When it comes to increasing the value of your home, a backyard renovation is one of the most effective ways to do so. Studies have shown that well-designed patios can add 8-10% of home value and generate an impressive return on investment (ROI) of more than 80%. This can even provide an ROI of nearly 500%. Adding a patio is an easy way to upgrade your backyard and create more space for outdoor living.
Whether you choose to install outdoor tiles or pavers, even a small patio can make a big difference. Another great way to make your backyard more inviting is by adding an outdoor fire pit. This allows you to enjoy your backyard even when the weather turns cold. People are investing more in their backyards, and the home improvement boom is driving this trend.
A University of Michigan study found that consumers value a landscaped house 11.3 percent more than the same house without good landscaping. This means that if you want to raise your home rates at your next assessment, the best thing you can do is focus on your backyard.