Your home is your most significant investment if you’re like most people. So, while you might own stocks, bonds, and some cryptocurrency, your home is still your largest asset. That’s one reason it makes sense to do what you can to increase its valuation.
But sinking money into your home isn’t just about increasing its value — it’s also about upping the aesthetic charm and functionality. People are busy these days, so it makes sense to do what you can to make the most of the time spent with people you care about.
Here’s a look at five outdoor additions that can improve time spent with family and friends.
1. Patio Cover
According to Grand View Research, the global outdoor living structure market was worth $1.8 billion in 2020. It’s expected to grow at a 6.1% compound annual growth rate between 2024 and 2028. If you have a home, you might also have a patio deck. A patio deck can be a great place to spend time with family and friends. Sharing a meal, laughs, and conversation with people you care about can be fun. But you can up the ante by investing in a patio cover for your patio deck.
One of the nice things about a patio cover is that it will make your patio or back deck more usable. You and your family or guests won’t have to run for cover whenever it rains. So, instead of having the success of your outdoor gatherings dependent on whatever Mother Nature has in store, you’ll have protection overhead at all times. A patio cover will transform your patio deck into an extension of your residence. It’s a great way to expand the usable square footage of your property and get more value out of it.
If you typically like to entertain well past sunset, it makes sense to invest in a quality patio heater. A patio heater will be a godsend on a night when it’s chilly outdoors. You, your family, and your friends will be able to stay outside longer while enjoying the warmth of the heater.
2. Outdoor Kitchen
Did you know the global outdoor kitchen market was worth an estimated $19.64 billion last year and is expected to increase to $21.11 billion in 2024? The growth is mostly due to, among other things, more interest in outdoor living. After all, who wants to remain cooped up in their homes?
Adding an outdoor kitchen is a great way to create an outdoor living space fit for social gatherings. You can make of your outdoor kitchen anything you want. For instance, you can create an outdoor kitchen every bit as functional as your indoor kitchen. You can get a grill, counter, sink with running water, cabinets, table, chairs, and other appliances or comforts. If you combine a patio deck, patio cover, outdoor kitchen, and patio heater, you’ll have an outdoor space you can use year-round.
If you want an outdoor kitchen but have a tight budget, you can still create a useful space. You can get a grill, some chairs, and a table. Again, you can go simple or go big. But setting up an outdoor kitchen is a great way to create an outdoor space to spend time with people you love.
Another way you can improve your outdoor space is by investing in landscaping. Whether you do it yourself or hire a professional landscaper is up to you, but such a project makes sense. You should do more to increase the aesthetic appeal of your backyard. Some ideas to consider are taking care of the grass, planting some flower gardens, adding some trees and shrubs, installing a stone pathway, or even building a retaining wall.
When it comes to landscaping, a little can go a long way. But you can definitely make your outdoor space a more comfortable place by going this route. Weigh your options and figure out what outdoor projects you want for your property. If you can do some or all the work yourself, you can save a lot of money. But it’s worth getting professional help if needed since you’ll increase the worth of your home and make it a better place to be alone or with others.
4. Swimming Pool
Consider getting a swimming pool on your property. Of course, you’ll need enough space to accommodate a swimming pool. You don’t want to get something that is too big for your backyard space. It’ll look out of place if you allow that to happen. The size of the pool needs to be dictated by the available space. You’ll get help choosing the right pool configuration when you consult with a swimming pool company.
According to one source, approximately 91 million Americans — or around 31% of the population, who are at least 16 years old swim in rivers, oceans, and lakes annually. Add to that the fact that swimming ranks at number four on the list of the most popular recreational sports in the U.S. So, consider getting a swimming pool for your property. You can have pool parties and enjoy having fun with others whenever the weather is agreeable.
Yet another option is to build a bunkie. A bunkie is a small cottage or cabin that offers extra space for hanging out with friends or hosting visitors staying overnight. You can turn your bunkie into a man cave where you can chill out on your own or with friends. You can watch sports, display memorabilia, and do other things in your man cave. So, consider building a bunkie if you have some extra space on your property. You won’t regret it.
If you’re looking for ways to improve your outdoor living space, consider these five suggestions. There are lots of things you can do to make the exterior of your property more aesthetically pleasing, functional, and enjoyable for you, your family, and your friends. It pays to invest into improving your property — both inside and outside. You’ll not only increase the value of your home — but you’ll also increase the enjoyment you get while being at home.