Things to Do Outside to Increase Property Values

Depending on the neighborhood, a swimming pool may add value.

Unfortunately, not all home improvements will increase the property's value. It is possible for two similar houses to appraise for the same amount, in spite of the fact one of the properties has some upgrades. When focusing on the outside of the property, in some instances it is possible to increase the property value while improving the curb appeal.

Roof

The roof is not only on the outside of the building, it is a feature the appraiser or real estate professional considers when preparing a determination of value on the property. Replacing an old, worn roof with a new roof will increase the property value. Updating the roof --- for example, replacing a tar and rock roof with a shingle roof --- will also increase the property value.

Swimming Pool

A swimming pool may or may not increase the value of the property. If it is an upscale neighborhood in a desert community, a swimming pool will typically increase the property value. Not all neighborhoods value swimming pools as an addition to the property. In regions where the swimming season is limited or a lower-priced neighborhood, where prospective buyers could not afford to maintain a swimming pool, a swimming pool may not add value.

Landscaping and Walls

Cleaning up the yard will improve the curb appeal, but won't necessarily increase the property value. Adding landscaping can increase the property value, as will fences or block walls. Block walls will add more value to the property than fencing, but don't expect to recoup the cost of the walls in increased property values. Many outside improvements, such as walls and swimming pools, will increase property values, but not enough to recoup the initial investment. It is possible to invest sweat equity into the landscaping, and recoup whatever money you spend on the project in an increase in property values.

New Paint

The current condition of the property can determine the extent of property value increase you might experience should you make an improvement. For example, painting the outside of a house may or may not increase the property value. If the paint is a pleasant color, and somewhat faded, yet doesn't distract from the appearance, a coat of paint may do nothing to raise the property value. Yet, if the house boasts an atrocious color, or has noticeable paint chips flaking off the walls, a coat of paint may increase the property's value.

Neighborhood

In real estate, the mantra is "location, location, location," as location is often the ultimate factor in determining property value. It is possible to renovate a house, but more difficult to renovate a neighborhood. It is not impossible to improve a neighborhood, though. Extend your outdoor project to the neighborhood, and get your neighbors to work together to clean up their properties. A group effort can elevate the property values in the entire area.

References

• "Modern Real Estate Practice"; Fillmore Galaty, et al.; 2006