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Unlike some of our European counterparts, many UK properties aren’t blessed with as much outdoor space. But this can work in the favour of owners who are looking to offload a property with an outdoor area. So, how valuable is a garden, balcony or patio when selling a property?
There’s a convincing argument that people care more about outdoor space now than ever before, which has been supercharged by the COVID pandemic and the consequential “race for space” in the property market.
One survey conducted by Natural England found that as many as 46% of people are intentionally spending more time outside due to the pandemic. These people recognise the physical and mental health benefits of spending time outside, especially those that are working from home more often.
Consequently, most prospective property buyers do desire some type of outdoor space on a property and are willing to pay more for a property with certain types of outdoor areas. This is also the reason why lots of sellers try to maximise their sale by improving their outdoor spaces before going to market.
Research in London found that an outdoor space adds 12% to property value, whereas Home Logic found that a patio could add up to 20%.
These increases are around the same as adding a new kitchen or bathroom to a property, meaning it’s not just bathrooms and kitchens that sell homes anymore…
A large outdoor space may not be as attractive if it will require a lot of time, effort and money to keep it maintained. These sorts of areas will only be attractive to buyers who will pay gardeners to do the work for them, or to buyers who have a green thumb. There are often many creative ways to reduce the required maintenance in larger outdoor areas, such as introducing low-maintenance plants or even artificial plants and lawns.
Strive for privacy
There’s one thing that buyers want from an outdoor space no matter their preferences and tastes – and that’s privacy. If you’re a seller wishing to improve an outdoor space to increase the potential sale price, you may want to focus on making the space more private. This can be achieved in different ways at varying price points, such as adding hedges, fencing or even just some privacy screening.
Small details matter
Some small additions can transform a pretty average outdoor area into a showstopper outdoor entertaining space. Small planters, solar lighting, new retainer walls or even nicer furniture can make the difference. And don’t forget to keep the area clean and maintained ready for the next viewing.
A property valuation is a projected value of a property in the current market.
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