Outdoor spaces and living landscapes are becoming an increasingly essential component of residential real estate.
A recent study conducted by the Outdoor Power Equipment Institute, or OPEI, shows the majority of People in america (nine out of ten) say it’s essential to have a landscape at their home.
According to study results, the majority of People in america have a yard made up of grass, 86 percent; trees/bushes/shrubs, eighty percent; pavers/cement/bricks/patio, 51 percent; and landscaping rocks/gravel.
Here are ways house yards and other living landscapes add value to a property:
Curb appeal: Curb appeal is an essential factor in deciding overall property value. Studies show that improving overall curb appeal, which includes a beautiful lawn and landscape, can boost property values as much as 17 percent (source: Texas Tech University).
Trees are tops: The value of trees goes beyond perception and preference and right into the pocketbook of your clients. According to the International Society of Arboriculture, each front yard tree adds one percent to a home’s sale price, while large specimen trees can add as much as ten percent to property values.
Saving money with green: Living landscapes impact monthly electric bills. According to the Urban Forest Coalition, 100 million mature trees around U.S. residences save approximately $2 billion annually in energy costs. In fact, strategically placed trees can save up to 56 percent on annual air conditioning bills. In the wintertime, evergreens that block winter winds can save 3 percent on heating costs (source: U.S. Department of Agriculture, Forest Service). Cumulatively, eight average-sized front lawns can provide the cooling equivalent to air-conditioning for 18 homes (source: Alliance for Water Efficiency).
Increasing living space: During warmer months, yards become outdoor house rooms and are increasingly essential to families who want a safe, inviting place for their kids and pets to play. Merging indoor and outdoor environments to enhance living space is trending, making outdoor living space essential for home buyers.
How much can a seller expect to recover from ensuring a useful outdoor living area? According to the National Association of Realtors’ “2018 Remodeling Impact: Outdoor Features” study, any cost to enhance outdoor living is well worth it.
An overall landscape upgrade, which can include getting flowering shrubs and trees and mulching with landscaping bark, will recover 83 percent of the project cost.
Standard lawn care service (something 55 percent of Realtors have suggested to sellers) will recover 267 percent of its cost.
Tree care, including trimming and pruning, will result in 100 percent value recovered from the project. For adding a wood deck, sellers can expect to recoup eighty percent of the project cost, and a new patio offers a 69 percent return.