The National Association of Realtors and the National Association of Landscape Professionals have released a report titled “2023 Remodeling Impact Report: Outdoor Features,” which provides insights into the return on investment (ROI) of various landscaping projects. According to the report, certain outdoor features can increase a home’s value and attract potential buyers.
The Power of First Impressions
The report found that 92% of Realtors® suggest sellers improve the curb appeal of their homes before listing them for sale. The first impression a potential buyer gets of your home is crucial, and enhancing the exterior of your home is an excellent way to increase its value.
The Most Valuable Upgrades
The report examined 11 outdoor residential projects, and the outdoor features that provided the highest ROI were standard lawn care service (217% cost recovery), landscape maintenance (104%), an overall landscape upgrade (100%), and an outdoor kitchen (100%). These projects are not only affordable but also provide high returns on investment.
Consumer Experience Matters
The report also rated the consumer experience on a Joy Score scale of 1-10 for each project. The highest-rated projects were an in-ground pool addition (10), landscape lighting (10), and a new patio (9.9). Other projects such as tree care, outdoor kitchen, standard lawn care service, and an irrigation system installation also scored high on the Joy Score scale.
Meeting Homeowner Demands
Landscape professionals saw increased demand for specific projects over the last year, including an overall landscape upgrade (61%), landscape maintenance (58%), and a new patio (55%). While these projects may not provide the highest cost recovery, they are an excellent way to improve the overall look and feel of your outdoor space.