Jan 11, 2017 9:18 am
Lets say, we have approx 500sq land and and 100sq of it is simply front lawn (20%).. Assuming the house and land is say $500k and if we want to spend $30k (So about 6% of property value) to spruce up the lawn to make it simply lo maintenance (turf / stone paths / water feature) etc.. is that putting in too much into the property?
Looking for some thoughts on it?
(The above values are fake but just to give an idea in relation to the %)
Re: Overcapitalizing on Landscaping?2
May 02, 2017 10:40 am
There are a lot of variables to landscaping. A lot depends on the neighbouring properties and also the market value of the property. If you were talking a $1M suburban property, spending 6-10% on landscaping sounds about right, but that would likely be front and rear from scratch. For a $500,000 suburban property 4-6% total landscaping cost sounds more likely IMO. I also think that a front yard is your first impression of a home, so it needs to be done well, however, it is very rarely a used space. To me, a front yard is more for aesthetics so investing a lot of money into a front yard could be seen as a waste. For our build we will be working to approx 4% of total price to do the front and rear landscaping from scratch (we will be doing the gardening labour ourselves but leave the paving/concreting to an expert).
At the end of the day, each person views different features as value adding, but would you be willing to pay $30,000 more for a house because the front looked good? And that would only be recouping initial costs, not value adding.
Second Time 'Round
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