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Whether you are a designer, an architect, a homeowner, or a homebuyer, the term “outdoor living space” is likely living in the front of your mind. What started off as a buzzworthy bonus feature in a home has quickly grown into a major selling point and a fundamental factor in determining a home’s value. In fact, research from the National Association of REALTORS® makes an extremely strong case for the enormous value in an outdoor room for two critical factors: 1) appeal to buyers and 2) likely added value to a home for resale. Today, we focus not only on the undeniable increase in value that an outdoor room brings to essentially any home, but the vital role an awning plays in that process.
The National Association of REALTORS® teamed up with the National Association of Landscape Professionals (NALP) to identify specific outdoor residential features that are appealing to potential buyers and have the propensity for sellers to recover the cost of the outdoor residential projects upon selling the home. These two factors are critical when assessing the value of a home. While their research focused heavily on landscaping, their findings also revealed that adding the following top-ranked outdoor projects achieved both of those factors:
Since curb appeal is such a critical factor in determining a buyer’s response to a property, real estate professionals consistently recommend improving a home’s curb appeal via adding to or upgrading the outdoor living space. The tried and true real estate adage “a property is only worth what someone is willing to pay” lays the foundation for our findings, let’s dig in.
Trulia, a popular real estate market and listings website, surveyed some of its prominent real estate agents regarding selling prices and outdoor living space. The overwhelming majority stated that adding a covered patio area not only adds to the property’s marketability but can also justify a price increase to the listing. In addition, many agents pointed to the rate at which a home with outdoor living space sells, noting that patio areas can help a home sell much faster.
Adding a retractable awning to your patio area can increase the value of the home for the following reasons:
Increases the amount of usable space in a home
Protect the property’s outside area from sun, UV, glare and heat, wind, rain, snow, and bugs
Keeping the utility bills lower as the temperature in the home is kept cool
Protect against flooring and furniture fading
Add massive curb appeal
Distinguish the property amongst the competition in the neighborhood who lack an outdoor living space
Offer functionality to the outdoor kitchen in any weather
Retractable screens add privacy and wind, rain protection (depending on the fabric and model used) to the outdoor space
Drastically improve the home’s marketability
Cost-effective method of renovation, therefore a bigger return on investment (ROI)
A survey from Reatlor.com points to the fact that a home’s outdoor living space was the most attractive quality in the eyes of a buyer, outranking both general curb appeal and an open floor plan. It is important to note that having a nice patio area or backyard is likely not enough to impact a home’s value. The real value comes in the marketability of a home with a functional, aesthetically-pleasing retractable awning.
Are you and your family looking to sell your home? What meaningful and realistic measures have you taken to increase its resale value? It’s time to consider the addition of a retractable awning in your backyard. Installing a patio awning to your outdoor living space can make all of the difference in the property’s appearance, and more importantly, its value.
Contact our retractable awning experts in the USA or Canada toll free at 866-438-2964 or outside the USA or Canada at (305) 628-2424 or use the live help chat tool for help in selecting a retractable awning that will upgrade the marketability of your home!