DO FENCES, DECKS AND POOLS ENHANCE VALUE OF YOUR HOME?
Summer’s finally here and as we start to spend more time outdoors, you may look around your yard thinking that it’s missing something. Outdoor structures like decks, fire pits and pools can bring a lot of extra enjoyment and usable entertaining space to our homes, but do they add real value to the resale price of our homes?
In some cases, yes, they do. In others, with the cost of construction and upkeep, you probably won’t ever recoup your investment.
TAKING THE O-FENCE
How big is your property? How close are your neighbours? If you’re on a big property without another house in sight, the value provided by a new fence could be quite different from someone deep in suburbia.
What kind of value does a new fence offer the home? Adding more privacy, or keeping pets and young kids safe can be a selling feature for potential buyers.
A fence that ups the curb appeal CAN have a positive effect on the value of the home. Your first impression of a home is made as soon as you step onto the property, and a good-looking fence is part of that.
If you’re installing a new fence, make sure you know where your property lines are so you aren’t building it right on the line, or in your neighbour’s yard.
ALL DECKED OUT
Decks aren’t a cheap investment but they do pay off. Having a deck makes it feel like you’re providing more livable space in your home, without incurring the extra costs to provide heat or A/C.
What kind of return on your investment will you see with a deck? Depending on the material, size and scope of the project, you can see upwards of an 80 per cent of the price of the deck reflected in the new value of the home.
For those of you with existing decks in need of a little refresh (replacement boards, stairs, or railings), you’re in luck: Deck restoration projects tend to be much less expensive than new builds, but can recover the cost of the project upwards of six times.
When you’re building a deck, make sure to include adequate lighting for the space, and also ensure you take all necessary precautions to protect the deck against premature decay.
SHED-ING THE LIGHT
Do all sheds add value? Maybe not, but the storage space you have available in your home could be the deciding factor between a shed that increases your property value versus one that simply holds your tools. Either way, a shed is a great space for storing those volatile chemicals like gasoline, paints, and more that can contaminate your indoor air quality.
That said, even if your preexisting shed doesn’t add monetary value, don’t take it for granted.
A shed that’s been left to rot can be a safety hazard, and actually pull the value of your home down.
Think about it: A homeowner who sees a dilapidated shed on a property will think about the money they’ll have to spend to have it dismantled and taken away — and you may just see that reflected in their offer.
IT’S NOT THE (FIRE) PITS
A fire pit is one of the smaller, less expensive outdoor structures that can offer a focal point, and a much needed refreshment to your outdoor patio space. For those of us in colder climates, a fire pit can increase the usability of your yard well into the autumn chill, adding real value for potential buyers.
You can go big or small with a fire pit. Starting from small DIY kits to big ones that run off a natural gas line, a fire pit can expand the entertaining space in your yard.
DON’T GET SUCKED IN BY A POOL
Just don’t. You won’t see a monetary return on your pool investment once you factor in all the extra costs to maintain it. If you plan to stay in the home and enjoy the pool for years to come, take the plunge.
But it’s not a project worth taking on if you’re looking to add value.
Value comes from two places: A) how much enjoyment you get out of the new structure, and B) how much resale value it adds to your home.
Even if one of these items won’t give you the financial return you thought it might — if it’s something you’ll use and love for years to come — well, that’s value too.