With the property market in flux at the moment as Coronavirus sweeps across the world it’s difficult to know what to write to my loyal readers. Lots of people have said that life is like it was in the Second World War, so I’ve been thinking, how could I relate to those times and as a lot of us are stuck at home ‘Self Isolating’ I was wondering if there was anything that we might do to our properties whilst we’re sitting at home and maybe twiddling our thumbs. Of course it’s April and the gardening season has arrived so it’s time to mow the lawn, clean the patio and dust down those sun loungers. Gardening evokes pleasure in some and horror in others and I’ve been thinking about the financial benefit a garden might bring to a property and considering the question - does the outside space around our home actually add any value to our property? We might also think at this particular moment in time whether a garden actually helps the human spirit too.
Whether you’re buying a house as a home or as an investment property how should you view the outdoor space? It might be that you’re a keen a garden, though these days we seem to be looking at gardens more as areas to entertain (even in our inclement climate) than as areas for food production and flower cultivation. The general consensus is that an outside entertaining area can certainly add value to a property, and some surveys suggest by as much as 20%.
As I generally show in my newsletters, there are always two sides to the argument where property is concerned and it might be worth considering what you want to use the outside space for before purchasing a property, you really don’t want the maintenance of that garden to become a burden. If you’re not a keen gardener then a house where the outside space is neat, tidy and easily managed could be the one for you. From an investment point of view the maintenance of the garden will rest with your tenant and therefore you should consider how you can simplify that task by putting in a neat patio, possibly reducing the size of your lawn by using gravel creatively and buying some pots and planters to create interest in the garden. The neighbours of your tenants will welcome a tidy, well kept, outside space I’m sure.
They say that gardening is good for the soul and for our mental health and that maybe the positive we should consider during these difficult times. Hopefully we’ll all be out entertaining in our gardens with friends and family very soon. Hoping that you all stay safe and keep well, with my best wishes.