Tuesday August 31, 2021
The once and future pandemic forever changed the way homeowners, such as those who have the benefit of living in a gorgeous, master-planned community such as Devonshire, think about their home. Everyone, it seems, has discovered the sheer joy of outdoor entertaining.
According to a recent New York Times article on upgrading your outside entertainment space for fun and profit, “The lines of demarcation between indoor-outdoor living continue to blur as more homeowners gravitate into backyard spaces to whip up dinner for friends, light a small bonfire, or put in a few hours of work while sitting on a shaded patio. Now, they’re leveling up these same spaces with more permanent features that combine purpose with pleasure and celebrate a return to entertaining.”
This trend is also affecting the potential resale value of the home.
What’s Hot in the Backyard
The NYT reports that these bigger upgrades to outdoor spaces “are great for immediate personal enjoyment, but also offer the potential for a good return on investment when it comes time to sell the home.” Spacious decks and in-ground pools will always appeal to certain home buyers, but homeowners who live in desirable locations such as Devonshire, which is minutes from urban amenities such as shopping, entertainment, professional sports, and employment centers, can supersize their location advantage with outdoor entertainment features.
Here are some relatively inexpensive features that homeowners love.
- Zen gardens
According to data supplied by Realtor.com, property views for homes with pergolas, gazebos, canopies, and pavilions increased by 45 percent over last year, and they are selling 23 days, or 39 percent faster, than the same period last year. The median listing price for homes with these types of outdoor structures is up 13.4 percent year-over-year, reaching $453,000 in 2021.
Investing in larger outdoor entertainment features often has more impact on the resale value of a property.
According to the experts quoted in this article, “Costs to build a basic wood-fired brick oven hover around $1,000 (portable options, like the squat pizza cooker from Bertello run about $300 and up). A Zillow survey of 1.4 million homes sold in 2020, noted that properties with an outdoor pizza oven can sell for 3.4 percent more than expected, though any major outdoor cooking features, like a kitchen, smoker, and patio bar also automatically boost a property’s desirability.”
Swimming pools with new twists are much more than a splash space. “Custom swimming pools with add-ons like a tanning shelf, which sits nine to 12 inches deep in the water and provides space for lounge chairs or for children to sit and play. And customers want fountains, too, especially those that mask noise from the street and neighborhood and can be voice-operated via smart devices like Google Home.”
Upscale outdoor fireplaces are hotter than, well, a fireplace! The NYT piece notes that “homeowners are keen on outdoor fireplaces that are easy to use and feature automatic ignitions. Simple and transportable fire pit vessels online can run for as little as $50. But the average cost for a custom-designed fireplace starts around $3,000, according to HomeAdvisor, and can skyrocket to $20,000 or more depending on the size and materials used.
“Especially during the pandemic, consumers have been using fire pits for three- or four-season entertaining, and are willing to pay for it. In a Zillow study exploring home features that sell, properties listing outdoor fireplaces, fire pits and free-standing chiminea fireplaces can sell 2.8 days quicker, and for 1.6 percent more than similar homes.”
All the Creature Comforts of Home
There is definitely, “no place like home” for enjoying friends and family. And when this home is surrounded by the amazing amenities, exemplary schools, and lifestyle of Devonshire, any additional investment in outdoor entertainment spaces simply adds to the fun and value of the home.
Now is a great time to consider the many advantages of living in Devonshire. This might be your “forever home.” Click here, to set a time to come take a peek.