What are some of the most profitable ways you can invest in your backyard to increase the value of your home? On average, home improvement projects have a 70% return on investment, but with these top ten high-value projects, you can add more equity to your home and provide the best return on your investment while making your backyard more inviting.
1. Outdoor Kitchen
ROI: 100-200%
Outdoor kitchens are one of the top ways to add value to your home. They’ve become trendy over the past few years, and for good reason. An outdoor kitchen is a great place to gather with friends and family, and with the right amenities, it makes cooking, barbecuing, and baking possible even during the hottest parts of the summer.
2. Patio
ROI: 60-80%
The type of patio you choose is critical when it comes to maximizing the return on your investment. A well-designed patio can add about 10% to the value of your home, with an ROI of at least 80%, while a basic patio will only give you an ROI of about 60%.
If you already have a patio, making improvements or repairs is an even better way to get the most for your money, with an average ROI of over 500%. Some ideas for improving an existing patio include additional lighting, adding an awning, and switching out your patio furniture.
3. Deck
ROI: 60-80%
The actual ROI of a deck varies considerably depending on the size and type of deck you build. To get the most value for your money, hire experienced deck builders to construct a luxurious outdoor living space that adds value to your home and helps you get the most out of your backyard.
With the right builders, you can create your dream outdoor space and enjoy the benefits of having the perfect place to entertain guests. When you invest in building a deck that you love, you’ll find yourself spending more time outdoors with your loved ones, and you can see even bigger returns on your investment.
4. Replace Your Garage Door
ROI: 90 to 100%
The average cost to install a garage door is about $1,200, and if you’re a DIYer, it makes the perfect weekend project to add curb appeal and value to your home. Your garage doors are one of the first things people see when they come to your house, so it’s a good choice when you want to make a good impression on first-time visitors to your home.
5. Exterior Siding
ROI: 67-80%
The value added to your home by replacing exterior siding varies depending on the type of material you choose and how old your existing siding is. If you’re selling your home, some buyers won’t even look at it if the siding is old and dilapidated. In those cases, replacing the exterior siding may be your only option.
6. Revitalize Your Lawn
ROI: 200-400%
The possible return on your investment for landscaping is excellent, but it really depends on what type of improvements you make. Overall, you can expect landscaping improvements to add about 10% to the value of your home, and revitalizing your lawn is one of the best ways to do that.
How do you know if your lawn needs to be replanted? Assess your lawn; if it’s over 50% weeds, it’s time to plant a new lawn.
7. Driveway
ROI: Varies depending on the materials used
A new driveway is one of the best hardscaping features for adding curb appeal to your home. You have a lot of different choices when it comes to materials and design, but the impact of a new driveway is significant no matter what materials you use. For the best value, choose an asphalt driveway. They are less expensive to install, but they are low-maintenance and long-lasting.
8. Pergola
ROI: 50-80%
Pergolas can be built from various materials, and they are a great way to maximize the functionality of your backyard because they create shade and shelter for dining areas, hot tubs, and fire pits. If you have the skills, you can DIY a pergola project and save money on installation costs.
9. Plant Trees
ROI: increases in value over time
Trees are important landscaping features that help mitigate air pollution and heat, and they will add anywhere from $1,000 to $10,000 to the value of your home, depending on how old they are. They can also reduce energy costs and provide habitat for wildlife.
Be aware that not all trees add equity to your home, though. Avoid trees that are messy or difficult to care for, like weeping willows and Siberian elms. The best trees for increasing your property’s value are easy to grow in your climate and have great disease resistance.
10. Lawn Sprinkler System
ROI: 80-90%
The average cost of a lawn sprinkler system is about $3,000 to $3,500, and this yard improvement project has an excellent return on investment in more ways than one. You’ll save money on your water bill, and you won’t have to drag hoses and sprinklers around all summer.