NEW STUDY: OUTDOOR REMODELING PROJECTS ENHANCE VALUE, HAPPINESS
A
new report aimed at homeown- ers shows that outdoor remod-
eling projects can increase the joy and satisfaction of the homeowner while also increasing the resale value of the home. The 2016 Remodeling Impact Report: Outdoor Features was released in September by NALP and the National Association of Realtors. “This report validates that out-
door remodeling and landscaping improvements are a necessity when it comes to improving your home’s resale value,” said Missy Henriksen, NALP Vice President, Public Affairs. “That investment is coupled with the immediate happiness received by beautiful landscaping and the long- term enjoyment of outdoor living spaces, which are priceless.” The report analyzed the reasons
why homeowners complete outdoor remodeling projects and the value, both financially and emotionally, the finished projects provide. Looking at the outdoor projects
that produce the largest return on a homeowner’s investment, the report ranked seeding lawn the highest, recovering 417 percent of the project cost at resale. Next highest is im- plementing a standard lawn care program (303 percent of cost recov- ered), followed by updating land- scape with sod lawn (143 percent recovered). When it comes to the enjoyment homeowners gain from these proj- ects, the report creates “Joy Scores” ranging between 1 and 10, with higher figures indicating greater joy from the project. While swim- ming pool projects had the highest Joy Score, the report estimates that homeowners will only recoup 50 percent of the costs on resale. The next most appealing project is
an overall land- scape upgrade, with a Joy Score of 9.8, followed by a new wood deck, with a score of 9.7. When asked
why homeown- ers took on these projects, the most common an- swer was to add features to their home and im- prove livability. You can down-
load a copy of the report at realtor. org/reports/remodeling-
impact-report-outdoor-features. 7
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