Date Posted: May 11, 2022
With the spring weather booming, it is a great time to look at what improvements can be made in your backyard. Often the backyard is looked past in terms of upgrades, however, it can bring a lot of value to your property. Here are some upgrades that can provide the best return on investment for your property.
While traditionally decks were an afterthought and weren’t big money makers, now they can often bring in 75% ROI or even more. The key to deck installations is keeping with the overall value and size of the house. You don’t want to add an over-the-top luxurious deck on a tiny house or a tiny deck on a large-scaled house. Rule of thumb is to have one part deck to five parts yards.
One of the best ways to add value to a yard is to plant a tree. Mature trees almost always add to the property’s perceived value. As soon as you move into a house it’s a good idea to plant some trees. This way when it comes to sell – whether it’s 10 or 20 years down the road – they’ll be a good size. It’s best to stick with medium sized trees so they don’t overshadow the house.
Sometimes adding a fence can be looked at as a maintenance project rather than a value-adding addition. However, in certain scenarios, a privacy fence can be a welcomed addition and add value to the house. Neighbourhoods where fences haven’t been added yet would be a great time to talk with your neighbours and split on the cost to add fencing. If you get enough neighbours on board, you can sometimes get a discount from a single company.
According to Scott McGillivray from HGTV “simple landscaping is the best way to add value to a home”. Beautiful and extensive landscaping can be very nice to look at but one of the first thoughts that pops in a buyer’s mind is “that’s way too much work for me”. A simply designed yard can provide extra value and show very well when selling.
This is by far the most factor to keeping up the value of your home. Small maintenance jobs here and there will save dozens of headaches and thousands of dollars in the long run. Small cracks should be fixed as soon as possible, keep the yard from getting overgrown and don’t let your deck fall into disrepair. Maintaining good care of your property will ensure you don’t lose any value in your home and could possibly even raise the value.
You can also use the equity in your house to take on some of these larger projects. Want more info? Check out our article on using the equity in your home for renovations here.