Are Outdoor Kitchens Good Investments for Homes?

Outdoor kitchens continue to gain popularity among homeowners. Nowadays, many ask, “Are outdoor kitchens good investments for homes?” Retirement planning involves careful consideration of long-term financial moves, especially for anyone over 50. 

Outdoor kitchens offer several financial benefits that go beyond the initial appeal of having a beautiful space for entertaining guests. Read on to learn more about the value of home improvements for retirement planning.

Enhances Home Value

The primary advantage of installing an outdoor kitchen is the potential to increase your home’s market value. Many real estate experts agree that outdoor kitchens are one of the top amenities that buyers look for in a home. An increase in demand leads to higher offers when selling, which can help homeowners recoup a significant portion of their investment.

A well-designed outdoor kitchen can elevate your property’s appeal, especially in areas where outdoor living is a year-round activity. Investing in materials, such as stainless steel appliances, natural stone countertops, and durable outdoor cabinetry ensures a long-lasting addition that holds value.

Lowers Long-Term Energy Costs

An outdoor kitchen offers the chance to lower indoor energy consumption. Cooking inside during warmer months increases your home’s internal temperature, causing the air conditioning to work harder. Preparing meals outside eliminates the extra heat, reducing the need for cooling and leading to lower energy bills.

Savings accumulate over time and become especially beneficial during the summer. Homeowners who use their outdoor kitchens regularly will almost immediately notice the reduced indoor energy costs. The reasons to build an outdoor space are numerous, with kitchens offering many advantages.

Attracts High-Quality Tenants

Adding an outdoor kitchen makes your home stand out in a competitive rental market if you plan to rent out your property. Tenants seek homes that offer practical living spaces and recreational amenities.

An outdoor kitchen provides a perfect combination of both. Renters looking for long-term leases, especially families, appreciate the extra space for gatherings and family activities. With an outdoor kitchen, you can set higher rental prices and attract tenants willing to pay for those added features.

Durable and Low-Maintenance

The materials used in outdoor kitchens have designs that can withstand the elements, meaning they require less upkeep than other home upgrades. High-quality materials, such as weather-resistant stone and stainless steel, ensure the kitchen lasts many years with minimal maintenance.

Higher durability adds to the investment’s financial appeal. Instead of worrying about repairs or frequent replacements, homeowners can enjoy their space with peace of mind. Outdoor kitchens can be a worry-free investment for those who plan to spend less time on home upkeep in their later years.

Creates a Space for Gatherings and Entertaining

Outdoor kitchens provide more than just financial returns; they create an enjoyable space for family gatherings and events. Hosting dinner parties, barbecues, and even small celebrations outside adds value to your life, which you should not overlook when retirement planning.

Socializing outdoors encourages quality time with friends and family, enhancing your living experience. This enjoyment adds non-monetary value, offering personal satisfaction from a well-used outdoor space.

So, are outdoor kitchens good investments for homes? Yes, they offer multiple financial and personal benefits. An outdoor kitchen makes a lasting impression, from increasing property value to reducing energy costs.

Add an outdoor kitchen to improve your home for future resale or enjoy more of your retirement outdoors. Moreover, outdoor kitchens appeal to potential buyers and renters alike, making them a versatile asset. The financial returns and the quality of life improvements make this investment a valuable consideration for homeowners.

Reasons Why You Should Have Your Home Appraised

Home appraising is the process of conducting an unbiased assessment of the value of a home. It is typically done by a licensed professional who evaluates the property based on its location and physical condition. Below are some of the reasons why you should have your home appraised.

Applying for Business and Cash Loans

Commonly, when applying for loans such as business or cash loans, you may require to present your home as collateral. Due to this reason, the bank will inquire about the prevailing value of your home to make sure it supports the amount you request. 

In such a circumstance, you will have to conduct a home appraisal, which will help you decide on the amount to loan from the bank.

Refinancing Your Home

Home refinancing involves replacing an old mortgage loan with a new one. Most people conduct a refinancing when the value of the home changes. 

To refinance your home, you will need to carry out an appraisal so that you can justify the new loan to your lenders. This approval also helps you understand the financing loan you can get per the price of your home.

