If there’s one thing Australians love, it’s outdoor living. Whether it’s a pool, deck or well-landscaped garden, appealing outdoor features are enjoyable for the family and can also add value to your property. When it comes to renovating outdoor spaces, the biggest consideration is your return on investment (ROI), so we’ve considered some of the best ways to upgrade your home.
Outdoor features that boost your property value
A well-designed outdoor space has the potential to increase the value of your home, and if you’re planning to put your home on the market, outdoor features could help sell your home faster. Here are five outdoor ideas sure to be a selling point come auction time.
1. Professional landscaping can boost property value by 28%
If you’ve got the budget to work with, hire a professional landscaper to help create a unique and complementary scheme for your home. According to landscape economist John Harris, good landscaping can add up to 28% to your home’s overall value.
From weeding and pruning to transforming your garden with new flora, efforts big and small can make a massive difference in improving the appeal of your home. The 2011 Husqvarna Global Garden Report revealed that 70% of real estate agents believed that a neglected garden lowers property prices by somewhere between 5% to 15%.
2. Many buyers will pay more for a home with a swimming pool
While a pool requires significant upfront and ongoing investment, but pools can be a serious value-add to potential buyers. In a 2019 survey of 2,000 Australians, researchers found that 24% of people would pay more for a home with a pool.
The entry-level price for an in-ground pool typically sits between $25,000-$35,000, but it can be a strong selling point in the right market. In an upmarket area in a warm climate, having a pool can be seen as a value-add. Aside from the local market, you need to consider how level your backyard is. The more it slopes, the more difficult pool installation will be.
A word of warning: some buyers may see a pool as an inconvenience and shy away from buying a property that includes one. Remember, an in-ground concrete pool will most likely add value to a home.
3. A designer deck can add up to $100,000
Decks are an outdoor extension to the home and get plenty of use in the warmer months. Whether you’re entertaining guests or simply unwinding on a sun lounge, adding a deck to your property will enhance its appearance and increase its appeal to prospective buyers.
On a $1 million house, Domain estimates a deck or terrace can add up to $100,000 in value. When looking at the average cost of installing decking in Australia, one estimate suggests it is between $3,400 and $6,500. Additional considerations such as roofing, composite decking and complicated installations can increase this figure to $30,000 plus.
Do your research and calculate the potential ROI for your home. Talk through your options with a trade professional and emphasise that you want your new deck to integrate seamlessly with your home’s existing style.
4. Repainted exteriors are an easy way to add value
If you’re on a tight budget, one of the most cost-effective ways to generate more interest in your home is with an exterior repaint. Cosmetic upgrades such as painting is a simple way to elevate your home and make it feel brand new.
Raine & Horne Director, Sam Varrica, has shared that an exterior paint job may add 5% to the value of your home or at the least make it easier to get a timely result.
The cost of repainting will depend on the size of your home, the difficulty of the job and whether or not you hire professionals. Painters may charge per hour or by square metre, but you can generally expect to pay between $10,000 and $20,000 for a large four-bedroom house. If you opt to DIY, you should factor in expenses such as pressure washing and tools and materials such as the paint itself, a paint sprayer or a paint roller and tray.
5. A verandah could add up to $20,000 to your home
More than just a roof extension, a verandah sells a leisurely lifestyle. A verandah may be a good investment to help add value to your property because it gives prospective home buyers an outdoor entertaining or relaxing space—rain, hail or shine.
For example, in sub-tropical climates like Queensland, verandahs are particularly popular as they provide shade from the harsh sun and protection from storms when the wet season arrives. Regardless of where you are in Australia, the experts at Rite Price Roofing estimate that a well-built verandah could add an extra $10,000 to $20,000 in value to your home.
Verandahs can start as low as $3,500 to $4,000 and cost up to $50,000. If you’re renovating to add value to your property, be careful not to overspend to maximise ROI.
How to fund your outdoor home improvements
Time is often of the essence when it comes to renovations. While saving up over a couple of years is a great way to fund home improvement projects, it’s not your only option.
One simple and common way you might fund your outdoor home upgrades is by refinancing your home loan. When you refinance, you can apply for extra funds to cover the cost of a new deck, pool, garden or other outdoor features.
And while refinancing isn’t new, refinancing with Nano has two major benefits: not only will you be able to fund your renovations, but you’ll also save money on interest, giving you more for home improvements in the future.
What sets Nano apart from other lenders is that you’ll also have access to your funds in your offset sub account, where they’ll work to reduce your home loan interest while you plan for your renovations. When it comes time to invest, enjoy easy access to your funds using your Nano Visa debit card, taking some stress out of the renovation process.
Try the Nano Refinance Calculator
Interested to see how much you could save by switching to Nano? Compare your current home loan with our rates to find out using our Refinance Calculator.
A homeowner with a $625,000, 30-year, 3.5% Owner Occupied P&I loan stands to save $179,831 over the life of their loan, or $500 a month. Place these savings in our dedicated budgeting accounts called Vaults, and you’ll be on your way to a new deck or garden in as little as a year.
Make a smart money move and refinance with Nano today.
¹This calculation assumes $0 in your offset sub account