in BBQ, to a hot tub, maybe even a pool. We enjoy being outside in our wonderful Colorado weather and want to look ahead to when we sell our home as we undertake this project.
Thank you for your input.
Todd and Lacey – Fruita, CO
Todd & Lacey,
I think any improvements to your outdoor living area will be beneficial and definitely be a selling feature when you eventually sell your home. Most importantly I would suggest you evaluate your lifestyle and the family activities that you enjoy most and design your new outdoor living space to fit what your family enjoys most.
This question is with perfect timing, I was just speaking with one of our builders this week about outdoor living spaces and how valuable they are to consumers. This value is magnified in our location, because of the wonderful weather we enjoy 8 months of the year (virtually all 12 months this year except for the last few weeks!) An outdoor deck or patio with a pergola and built-in BBQ or fire pit can be a neighborhood gathering area and the spontaneous parties with friends and family will provide memories that can last forever. This kind of upgrade is very valuable and fairly cost effective in the grand scheme of things and generally found to be of added value to most any home buyer.
Hot tubs and pools can be much more polarizing. So, if you are considering a hot tub remember they are often one of those, “we can take it or leave it items” for most buyers. It is my experience that a hot tub generally does not move the needle very far in either direction when it comes to perceived value. A pool is one feature that is VERY polarizing. If you are going to put in a pool, do so for your own enjoyment. Do not add a pool looking for a large return on your investment down the road, because it is likely not going to be there. People are either pool people or they are not…it is that simple. I do find that pools are becoming more valuable and sought after by consumers, but it is a specific subset of them, not the majority. As I discussed this week with a friend of mine, your general return on a pool is 50% max, but that can go up or down depending on the price of your home.
The bottom line is this, whatever feature you decide to install should be with your family’s enjoyment in mind and the time you spend using it will further your relationships and really what more could you ask for! Sometimes we do things that might not make financial sense, because they are done for pure enjoyment and there is nothing wrong with that! Life experiences and memories made are what these features are all about! Have a blast this summer and enjoy whatever you decide to create!