Over the last decade there seems to have been an endless stream of television lifestyle shows, magazines and newspaper features about backyard makeovers. Generally they highlight the aesthetic and lifestyle benefits that result from these changes, but does an attractive garden really add value to your home?
A new garden can be quite expensive. It’s very easy to spend up to $10,000 and beyond on paving, landscaping, planting and reticulating a typical home. Certainly, this work can ultimately result in a greater resale value of the home, however this can vary significantly.
Buyer research has shown that the value of a home is determined in order of importance, by the location; the selling price of neighboring homes; the age of the home; the number of livable rooms; the quality of its construction and then any additional lifestyle attributes such as a pool, work shed or perhaps the landscaping.
Any significant investment in a home renovation or designer garden needs to be carefully planned to maximize the dollar return on your efforts.
A garden, for example, should have two objectives. It should make the home more comfortable for the residents and it should make the home more appealing to a potential buyer. Remember, most homebuyers make up their minds about buying a new home when they when they first see the property from the street. An appealing front garden, where possible, can boost the selling potential of dwellings which can readily allow for this.
Although a garden itself will not necessarily add to the value of a property unless it contributes significantly to the livability of the home. For example a home that might have a garden ideal for children could be marketed on that basis as a family home. Or a low maintenance courtyard with a shaded seating area might be more desirable to a retired couple.
The message to anyone considering a new and expensive garden is to ensure that it is compatible with the lifestyle of future buyers for that home. In popular inner city locations the priority for gardens is low maintenance and compact outdoor dining areas. Often 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.
Of course another important consideration is the time you expect to live in a home after the garden makeover is completed. You may have little regard for the resale value of home at the moment, however it makes sound financial sense to keep this in mind if you are about to embark on a gardening project for your home. In particular, be conscious of the increasing cost of water as our climate becomes warmer and dryer.
Article added by: Communications
