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05-10-23 | News
The pool is one of the improvements that brings the most satisfaction as 89% of homeowners have a greater desire to be home since completing the project, 90% have an increased sense of enjoyment when they are at home and 84% feel a major sense of accomplishment when they think of the project.
For Lighting, even with the perfect Joy Score, those satisfaction numbers are way down, at 61%, 55%, and 48% respectively. But if you want to recommend a project that brings joy, satisfaction and return, a new Patio is at the top of the list. With a 9.9 Joy Score for homeowners, 85% have an increased sense of enjoyment and a stronger desire to be home and the project hold its own delivering a 95% return on the investment.???,???Close behind is installing a new Deck, with a Joy Score of 9.8, 57% say they enjoy greater livability and 74% say they have a greater desire to stay home and enjoy the new addition. Both the deck and patio are solid returners too, with both providing over 90% in???,???return at sale.
While lower on the Joy Score at 9.0, but solid on return at 100%, and better than adding a pool at 99% in making the homeowner want to stay home and enjoy, adding an Outdoor Kitchen is one of the best all round landscape investments for those looking to stay or sell.
So, if your client is looking to stay, if you can get them to add a pool, with a new deck, new lighting and an outdoor kitchen, you are sure to have satisfied homeowners . . . But, while not as high on the Joy or Livability charts, if your client is looking to sell, or if they just want to improve their property without the huge expenses involved with new construction, a good old Landscape Makeover is the ticket.
In fact, with a Joy Score of 9.7, 72% of those surveyed said they have a greater desire to be home since completing the project, while 66% have an increased sense of enjoyment and 76% feel a major sense of accomplishment when they think of the project. Your client will also receive a 100% return on this project and, for those about to sell, the curb appeal factor is unmeasured but surely a contributor to a???,???quick sale.
And while adding to a landscape brings joy and satisfaction to virtually every homeowner, not to mention the joy you receive in getting the project in the books, the cheapest, easiest, and best return on investment for the owners looking to sell or stay is to keep the property well maintained. Sure, it's not the big-ticket item like an install, but it is the bread and butter of the industry and even if it's not in your wheelhouse, you will earn points in the Karma factor by recommending that your clients get regular maintenance for???,???their landscape.
Whatever they do, whatever their motivation, this study shows that when investing in a home, whether to stay or sell, one of the best things a homeowner can do is focus on their landscape, but of course . . . you knew that already.
https://cdn.nar.realtor//sites/default/files/documents/2023-03-remodeling-impact-outdoor-features-03-17-2023.pdf
Selling or Staying
Which Parts of Residential Landscapes are Best if You are Going to Stay or Sell
The National Association of Realtors Research Group's new report shows the impact of outdoor remodeling on a home's resale value. The report uses data from the 2023 Remodeling Impact Survey and highlights the importance of outdoor living spaces.
The Joy Score measure the homeowner's satisfaction with the various project types. It is measured from 1 to 10 with 10 being the highest score.
Cost Recovery shows the percent of value added to the property in proportion to the cost of the project. A 100% Recovery Cost suggest that the value added is equal to the cost of the project.
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The National Association of Landscape Professionals and the National Relators Association (NAR) recently collaborated to produce the "2023 Remodeling Impact Report: Outdoor Features." This report identifies the most appreciated and valued landscape projects and additions for homeowners who are new to a property, those who are committing to staying in their current property and for those looking to sell.
Here are some key statistics and findings:
If you're new or staying and can afford it, adding an In-Ground Pool or Landscape Lighting are the two projects that will bring your clients the most joy, both coming in at a chart-topping Joy Score of 10. Ironically, they are two of the worst additions as far as gaining immediate value as both investments barely provide a 50% return on the investment.
The pool is one of the improvements that brings the most satisfaction as 89% of homeowners have a greater desire to be home since completing the project, 90% have an increased sense of enjoyment when they are at home and 84% feel a major sense of accomplishment when they think of the project.
For Lighting, even with the perfect Joy Score, those satisfaction numbers are way down, at 61%, 55%, and 48% respectively. But if you want to recommend a project that brings joy, satisfaction and return, a new Patio is at the top of the list. With a 9.9 Joy Score for homeowners, 85% have an increased sense of enjoyment and a stronger desire to be home and the project hold its own delivering a 95% return on the investment.???,???Close behind is installing a new Deck, with a Joy Score of 9.8, 57% say they enjoy greater livability and 74% say they have a greater desire to stay home and enjoy the new addition. Both the deck and patio are solid returners too, with both providing over 90% in???,???return at sale.
While lower on the Joy Score at 9.0, but solid on return at 100%, and better than adding a pool at 99% in making the homeowner want to stay home and enjoy, adding an Outdoor Kitchen is one of the best all round landscape investments for those looking to stay or sell.
So, if your client is looking to stay, if you can get them to add a pool, with a new deck, new lighting and an outdoor kitchen, you are sure to have satisfied homeowners . . . But, while not as high on the Joy or Livability charts, if your client is looking to sell, or if they just want to improve their property without the huge expenses involved with new construction, a good old Landscape Makeover is the ticket.
In fact, with a Joy Score of 9.7, 72% of those surveyed said they have a greater desire to be home since completing the project, while 66% have an increased sense of enjoyment and 76% feel a major sense of accomplishment when they think of the project. Your client will also receive a 100% return on this project and, for those about to sell, the curb appeal factor is unmeasured but surely a contributor to a???,???quick sale.
And while adding to a landscape brings joy and satisfaction to virtually every homeowner, not to mention the joy you receive in getting the project in the books, the cheapest, easiest, and best return on investment for the owners looking to sell or stay is to keep the property well maintained. Sure, it's not the big-ticket item like an install, but it is the bread and butter of the industry and even if it's not in your wheelhouse, you will earn points in the Karma factor by recommending that your clients get regular maintenance for???,???their landscape.
Whatever they do, whatever their motivation, this study shows that when investing in a home, whether to stay or sell, one of the best things a homeowner can do is focus on their landscape, but of course . . . you knew that already.
https://cdn.nar.realtor//sites/default/files/documents/2023-03-remodeling-impact-outdoor-features-03-17-2023.pdf
Filed Under: RESIDENTIAL DESIGN, NAR, NALP, HOUSING, LASN
