Homeowners looking to add a paver patio prior to selling a home are the ones most likely to inquire about their potential return on investment. At Archadeck of Nashville, we do hear questions like this one fairly often. In our experience, you can’t put your finger on a definitive answer because there are too many variables and the housing market can be unpredictable. We’ve gathered some information you may find helpful in estimating your paver patio return on investment.
Meanwhile, homeowners who plan to stay in their home for the foreseeable future may not be quite as concerned about their paver patio resale value. Knowing the potential ROI, however, can help you feel validated about the money you spend on a patio addition. It’s certainly nice to know you’re likely to recoup a portion of those costs later.
What Goes Into Paver Patio Return on Investment?
First, we want to establish that there is more than one way to see a return on your investment in a Nashville paver patio. The typical ROI is expressed as a percentage of what you are paying to add a new paver patio to your home. Different surveys or studies will arrive at different percentages, and those will vary by location.
One such report was produced by the National Association of Realtors (NAR) and National Association of Landscape Professionals (NALP). This survey-based report, 2018 Remodeling Impact Report: Outdoor Features, found the estimated ROI for a paver patio addition was 69%. The patio considered for this survey was an 18-foot-by-16-foot concrete paver patio.
There’s another way to express your return on investment when adding a paver patio: how much pleasure and enjoyment the new patio gives you. Evenings spent on the patio, under the stars, with subtle outdoor lighting for ambiance … you see the value in that. How do you monetize that value—or do you really need to? Cooking on the grill and entertaining friends outdoors … if that’s how you enjoy life, do you even express paver patio ROI in monetary terms?
When Paver Patio Resale Value is Your Priority
We understand homeowners investing in a patio addition want to know what they can expect to recover on the cost of the patio if they choose to sell their home. Don’t automatically assume that the more you spend, the more you’ll recoup later. While it would seem to be a logical expectation, it doesn’t always turn out that way.
HGTV.com published an article, Maximum Value Outdoor Living Projects: Patio, that revealed some eye-opening information. According to the president of the Appraisal Institute, patios that bring the greatest return on investment are those that look original to the home. They didn’t mean the patios holding the most value looked old or worn out. Rather, the point was that these patios, though new, seemed to have been in place since the homes were first built. They were designed to complement the homes and were proportionate to the homes and properties.
What does that mean to you, the homeowner considering a new paver patio addition? According to this article, it means if you add an extravagant, over-the-top patio to a modest home, you won’t recover a proportionate amount of the cost.
What Does Paver Patio ROI Mean to You?
If you are primarily concerned with the dollar value a paver patio addition will bring when you sell your home, be sure to let us know that. When you meet with your Archadeck of Nashville design consultant, we will work with you to keep the new patio proportionate to your home. We can help you choose the best pavers to keep those costs in line, too.
On the other hand, if your primary concern is enjoying that new patio, we encourage you to add a patio that you can enjoy to the hilt. Patios provide the perfect setting for parties of all sizes; just add lighting, music and food! Graduation parties, retirement parties, and last-weekend-before-school parties—all of these gatherings are more fun outdoors on a patio.
Do Paver Patios Add Value to a Home?
Yes, they do, in more ways than one. Consider this additional information from the 2018 report by the National Association of Realtors and National Association of Landscape Professionals, mentioned above. They found that 84% of homeowners surveyed said they “have a greater desire to be home since completing the [paver patio] project. 83% have an increased sense of enjoyment when they are at home, and 77% feel a major sense of accomplishment when they think of the project.”
Each of those measurements expresses a form of value or return on investment. Sometimes value is about joy rather than finances. The survey behind this report also asked homeowners to assign a score to the joy their new paver patio brought them. The overall “Joy Score” after adding a paver patio in this report ranked 9.7 out of 10. That says a lot about return on investment. The enjoyment you and your family get from a new patio is something you cannot put a price on.
At Archadeck of Nashville, many of our clients have told us that patios—and other hardscape additions—have enhanced their lifestyles immensely.
Contact us today to schedule your hardscape design consultation. You can reach us by phone at (615) 640-3628