Backyard renovations go a long way to making your home more enjoyable. Whether you’re leaning into staycationing or creating an inviting space for friends and family, you may have wondered how much backyard improvements will set you back. In this post, you’ll get the low down on costs of three popular enhancements and the possible return on investment (ROI) you might expect to see for each.
Landscaping
Landscaping could be as inexpensive as tidying up your flower beds, redoing the mulch, and adding some shrubs or flowers. An expert quoted in this Better Homes & Gardens post puts these upgrades as low as $1,000 and up to $5,000. Want to add hardscaping like walls or walkways? Your budget could soar by tens of thousands more.
Pro tip: choose native plants because they require less watering and fertilizing than non-natives. Plus, native plants support local birds, bees, and other pollinators.
Potential ROI: 50% or more
Patio/Deck
We’ll put these two features together since your space will generally have one or the other. A patio sits on the ground while a deck is raised. In general, a patio is less expensive than a deck from both an installation and maintenance perspective. A patio gets the nod for being more environmentally friendly than a deck because of the materials used. According to Home Advisor, the average cost to add a patio is $3,620 - a deck clocks in at an average of $7,900.
Potential ROI: Patio – 50%; Deck – 70%
Outdoor Kitchen
A grill, a prep area, and a refrigerator are the essential “ingredients” for an outdoor kitchen. Of course, the more extras you add, like a sink or canopy, the higher the overall cost. The very basics cost around $5,000. The fancier you get, you’ll likely double or triple that.
Pro tip: design your outdoor kitchen so it connects to your home’s electricity, gas, and water instead of having it further away, which would require running lots of extra lines.
Potential ROI: 50% and higher
Paying for Improvements
A credit card should be your last option, not your first. Instead, look to a home equity line of credit (HELOC) or a home equity loan. We offer options that all tap into the equity you have built up, as well as competitive rates, low monthly payments, and no PSECU application fees. Learn more about them here.
