Outdoor living spaces consist of numerous structures, amenities, and utility systems and are a valuable addition to any home. The following provides budget guidance for patio rooms, swimming pools, decks, and porches.
These luxury spaces are a combination of several outdoor living features which may include a patio, sitting wall, grill island or outdoor kitchen, fire pit or fireplace, pergola, pavilion, landscaping, low-voltage lighting, outdoor TV and audio, and utilities.
The required investment for a complete space typically starts between $35,000 - $75,000, with most clients investing between $100,000 - $200,000. Most projects represent an investment of 10 - 20% of the home's value.
Luxury Pool Projects typically start between $175,00-$225,000 and typically include a gunite or fiberglass pool, pool equipment with salt chlorinator and heater, auto-cover (or fence), electrical and gas line installations, coping, pool decking, any necessary retaining walls, landscaping, irrigation, outdoor lighting, and all necessary site work (demolition, excavation, trenching, grading, soil removal, and drainage).
Pool projects that include additional outdoor living features and patio space usually require an investment ranging from $250,000 to over $400,000. Most projects represent an investment of 15 - 30% of the home's value.
Luxury decks are composed of premium wood or PVC decking with powder-coated aluminum railings. Deck investments typically start between $50,000 - $75,000 with most clients spending between $100,000 - $150,000.
Building a complete porch usually requires a starting investment of $125,000 with most clients spending $150,000 - $200,000.
Now that you have a better understanding of the required investment, you might be wondering how other Outdoor Dreams clients fund their projects.
There are four main sources of funding for typical projects:
Home Equity Line of Credit
Personal Loan Proceeds.
To help clients achieve their dream backyard, Outdoor Dreams has partnered with HFS Home Improvement Financing to offer project funding up to $500,000.
Follow this link to learn more about your financing options with Outdoor Dreams.
According to the Remodeling 2020 Cost vs. Value Report, outdoor projects in the Richmond area, like decks and patios, have a resale value of 55% - 75%. This is similar to other major home improvement projects (kitchen or bathroom renovations, master suite additions, etc.) which have a resale value of 55% - 70%.
This data shows that an outdoor living space adds resale value to your house while improving the way you enjoy your home.
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