As the pandemic has made us spend more time outdoors, creating the right space for outdoor entertainment has become an obsession for many. If your backyard has the potential for outdoor entertainment, adding a patio could mean big money for the next buyer. Patios are a sought-after service for most homes, making them a valuable addition when it comes to selling a home quickly. When it comes to increasing the value of your home, it's important to remember that the most sophisticated and outlandish improvements are unlikely to increase the value significantly more than mid-range ones.
The general rule is that outdoor space is worth between 25 and 50% of the interior space. So while outdoor space will add value to a home, it's not apples-to-apples compared to indoor square footage. There's a third way a new deck or patio can add value to your home, and that's during the sales process. According to Inman, a leading real estate news source, patio extensions to homes (when done correctly) can generate a return on investment of between 30 and 60%.
Even if that doesn't equal a specific dollar amount, adding to the overall landscape and curb appeal of your home could be what you need to attract a great buyer. When homeowners invest in a cobblestone patio, they can expect extreme durability, minimal maintenance, and you've guessed that that adds value to your home. While concrete can be a durable material, there's something to be said about how it's installed in a patio project. For potential buyers who are interested in outdoor living spaces, the long lifespan of a cobblestone patio (and the subsequent costs this saves) can work as an additional selling point.
Keep in mind that households in the Southwest and Southeast are more likely to earn higher yields compared to those in the Midwest, Northwest, or Northeast, since outdoor kitchens can be used more frequently in warmer climates. The fact that an extravagant patio costs a lot to finish doesn't always mean you'll get a profitable return when it comes time to sell. However, investing in mid-range improvements could be beneficial when it comes time to sell your home.