Whenever the subject of home renovation comes up, the interior of the property is what people generally focus on. However, renovations stem from more than just the inside. You can also renovate the outside as well, specifically the backyard. And if you’re planning on selling your home somewhere down the road, a luxury backyard is an amenity that will appeal to most buyers. Here’s how you can renovate your backyard to increase property value.
Take the Time to Plan
Renovating a backyard isn’t always as easy as it sounds. You need to inspect the current area and plan out what you would like to have done. For example, if you’re looking to add more space or a brand-new fence, you’ll need to measure out the existing size of the yard. If you’re hoping to incorporate new additions, you’ll need to determine where they should go and how you can fit them in naturally. Regardless of how you choose to go about this, this is something you shouldn’t rush into without proper planning.
Set Your Budget Accordingly
After you’ve settled on how you want to renovate the backyard, you’ll then have to shift your attention to the cost of the project. If anything, this is most likely the hardest part of the entire process. Similar to interior renovations, backyard renovations often have varying prices. For this reason alone, you need to create a budget before giving your chosen contractor the green light.
The average cost of renovating a backyard usually ranges from $10,000 to $60,000. Even at the lowest cost, renovations can add up. If your allotted budget doesn’t cover it, you might want to consider taking out a home equity loan. The amount of funding you can receive from this loan is determined by the current equity you’ve built up. For example, if your house is worth $300,000 and you owe $100,000 on your mortgage, the loan would give you $200,000. If you have substantial balances on several credit cards, you could use the money to pay them off. You could also use it towards medical care and even home renovations. But remember that you’ll still have to pay back the amount you borrowed.
Backyard Renovations That Can Boost Property Value
Renovations are made in order to make your living space more comfortable. But there are some in particular that can boost the overall value of your house. For example, a newly constructed patio adds both space and increased resale value. Many homebuyers search out properties that have patio space. It’s here that they can relax, entertain and spend time with family. The next renovation is a pool. Pools are a luxury that a lot of people want but often can’t afford. And whenever there is a listing, houses with pools tend to disappear pretty quickly. If you’re able to receive a decent amount of cash from your equity loan, you may want to consider adding a backyard pool to your renovation plans. You do need to check that you meet zoning conditions and apply for permits, if applicable.