Have you considered adding a patio to your home but don’t know if it will actually add value? Maybe you have looked for ways to enhance your home and increase the value and want to know if a patio will help? Whatever the reason is that brought you here, we have the answers for you.
At Apollo Patios, we have been creating patios and outdoor structures for nearly three decades. Our specialist knowledge and experience second to none, and we love transforming homes and outdoor spaces. Today, we explore whether and why a patio adds value to your home.
Will A Patio Add Value To My Home?
While we don’t have a crystal ball, the answer is unequivocally ‘Yes’, a well designed patio can significantly add value to your home.
According to numerous real estate agents and statistics released by Australian Property Investor in 2022, indicating adding a patio can offer homeowners between 65 – 75% return on their investment. Open Agent on the other hand, suggests a new patio can offer 100% return, while a refurbishment of an existing patio can bring in a massive 500%.
The truth is, it’s difficult to quantify the precise return on what you spend when adding a patio so it’s not a decision to make frivolously. It’s important to note too, that carefully selecting who you partner with to build your patio is essential since the quality of the finished product will impact any return.
Your needs and circumstances will of course also influence whether a new patio is right for your home as well as the design of any patio you decide to build. A good rule of thumb is:
1. If you’re living in your forever home (or at least not planning on moving for some time) design your patio on your current and future outdoor lifestyle needs. Keep in mind that your home may be sold or passed onto family in the years ahead. Take resale and ongoing use into consideration, yet make the space something designed to meet your preferences and specifications.
2. If you’re not living in your forever home and are looking to spruce up your property for the best resale, design a patio that will attract and impress your target buyers and act as a true extension of your home.
3. If you’re contemplating a patio for an investment property, consider a design that will yield a higher rental return and differentiates your property from other rentals on the market in your local area.
Why Does A Patio Add Value To My Home?
There are a few main reasons why a patio can add value to your home, including the extra living space and lifestyle offered. A well-planned entertainment area shows buyers that your home is spacious, perfect for entertaining guests, increasing its value and possibly attracting more buyers. Below, we have outlined some of the reasons that a patio adds value.
Patios Provide A Better Lifestyle
A patio can provide a better lifestyle, increasing the living space of your home and encouraging you to make the most of Australia’s climate and spend more time outdoors. Your patio space can be cosy and inviting in the winter, making it the perfect spot for relaxing, while in the summer, it can provide double as a reprieve from the hot sun, or a vantage point to watch the sunset.
Patios, especially those partially (or fully) enclosed, offer year-round use and allow you to make the most of your outdoor space, even when the weather doesn’t agree with your plans.
Patios Can Cool And Protect
A patio can help to keep you cool, especially during hot Australian summers. You can add ceiling fans to keep you cool and provide a safe space for children to play outdoors. You can also cleverly create your patio to reduce direct sunlight, cool the rest of your house, and save money on air conditioning.
Not only will a well-designed patio keep you cool, but it can also protect your outdoor furniture and accessories. By keeping your BBQ, outdoor kitchen or furniture shaded and protected from the sun, you can extend its lifespan, saving you money on furniture in the long run.
Patios Add Extra Living Space
One reason why patios add value to your home is the extra living space they provide. A patio space with roof overhead and possibly sides becomes a year-round living space you can enjoy in any weather. An outdoor kitchen means an extra resource for food preparation and cooking meals outside can be a fun! BBQ your dinner to perfection whilst still staying involved in the conversation with your guests.
The additional living space is also perfect for hosting parties or providing a safe space for your children to play during hot summer days. Not only does this add to the practicality of your home but the additional space makes your home seem larger to potential buyers, making it more attractive and possibly encouraging them to offer more money to secure your home.
Patios Make A Great First Impression
When designed correctly for the space and maintained well, we find a patio can create the wow factor that buyers are waiting to be blown away by. Picture walking through a home to see a large patio, a space completed with outdoor seating, and plenty of shade; and even a closeby fire put – your jaw will drop! A well-established patio shows buyers that your garden or backyard is enjoyable, with nothing left to do, making it seem more desirable than other properties where work has not been done to get to this point.
Patios Create Visual Impact
It’s true a patio quickly becomes the social hub of the whole home and this is obvious for a prospective buyer or tenant to your property. Potential buyers can look at countless houses, so you need something to make yours stand out. A patio can do that! Striking patios tend to include a clever design, demonstrate quality craftsmanship and take advantage of fresh breezes or unused space. All of these things can attract a buyer’s attention and leave a lasting impact.
