When buying a home in today's market, buyers usually have quite the list when it comes to amenities and upgrades that they look for in their new house. From smart appliances to open floor plans, buyers can be choosy about their concessions. However, there's a newfound value in having an exceptional outdoor living space.
Having to quarantine at home during the pandemic has increased the desirability of having a private and personalized outdoor space more than ever. An outdoor oasis can be great for entertaining, gardening, or even just for having a quiet place to enjoy your morning coffee.
Whether it is installing a resort style swimming pool, growing a vegetable garden, adding an outbuilding, or even a swing set, having a pleasant outdoor space to do with as you please is more desirable now than ever. That's why when buying a home, it's important to consider the outdoor space and how it can affect both your finances and lifestyle.
Increased Insurance Premiums
Depending on what amenities your new home's outdoor space has, the cost of your homeowner's insurance could increase.
For example, swimming pools are considered an “attractive nuisance” and significantly increase your liability risk, therefore driving up the cost of your insurance premiums. An insurance agent may suggest that swimming pool owners opt for higher liability than the standard requirements. Insurance carriers may also require those with a swimming pool to make certain changes to the existing structure, such as adding a locking fence to the surround or even a locking cover. Also beware of slides and diving boards, as they are considered an even greater hazard and some carriers may deny you coverage altogether.
The good news is that your outdoor space can save you money, too! Installing upgrades such as sprinkler and security systems will lower your insurance premiums instead of making them higher.
Higher Resale Value
When selling your home, it’s important to stand out among the competition and get the highest priced offer from prospective buyers. Luckily, having one (or multiple) impressive outdoor upgrades can be just the ticket to a high dollar closing.
It could be a simple outbuilding that offers premium storage space, a top of the line outdoor entertainment system, or a high end outdoor kitchen complete with a brick pizza oven. Regardless, all of these exterior upgrades can rack up the resale value as well as the sellability of your home.
If you are purchasing a home with a large outdoor area, the upkeep can be quite pricey. Landscaping, even just simply mowing, can be costly. Hiring a landscape professional or purchasing a riding lawn mower both cost a pretty penny. Also, having stock ponds or swimming pools can result in exorbitant maintenance costs.
Another important consideration is environmental factors associated with larger properties. Many rural areas operate on septic tanks versus standard plumbing. The cost to maintain or replace these could break the bank, so make sure that you have a clear understanding of its condition before accepting responsibility.
Optimal Entertainment Options
If your family likes to entertain, then having an optimized outdoor space can be ideal.
Hosting dinner cooked in your outdoor kitchen and served poolside is a great way to host friends and family. So is watching the game or your favorite classic movie on a projector under the stars. And music lovers can host quite the party when tunes are playing through a high quality surround sound system.
If you are thinking of something a little more simple, the proper outdoor space can even be great for yard games like bocce ball and cornhole.
It is scientifically proven that spending time outdoors can boost both your mental and physical health. Having a functional yet relaxing outdoor space encourages you and your family to take advantage of this opportunity and spend more time outdoors.
Those who spend more time outside have increased emotional health and mental clarity and tend to be happier and healthier throughout their lives. Spending more time in the yard will allow your family more quality time, breathing in the fresh air.
Science also proves that planting an outdoor garden can optimize your happiness and quality of life. It's also a great opportunity to eat healthy, garden fresh vegetables and learn the importance of resourcefulness.
At the end of the day, it’s all about how we can make our homes the most comfortable and enjoyable place to live and pass the time, both inside and out.
If you are looking to buy or sell a home to maximize your Upper Valley outdoor space, contact LindeMac Real Estate. Our qualified agents can help any buyer or seller looking to optimize, upgrade, or even downsize their outdoor living space.