With spring in full swing, many homeowners are thinking about how to make the most of their outdoor spaces. The NAR 2023 Remodeling Impact Report: Outdoor Features is an invaluable resource for those considering outdoor remodeling projects. The report provides insights into the benefits, costs, and expected cost recovery for various outdoor features, as well as the joy homeowners experience from these projects.
The report evaluates the impact of several outdoor features, such as decks, patios, and landscaping, on property values, livability, and overall satisfaction. Here are the top 5 takeaways from the report:
Decks: Adding a deck can increase a home's value by up to 75% of the project's cost, and homeowners can expect to recover an average of 72% of the project cost. Homeowners also report a "Joy Score" of 9.7 out of 10 for a new deck.
Patios: Homeowners can expect to recover an average of 56% of the cost of a new patio. Homeowners also report a "Joy Score" of 9.6 out of 10 for a new patio.
Landscaping: Well-designed landscaping can enhance a home's curb appeal and create a welcoming atmosphere. Homeowners can expect to recover an average of 60% of the cost of landscaping. Homeowners also report a "Joy Score" of 9.7 out of 10 for landscaping.
Outdoor Kitchens: Outdoor kitchens are becoming increasingly popular, and they can add significant value to a home. Homeowners can expect to recover an average of 48% of the cost of an outdoor kitchen. Homeowners also report a "Joy Score" of 9.8 out of 10 for an outdoor kitchen.
Fire Pits: Fire pits are a great addition to any outdoor space, creating a cozy and inviting atmosphere. Homeowners can expect to recover an average of 67% of the cost of a fire pit. Homeowners also report a "Joy Score" of 9.5 out of 10 for a fire pit.
Overall, the NAR 2023 Remodeling Impact Report: Outdoor Features highlights the many benefits of investing in outdoor spaces. Not only can these projects add value to your property, but they can also significantly enhance your quality of life. So why not start planning your outdoor remodeling project today?
For full report click here. (https://cdn.nar.realtor//sites/default/files/documents/2023-03-remodeling-impact-outdoor-features-03-17-2023.pdf)
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