Outside remodeling projects are paying off for both commercial and residential property owners.
According to the National Association of Realtors®’ Remodeling Impact Report: Outdoor Features, a standard lawn care service is the top project for buyer appeal. Realtors® believe the service would recoup 267 percent of its’ cost. Standard lawn care service was estimated to cost homeowners $375, and Realtors® estimate it will recover $1,000. Realtors® ranked landscape maintenance, overall landscape upgrade and tree care to round out the top four projects that appeal most to buyers. Landscape maintenance, overall landscape upgrade, standard lawn care service and a new patio are the projects most likely to recoup their value, according to Realtors® surveyed.
It is estimated that landscape maintenance will cost $3,000, and recoup $3,000. An overall landscape upgrade costs, on average, an estimated $6,000, and Realtors® believe it will recover 83 percent, or $5,000. Tree care is believed to recover 100 percent of its costs at an estimated $2,000. A new patio will cost homeowners $7,200, but recoup $5,000 or 69 percent.
Sellers should remember that curb appeal is also important. Ninety-four percent of Realtors® reported that they told sellers to spruce up their curb appeal before listing their home, while 99 percent said curb appeal is important when attracting a buyer.
Across commercial properties, Realtors® ranked standard lawn care, overall landscape upgrade, hardscaping upgrade and landscape management services as the top four features to appeal to buyers. They estimated that standard lawn care, overall landscape upgrade, landscape management services and hardscaping upgrade were the projects in which owners were most likely to recoup their costs.
Curb appeal is also important for commercial properties, according to 81 percent of Realtors®. Forty-three percent said they suggested to commercial owners that they should have better curb appeal before listing.