Applying for a Home Equity Loan

Unlike refinancing, a home equity loan acts as an additional loan to the existing house mortgage. The loan amount to receive in home equity depends on the equity left after deducting your existing mortgage from your current home value. 

Therefore, you should conduct a home appraisal to determine the amount you can get from this type of loan.

Selling Your Home

A home appraisal is also essential whenever considering selling your home because you can come up with a reasonable selling price once you understand your home's prevailing value, increasing the chances of a fast sale.

Appealing the Tax Assessment

In many states across the US, property taxes get calculated according to a home's current market value. Therefore conducting a home appraisal will inform you if your property taxes are unfair. If they are indeed unfair, the home appraisal will act as the basis of an appeal.

A home appraisal is an essential process that every homeowner should have conducted on their home. It gives homeowners the financial insight required to carry out various loan processes. It also allows them to understand and correctly assess the fairness of their property taxes.

10 Surprising Things that Increase Home Value

Looking to increase your home’s value, but you’ve already exhausted the traditional value increasing methods such as updating the kitchen and bathrooms? Here are 10 surprising things that you may not have realized can increase your home’s value.

Roof repairs

As you’ll read in this article, having your roof repaired is one of the best home improvements you can make before the winter months hit, and it could mean the difference between having a seamless winter season and dealing with expensive repairs due to ice damming. 

It makes sense, then, that inspecting your roof and making any necessary repairs is one thing you’ll be sure you want to do before listing your home. Homebuyers, after all, want to make sure that the next home that they invest in, well, offers a well-built roof over their heads. If once you’ve repaired your roof, it promises to last another three to five years, you’re set. As an added bonus, repairing any unsightly flaws in your current roof will improve your home’s curb appeal.

Foundation repairs

Similarly, home buyers want to be sure that the home they are going to invest in is built on a strong foundation. Be sure that your home’s foundation is keeping the home up off the ground without any apparent cracks or failures.

Trees

As this article details, trees planted throughout a neighborhood can raise property values throughout the entire area. Even trees planted in a neighbor’s yard can raise the value of your own property by potentially thousands of dollars. In one study, homes that had “street trees”—trees planted between the sidewalk and street—sold for on average $7,130 more than homes without street trees. 

To get the most property value out of your landscaping, plan your landscaping early on, allowing for trees and shrubs to mature for when it’s time to sell; you’ll see on average a 12% increase in the perceived value of your home. And a strong overall first impression? That’s worth up to 27% in increased perceived value.

New outdoor lighting

On a similar note, it’s a good idea to consider updating your home’s outdoor lighting before you put your house on the market. As with landscaping, lighting can contribute to a better overall first impression of your home. Updated outdoor lighting won’t just give your home a better ambiance at night, either; it will also give your home a more modern feel during the daytime.

New front door

Installing a new front door is another way to instantly boost curb appeal, and it’s a home improvement that many homeowners overlook. Just be sure not to veer too far away from the mainstream here as you replace your front door. This is also a good time to update your front door’s locks.

Deep cleaning

At this point, you may have guessed why this one made the list—a deep cleaning is the ultimate way to improve the first impression that buyers have of your home. This includes having the interior of your home professionally deep cleaned, as well as having your home’s exterior siding and pathways powerwashed. 

Really, not enough can be said about how giving your home a strong buyer's’ first impression boosts the home’s value overall. One major plus to this item on the list is that it’s by far the cheapest.

Green lawn

Another point for curb appeal? Yep.

External dwelling units

When you consider the fact that so many young adults are headed back to their parents’ homes for a break from rent, this one makes a great deal of sense. Having an additional “tiny home” on your property can increase home value by up to 34%.

Coffee shops

Okay, so this one is a little out of your control as a homeowner. But according to an article published by Time magazine in February 2015, a Starbucks opening in the neighborhood—within a quarter mile, to be exact—actually boosts local property values. When you consider the fact that for many a morning coffee is a daily ritual on the way to work, this one may not be all that surprising after all.

Walmart

Here’s another that’s outside of the homebuyer’s control, but it’s something to be aware of nonetheless. For many homebuyers, living near a Walmart offers the ultimate convenience. In fact, researchers at the University of Chicago concluded that living within a mile of a Walmart store could raise a home’s value by 1%-2%. And if that Walmart is located within half a mile of the home, the property value can increase by an additional 1%.