How much value will an outdoor kitchen add to your home?
There’s no question that adding an outdoor kitchen to your home will increase your enjoyment of your living space, but what about increasing your home’s value? Let’s take a look at the process of determining value and see what the experts have to say about how much value an outdoor kitchen will add to your home.
Determining the value of an outdoor kitchen
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, recently encouraged homeowners to prioritize outdoor renovation projects when seeking to increase their potential return on investment (ROI).
“The latest data shows that home improvements focused on the outside of a property are most likely to result in a positive cost-to-value ratio,” said Appraisal Institute President James L. Murrett, MAI, SRA.
Murrett cautions that spending money on renovations doesn’t necessarily generate a dollar-for-dollar return saying, “Bottom line: cost doesn’t necessarily equal value.”
Three important factors affecting the ROI of an outdoor kitchen
Therefore it is important to carefully consider the three factors that will affect the ROI you will likely enjoy from your outdoor kitchen addition: location, location and construction. That’s not a typo — we mention location twice for a reason. The first location is the area of the country in which you live. We live in what many consider to be paradise — Southwest Florida enjoys a year-round temperate climate, so outdoor living and entertaining is a way of life for most of us. Nationally, the ROI numbers range from 55% to 200%. In Southwest Florida, of course, we would tend to be on the higher side.
The second location refers to your neighborhood. With over 20 years of building experience in a variety of neighborhoods in Southwest Florida, we can advise you what is typical of your neighborhood. While customizing your outdoor kitchen, you want to be sure not to overbuild or under build for your neighborhood. Even if you are not planning a move, you always want to keep resale value in mind when remodeling any part of your home and that includes adding an outdoor kitchen and living space.
The construction factor includes the components and materials you choose for your outdoor kitchen. You want to create a beautiful, comfortable, and functional outdoor kitchen, but you want to keep it aligned with the quality and style of the rest of your home. As experienced outdoor kitchen designers, we can assist you in the selection of your appliances and your building materials.
HL Posey Builders helps homeowners from Marco Island to Sarasota add value to their homes with an outdoor kitchen. When you’re ready to add to yours, give us a call at 239-229-8273.