DESIGN: BACKYARD SPACES
8 Ways Investors Can Use Backyard Design to Drive ROI CREATING AN OPTIMIZED AND FUNCTIONAL BACKYARD CAN SIGNIFICANTLY ENHANCE THE APPEAL AND VALUE OF A PROPERTY.
AUSTIN GARDINER
A n essential strategy for real estate investors who want to maximize return on investment is to enhance both the aesthetic appeal and the usability of outdoor spaces. Doing so can increase the property’s market value, attract higher rental income, and facilitate quicker sales. Investments in backyard improvements often yield substantial returns when the property is sold. Features like outdoor kitchens, professional landscaping, and recreational amenities such as pools or fire pits can significantly increase a home’s resale value. According to industry estimates, certain outdoor features can offer an ROI of more than 80%,
depending on market conditions and the quality of the installation. By focusing on the lifestyle a well-designed backyard supports, investors can target specific demographics. For example, families might be drawn to properties with safe, child-friendly outdoor spaces, while young professionals might value sophisticated entertaining areas. For real estate investors, these improvements can significantly impact the financial performance of their investments and help achieve better market positioning. THE ROLE OF BACKYARD DESIGN A well-designed backyard creates a strong first impression. When potential
buyers or renters view a property, an attractive outdoor space can immediately capture their interest, setting the property apart from others in the market. This can lead to higher interest and demand in the property, potentially driving up the price or reducing its time on the market. For many homebuyers and tenants, the backyard is viewed as an extension of the living space. A functional and visually appealing backyard can serve as a compelling feature that suggests a quality of life that indoor spaces alone might not offer: the potential for outdoor dining, entertainment, relaxation, and recreational activities, which are highly valued in today’s real estate market.
28 | think realty magazine :: may - june 2024
Made with FlippingBook Online newsletter