Q: I am currently building a home, and am considering adding a 200 sqft outdoor living space with a pergola roof, built in grill/sink/minifridge combo and outdoor fireplace. I already have a covered porch, so this would be additional. My question is, will I get my investment back out if I sell (i.e. will it add house value)? The addition, with the quality I want to have, would add about $12k to the cost of the house (3000 sqft at about $350k). I have heard that you never get your money out of a pool. How about an outdoor living space?
?JohnWG, New Braunfels, TX
A: The answer really depends on your location, layout of the house and neighborhood trends. Do other homes in the neighborhood have these features? Is it expected? Will it stand out in a good way?
My across the board answer would be that you will not get 100% of your investment back from almost any project outside your home. The return on your investment is typically through the enjoyment you will get from the feature as you ?use? it. If you want to be conservative, figure that you might get 50% of the value back when you sell. Would it be worth $6000 to enjoy the outdoor living space while you are in the home?
Mark Waldhoff is a Realtor? with Keller Williams Realty in Champaign, IL.
A: This depends on different factors. How long do you intend to occupy the house? If five-seven years it is worth it for your personal enjoyment. The wow factor when selling, at $60 or less a square foot, may place you ahead of the competition but the return of investment depends on the neighborhood and competitive homes in the area. Outdoor cooking space is certainly less hassle and expense compared with a pool.
Donna Schulze is a Realtor? with CENTURY 21 Seaside Village Properties in Osterville, MA.
A: Outdoor living spaces are popping up all over Florida right now! I actually just wrote a blog on how popular they have become. You can read it at www.melanieatkinson.featuredblog.com. These outdoor living spaces are a great way to create an extra living area. I can?t guarantee that you will get 100% of your investment back but it will definitly separate your home from the competition. 200 sq ft is a really nice sized patio area that you will enjoy for all the years you live there.
Melanie Atkinson is a Realtor? with Coldwell Banker Residential Real Estate in Tampa, FL.
A: Hello Selling in Texas!!
Well, when you are building a home you want to make sure that you have those special touches that make it your home. Because every day you drive up from a long day of work and open those doors to relax and let go ? it needs to feel like home. However, sometime people put tooooooo much of their personal touches in it when building and makes it difficult when they do sell it. So be careful to not make your home too specific to a particular buyer. Personally as far as the things you listed, I enjoy as well. I have been telling my clients that in this market you, if you are going to upgrade and add new features to your home, do it because YOU want to and want to have it. It is still somewhat a tough market across America. However, Texas seems to be doing something right ? I have recently have had two relocations from Houston and both had their homes on the market less than a week and sold. So, every market is subjective. I would suggest getting with a local REALTOR and looking at the comps in your neigborhood to see if it is a good investment. Here?s to a wonderful glass of Pinot Noir under your pergola, on a cool fall evening in the Great State of Texas surrounded by soft music and amazing Friends!!
Rodney Camren is a Realtor? with Keller Williams Realty Intown Atlanta in Atlanta, GA.
A: You won?t get the full value back. What the improvements will be worth depend on the quality of construction, if the improvement is conforming with the neighborhood and your home, and the local buyer demand for such an a feature.
Since you are currently building the home, my assumption is you will be living in it for awhile. If the improvement is more for your pleasure and use then build and enjoy it.
Home appreciation rates will be flat to negative in the near future so you may not see get much investment back for quite awhile. In the long run (10 years or so), you may get plenty of enjoyment out of the improvement and the return you are looking for through the appreciation of value in your home.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
A: In Florida, where I am an agent, outdoor space does add value to a home. And a home with great outdoor space will sell much quicker than a similar home without it, and time is money. I would suspect that in Texas, as in Florida, a $12K investment would be smart on a 3000 sft home because the amount of time it can be used is greater than the same investment in say North Dakota. Indeed, I would guess a house that size might even NEED that space to be competitive in your market. It would depend on the size of your existing space though. If you already have 200 sft of covered space it might be better to scale that down some. But in any case, better to do it now, while interest rates on borrowed money are extremely low!
Brenda Cunningham is a Realtor? with West USA Realty in Mesa, AZ.
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Source: http://www.realtor.com/blogs/2011/09/08/does-outdoor-living-space-add-value-to-a-home/
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