If you’re like most homeowners (or people looking for homes) in Studio City, Encino, or Sherman Oaks, your backyard was/is an important feature to you. Simultaneously, many people are rightfully concerned about the efficacy of their investments into their home; will it ultimately be a net loss or a net gain in terms of the value of your property? The short answer is for between $7,500 and $10,000, per quarter acre, you can renovate your backyard with a new lawn, plants, and trees.
Seriously Though, How Much Will it Cost me to Renovate My Backyard?
Like all things, there are a myriad of factors that go into the ultimate cost of any renovation. Some factors to consider include the actual size of the area to be renovated, the quality of the current soil in your backyard (if it’s poor, you will need to invest in new soil), and how well irrigated the backyard already is. For as little as $5,000, you can plant a new lawn along with new plants, as well as trimming the trees in your yard for a well-maintained look. For as little as $15,000, you can get a substantially better version of what you’d accomplish with $5,000. For as little as $50,000 you can install gazebos and ponds to really bring the backyard together for that “zen” experience. Be aware, however, that costs add up very quickly in this situation.
Ok, If I am Going to Invest That Much, What Will I Get Back When I Sell?
Most people who spend money aren’t doing it without any expectations of what they will get out of it; renovations are the same – if you won’t get a good return on investment (“ROI”), it’s not worth doing. However, the simple fact that a well maintained and designed backyard adds to the overall appeal of the house, many people believe that this renovation can add almost 30% to your home’s value – that is massive. If you really want to increase your ROI, homes with patios get almost 70% of that cost back in terms of value added to the home. At the end of the day, landscaping your backyard is one of the best investments in your house you can make.
At the Chernov Team we understand that knowledge is power, particularly when it comes to making your money work for you; and that is the ultimate goal of real estate (few people live in one home throughout their lives, surely, they’d like to see more money from the sale of their homes). At the Chernov Team we know that whoever comes to the table most prepared leaves