Does a garden add value to your property?
I’ve been thinking about what to write in my newsletter this month and I thought I’d take a look at what I wrote this time last year and of course it was April 2020 and that newsletter never got delivered to you because of the pandemic. What I had written but you never got to see was the topic of gardens and what financial benefit they bring to a property, but after the last year that we’ve all endured, we might consider what a garden brings to a property, but not just in financial terms.
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?
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 gardener, though these days we seem to be looking at gardens more as areas to entertain, even in our inclement climate! The general consensus though 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 property 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.
Moving the debate from financial matters it has been proved that gardening and an outside space 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.