New survey reveals Lawn can grow property value by $110,000
Adding turf to your house might be one of the smartest ways to potentially increase its value, with new data showing that a nicely presented lawn could deliver a 34:1 return.
The national survey with Raine & Horne real estate agents revealed a lawn attracts buyers to a house, so much so that 93 per cent would recommend clients improve their lawn before selling a home!
The survey showed 40 per cent of agents surveyed believe a nicely presented lawn can boost the value of a home by more than 20 per cent. In fact, almost one quarter (23.3%) said it can add more than 30 per cent value. Based on the Australian median dwelling price, 20 per cent equates to $110,000.
The survey also revealed a lawn was the most popular surface for family buyers (first choice for 63%), over decking (21%), synthetic turf (7%), paving (5%) and concrete (3%).
So if you are looking to sell, make sure to ask your real estate agent about the make-up of potential buyers in the neighbourhood. If it is families with kids currently or on the way, then a newly laid lawn could help increase your sale price.
There are a few things to note if you are going to add a lawn to your property:
- A new lawn will take a few weeks to become fully established, and will require some maintenance such as watering. Make sure you keep this factored into your selling timeline.
- Keep the yard weed free, watered and mowed. First impressions count and a great lawn could be the difference between a potential buyer driving past or stopping to take a look.
- While landscaping can add value to a home and increase buyer appeal, a yard that is too hard to maintain can have the opposite effect and deter potential buyers who do not want to put in the maintenance effort. Ensure your lawn and garden are beautiful but still simple.
MAKE YOUR LAWN THE BEST IN THE STREET
References:
[1] Follow up survey was developed by Hort Innovation and conducted with 68 Raine & Horne real estate agents nationally in November 2018.
[2] What has happened to Australian backyards (https://app.griffith.edu.au/sciencesimpact/backyards/) – An average sized backyard is between 50m2 – 100m2. Premium turf priced at approximately $31.75 per m2(based on the cost calculator on www.lawnspiration.com.au). This equates to an estimated $3175 investment to turf a 100m2backyard. If turf delivers a 20% value return on the median price of an Australian dwelling ($550,610), this equates to a $110,000 increase. This is a 34:1 return on the initial $3175 investment.
[3] Survey was developed by Hort Innovation and conducted with 100 Raine & Horne real estate agents nationally in October and November 2018
[4] Australian median house price at September 30 2018 was $550,610 https://corelogic.rpd.atechnology.com.au/sites/default/files/2018-10/CoreLogic%20home%20value%20index%20Oct%201%20FINAL.pdf
