Author: Adding a new garden to your home can be quite an expensive operation, but will it add re-sale value?
Any significant investment in home renovation or garden design needs to be carefully planned to maximise the dollar return on your efforts. A garden should have two objectives: make the home more comfortable for residents and more appealing to potential buyers.
What do buyers value?
Buyer research has shown the value of a home is determined in the following order of importance;
◦selling price of neighbouring homes
◦age of the home
◦number of liveable rooms
◦quality of construction
◦additional lifestyle attributes, such as a pool, work shed, landscaping
The time you expect to live in the home after the garden makeover is complete is another factor to consider.
If it’s an addition you’ll soak up for years to come and will add significant value to your personal living standards, then your requirements will be different to those landscaping for the purpose of re-sale value.
Even if you have little regard for the re-sale value of your home at present, it does make sound financial sense to keep this in the back of your mind regardless.
Gardens make good first impressions
It is a fact that most home buyers determine their interest in a property at first glance – whether it’s driving by, online or from a street view. In this instance, an appealing front garden can boost a property’s selling potential exponentially.
If you are planning to significantly alter your garden at a high cost, make sure it is compatible with the lifestyle of future buyers.
With inner city locations for example, 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.
Also, be aware of the increasing cost of water when making dramatic alterations. As this resource becomes more precious and therefore more expensive, the cost of keeping an elaborate garden will become a more significant financial burden to factor.