Since the pandemic, outdoor spaces have taken on larger significance (and budgets). Here are a few thoughts on how you can knock some of these costs down, while still offering buyers a flexible, desirable and nature-friendly backyard.
Outdoor entertaining became a much bigger deal during the pandemic years, and our COGNITION research shows that homebuyers are still prioritizing multi-use backyards where they can barbecue, relax, and let the dogs run free.
Rather than high-end built ins, why not showcase your next model home with “gear”—flexible, movable kitchen pieces, furniture, cookers and even sinks? You’ll save cost on infrastructure (such as buried gas lines and waste plumbing), and your clients can still play in the sun.
Rather than lay down a lot of costly sod and its requisite underground sprinkler systems, conceptualize smaller, “jewel like” spaces such as individual patios, rock gardens and xeriscaping that require little maintenance. For example, zones might include:
For natural materials, look local. Crushed rock can usually be obtained nearby at reasonable cost, depending on the region. In Florida, crushed limestone is often an affordable ground cover.
Integrating smaller decks made with composite materials such as Trex can satisfy clients who expect some sort of deck area. Augmenting it with small details such as trellises or short sections of fence can have a big impact with a smaller outlay of cost.
Pools are fun. Some people consider them an essential amenity—but many buyers do not. The ROI on home pools is lousy. Owners pour thousands into them every year, and the maintenance never ends. The average in-ground pool costs $35,000 to $75,000 to install, then roughly $4,000 to $6,000 annually to maintain and operate.
Put those figures into context. When people buy a timeshare property, they typically spend about $24,000 up front, and $1,000 annually. Ask your clients: Is the pleasure you will get from that swimming pool equivalent to the value of owning multiple timeshare properties? Are there other ways they could imagine budgeting that money without such a high recurring cost?
Also, if you include the cost of adding a pool to a property, pools do not usually pay for themselves when the home is sold. They mitigate some of their initial cost, but not that much. The National Association of Realtors reports that homeowners recover about 56 percent of the pool’s installation cost upon resale. If you give a timeline of 10 years, with a $50,000 investment, a home’s pool would need to increase the property value by approximately $89,000. That’s a big ask, particularly in a down market.
The bottom line: In markets where non-pool homes are common, you don’t need to add one to attract buyers. Stick to other, more-affordable methods of enhancing backyard design.