Are you going to be selling your Wilmington area home in the near future? Outdoor living spaces can be a big selling point in North Carolina, where people come to enjoy the moderate climate. If you’re looking for a way to give your home an advantage over others in the neighborhood, consider updating the exterior areas, but beware that not all renovation projects are created equal. Some have a higher return on investment (ROI) than others. Here’s 6 that will give you the most bang for your buck!
- Manufactured Stone Veneer. Adding stone on an accent wall or along a crawlspace has a national average cost of $7,150 and a national ROI of 93.2%, but in our neck of the woods it’s closer to 111.9%.
- Re-sodded Front Lawn. If your front lawn is ugly, has bare patches, and is in need of care, consider re-sodding it. This costs a national average of $300 to $1,000, but has a ROI of 100%-200%.
- Outdoor Kitchen. The cost of outdoor kitchens can vary widely with the grill being one of the most expensive parts. The cost only goes up as you add in a fridge, sink, etc. So, while an outdoor kitchen can cost as little as $2,000, the national average is closer to $10,000. However, the ROI is 100%-200%.
- Fire Pit. A fire pit is a great investment that can be enjoyed year-round and has a high ROI if it’s permanent or not. The national average cost of a permanent fire pit is $591 (lower locally) and has a ROI of 150% or more.
- Siding Upgrade. Changing your homes siding from wood to Fiber-Cement or Vinyl can have worthwhile returns. The national average cost for fiber-cement is $14,014 and has a national ROI of 84.3% (91.3% locally). The national average cost for vinyl is $12,000-$15,000 with a national ROI of 77.6%-80.7% (70.7%-94.6% locally).
- Wood Deck. Home buyers love decks, but the ROI for a vinyl deck, surprisingly, is not as high as a wood deck. So, save your money and stick to the traditional wood. The national average cost for a wood deck is $10,048 with a national ROI of 80.5% (73.8% locally).
Many of these statistics come from the 2015 Remodeling Cost vs. Value Report. Others are linked in the text. Statistics on additional outdoor renovation projects can be found on RIS Media’s House Call. For tips on staging existing outdoor living spaces to get you the biggest ROI, visit Style at Home.
Of course, we believe there are contributing factors for choosing an outdoor renovation project. Those include the community and standard features found in homes there, as well as the amount of time you plan on spending in the home and your budget. If an outdoor kitchen is going to price your home well above others in the community, because it’s an uncommon feature, you may want to choose another project. However, if this is something you really want and plan on enjoying during your time in the home, it may be justified. Just don’t install an outdoor kitchen if you mean for it to be a primary selling point when the community doesn’t match the upgrade.
If you have any questions about the best upgrades for your Wilmington home in relation to the community, give us a call or send us a message through our Contact page. We’d be happy to provide you some statistics of features in your community.