When I was a kid, my neighbor got a pool and I remember asking my dad about it and he just said they were trying to boost the resale value of their home. Now I didn’t start my highly nomadic lifestyle until later in my life, so the idea of selling a house was foreign to me. Now it strikes me as about the only thing that a house is good for, at least at this stage of my life. How good of an investment are outdoor living things for improving resale value or are they just money pits?
I am going to be honest, this is the only outdoor living addition that calls to me. They are great for entertaining. However, that wasn’t the question, the question was investment ROI for home resale, and outdoor kitchens have that in spades. According to Absolute Outdoor Kitchens the ROI can be anywhere between 100% to 200% the investment, and the higher end tends to be in the Southern states than in the Northern ones.
Decks tend to be a money pit. If you do not already have a deck, they are about $11,000 according to this, and you should only expect a return of $9,000. Should you be fortunate to already have a deck, repairs generally run just south of $2,000 so you can see a sizable return on that investment if it is done properly.
Surprisingly, while decks are a money pit, patios are probably the most lucrative additions I could find. Adding a patio to your existing deck costs something to the tune of $6,400, but they tend to add $13,000 in home value. While that isn’t a massive return, if you already have a patio, repairs for it run around $1,300 also known as 10% of the value added. Having a freshly repaired patio should net you something around five times the money that went into the repairs to begin with.
If your dream was that adding that massive pool and ruining your backyard was going to up the resale value on your home, I am sure you have already caught my tone. Pools are a massive money pit, the average cost for a new pool runs at the completely reasonable price of just $22,500 –ignoring all maintenance costs. I know you’re thinking that surely, they add a lot of value, but it is wildly variable. Some pool owners get 50% of the cost back, but most are lucky to get above 10% of their investment back.
If you are starting a massive home renovation in the hopes of improving your resale value, there are better decision to make than adding a pool. You should only be adding a pool if you plan on swimming in it, and even then, there are better options available. If you are still dead-set on massive renovation projects, you will need some place to keep all your stuff while the project is underway. I recommend Storage Solutions for all your future storage needs. There is an option for every budget, and solution for every need. Go give them a visit today.