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Again, these are single people or couples whose children are grown and gone. They also want to pursue a more leisurely life, away from the home and yard work that dominated their child-rearing years. They seek to downsize and often enjoy the social opportunities that are present in many of the “snowbird” locations around the Phoenix Valley.
Outdoor living spaces have become increasingly popular in recent years. If you’ve ever spent time on your patio or deck with friends and family, enjoying good weather and great food, you know how useful a deck or patio can be. The memories you can create in outdoor living spaces are priceless. In today’s topsy-turvy real estate market, many so-called experts will tell you that single family real estate investment properties are the only ones the investor should consider at present.
How much does a mobile home or trailer cost?
In this way, they’re more similar to duplexes than townhouses or condos. Often, but not always, patio homes will be part of a Homeowners Association. Exterior maintenance, trash services, landscaping, commons areas (pools, clubhouses, golf courses, etc.), and exterior insurance may be provided through the HOA. Patio homes aren’t tiny houses, but the lots they’re built on are very small.
A patio, on the other hand, will cost somewhere between $4,000 and $8,000, depending on size and specific materials used. Even if you’re planning on selling your house soon, it’s not exactly a quick turnaround in either case. Patios are a sought-after amenity for most homes, making them a valuable addition when trying to sell a home quickly. On average, the cost of building a patio can be as high as $6,400, depending on size and materials used. That said, it’s estimated that patios can recover up to $6,525 of the cost to build, which is an ROI of just over 100%. A HomeLight survey of top agents estimated that a new patio costing $3,269 to construct would bring a $3,563 increase in value, or a 109% return on investment.
How much does a patio home cost?
Some HOAs reserve the right to refuse buyers, making it potentially difficult to sell the home later on if you want out of it. Keep in mind that the lender will make sure you can not only afford to repay the mortgage, but also pay the HOA fees. You can use Bankrate’s affordability calculator to get an idea of how much you can afford to spend.
Since patio homes share only one exterior wall with one other adjoining home, many people mistake them for traditional houses. It’s estimated that a well-designed patio can add 8 to 10% to a home’s value and earn an 80% return on investment. Most homeowners would be better served by refinishing or repairing an existing patio, which is estimated to cost around 1,400 dollars.
Getting the most value out of your patio investment
A patio doesn’t get as much traffic as spaces like the kitchen and family room. Yet an outdoor oasis can be the thing that makes a house feel like a home—especially in a time where we’re all embracing our homes more than ever. A Fall 2021 HomeLight Report shows that 25% of agents recommended home sellers fix cracks in their decks and patios to help increase resale value. However, estimates of added value vary, and your exact return on investment will depend on your location, patio type, and buyer demand.
Depending on the type of brick, base and many other factors, the average cost of patio paving is between 1,400 and2,800 for a standard patio size. On the downside, patio home communities almost always have an HOA. What defines a patio home can vary greatly, but for the most part, it is a smaller home with a compact yard and lot size. Most of the time, they are just one story, although in some cases, they may be larger.
Nelson says buyers often just like to see that there would be enough space in the yard to add a patio at some point down the line. Her reasoning is that patios are a less invasive project than something like a kitchen makeover, since the projects happen outdoors. You can still comfortably live in the house while your patio is under construction, so buyers are more willing to take it on after the sale. Seeing homes with limited lots sitting very close to similar houses, whether they’re all one or two stories, indicates they are patio homes. You’ll hear patio homes referred to as garden homes, cluster homes, courtyard homes, and carriage homes.
Wood furniture can fade, crack, or rot if continually exposed to the elements. A good patio cover will not only keep your furniture dry but also deflect the sun’s harsh UV rays. Be sure to take into account any additional costs like this when planning for them during your project’s budgeting process. Paver patios are one of the top home renovations for homeowners who want to make their homes more valuable. Patios represent rare moments of recreation and relaxation, so it’s no wonder they rank high on home buyers’ wish lists. But buyers will want to envision how they can use the patio space in their day-to-day lives.
In addition to the absence of stairs, there is also an absence of maintenance in many patio home communities. Many patio homeowners associations handle landscaping duties, Dupont-Patz says, which negates the need for a lawn mower or garden tools. The cost for brick pavers to be installed on your patio can be as high as $30 a square foot.
One of the easiest additions you can make is to have an extra bedroom or a bathroom. With these additions, you will not have to forgo the idea of a family place because of space limitations. You can also make your kitchen more functional by designing a kitchen island with a breakfast bar or an extra room for the kitchen table. Like patios, decks made out of certain materials should give you the best ROI possible. Despite the rising popularity of composite decking, wood still wins out. According to the same Remodeling study, composite decking was ranked at a 66.8% ROI.
Patio homeowners will often have a bit more privacy than townhomes. You’ll only have shared walls with one adjoining home, and your lot size will be larger and likely fenced in. Both patio homes and townhomes come with lot ownership, but patio homes will give you a more sizeable lot. In other words, they’re cheaper to buy than a larger standalone home on a vaster lot.
The answer is yes, Adding a paver patio can increase the value of your property because people want more than just a roof and walls when they buy a new home. Yes, adding a paver patio to your home may boost its value because purchasers are seeking more than simply a roof and walls when purchasing a new house. Plus, even if a fancy patio could help you command a much higher price point, the value that buyers assign to outdoor living space might not align with an appraiser’s opinion, according to Nelson.
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