Spring is usually a time when many sellers like to conduct a home open, because the weather is pleasant and the garden, if there is one, is at its best. A nice garden might attract more potential buyers but does it add value to your property?
A new garden can be quite expensive. It’s very easy to spend up to $10,000 and beyond on paving, landscaping, planting and reticulating a typical home. Certainly, this work can ultimately result in a greater resale value of the home, however this can vary significantly.
Buyer research has shown that the value of a home is determined in order of importance, by the location; the selling price of neighbouring homes; the age of the home; the number of liveable rooms; the quality of its construction and then any additional lifestyle attributes such as a pool, work shed or perhaps the landscaping.
Any significant investment in home renovation or garden design needs to be carefully planned to maximize the dollar return on your efforts. A garden, for example, should have two objectives: it should make the home more comfortable for the residents and it should make the home more appealing to a potential buyer.
Remember, most homebuyers make up their minds about inspecting a new home when they when they first see the property, or its image, from a street view. An appealing front garden, where possible, can boost the selling potential of dwellings which might allow for this.
Although a garden itself will not necessarily add to the value of a property unless it contributes significantly to the liveability of the home. For example, a home that has a protected lawn area ideal for children could be marketed as a family home. Whereas a low maintenance courtyard with a shaded seating area might be more desirable to a retired couple.
If you plan to sell later, then the message to anyone considering a new garden is to ensure that it is compatible with the lifestyle of future buyers.
With inner city locations the priority tends to be low maintenance, compact outdoor dining areas. Usually residents in these areas place a high value on a small private area where they can relax, read, entertain, pursue a hobby or snooze in the sunshine.
Of course another important consideration is the time you expect to live in a home after the garden makeover is completed.
You may have little regard for the resale value of home at the moment, however it makes sound financial sense to keep this in mind if you are about to embark on a gardening project. In particular, be conscious of the increasing cost of water as this resource becomes more precious.
This article was originally published on reiwa.com.
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