Location. Location. Location. But what about outdoor spaces?
We all understand that the neighbourhood or location of a home is the key driver of resale value. However, a well-designed backyard or outdoor space can also carry significant weight in determining price.
The shifting focus towards quality time at home, particularly in the wake of the pandemic, has made outdoor spaces a critical component of property valuation. Some industry experts suggest it can increase value by up to 30%. A well-designed outdoor renovation can transform a relatively uninspiring backyard into a vibrant extension of the home. Providing a seamless blend of indoor and outdoor living.
Getting Bang for Your Buck
While a cleverly curated outdoor space can boost your home's price, it isn’t as simple as just laying some fresh turf and planting a few flowers. There are specific features that potential owners and investors are looking for that really push that value further.
Professional Design and Landscaping
The foundation of any backyard renovation is a well-planned design and professional execution. Incorporating the principles of garden design — unity, scale + proportion, simplicity, rhythm, focalisation, and contrast — is essential to achieving this and getting the best return on investment. Projects that feature cohesive planting schemes, elegant pathways, and strategic placement of features can dramatically improve the style and usability of a backyard.
Outdoor Living Areas
Designating distinct areas for outdoor living and entertainment can expand your home's usable space. This might encompass dining areas, outdoor kitchens, lounges, or firepit zones, which facilitate outdoor enjoyment and relaxation and can significantly appeal to future buyers. Plus, ensuring to use high-quality, durable materials and comfortable, stylish furnishings, will make these spaces even more appealing.
Eco-Friendly Landscaping
Sustainability practices within the home continues to be a hot topic - for two reasons. Firstly, consumers' growing environmental awareness and wanting to reduce their own carbon footprint. Secondly, greater cost of living concerns means people are looking for smarter ways to save money around the home. Planting native flora and installing rainwater harvesting systems and solar-powered lighting are all strategies that are kind to the environment as well as cost-effective in reducing monthly utility bills. Implementing some of these sustainable landscaping practices can help sway environmentally conscious buyers and contribute to a better sale price.
Water Features and Pools
Water features are highly sought after by Sydney homebuyers, this includes fountains, ponds, and especially pools. With each adding a sense of calm and tranquility to your home - there are multiple studies pointing to the profound positive impact of the sound of running water, including stress and anxiety reduction, enhanced mood, and even cognitive performance. While the installation of a pool requires substantial upfront investment, it can also offer a considerable return, particularly in regions where outdoor living is a year-round activity and access to the beach and other swimming locations is limited.
Enhancing Privacy
As interest rates rise, the appeal of 'staycations' grows, making privacy a key component of outdoor renovations. Strategic landscaping, such as the use of hedges and tall plants, or the installation of screens and fencing, can create a secluded oasis in your backyard.
First impressions last. And a bold, elegant front fence, gate or retaining wall can provide some much-wanted privacy from street level and give a real shot in the arm to bottom line value. Just make sure that it aligns with the rest of the styling of the property. This single piece will often set the expectations coming into the property.
Family-Friendly
Many homeowners are either parents or grandparents. Incorporating elements, or updating safety features, that cater specifically to this audience won’t just add value to your property, it also helps you appeal to a wider market when it comes time to sell. But this doesn’t mean building age-specific play structures, you simply need to make sure that the space is appropriate for all ages of kids (and fur babies).
Lighting and Security
Effective outdoor lighting can transform your space, allowing for enjoyment well into the evening and highlighting key features. Integrating security measures, such as motion-sensor lights, adds a layer of safety that is particularly attractive to families.
A backyard renovation offers owners a significant opportunity to increase their property's value and appeal in an already hot Sydney property market. For the greatest return on your investment, look to focus on professional design and landscaping, functional outdoor living areas, sustainability, water features, privacy, and lighting.
Got an outdoor renovation idea you want brought to life? Book a consultation today!