Investors should take note of a new piece of research that suggests gardening and outdoor space is becoming more popular, with a good old fashioned garden shed adding value to a property!
Those with an investment property with outdoor space will be interested to learn that 37% of people in the UK were found to spend more time in their garden than they did five years ago.
What’s more, research from Sellhousefast also reveals that the correct type of garden feature can add 20% to a property price.
The survey quizzed estate agents, garden designers and property professionals on what features they believed would ask the most value. A good-sized garden shed came out on top, with 82% of those surveyed stating that this was the case.
Good-quality paving and patios came second with 76%, while secure boundaries, including fences and walls, came third with 72%.
Estate agent Neil Walter observed: ‘Over the last three years, I would say prospective tenants and buyers have become really fascinated with gardens. Often when we conduct viewings, I find them wanting to visualise themselves in the garden and carefully thinking about how they would harness the environment around them.’
‘I would say it has become an extension of a living space, as many have varying aspirations as to how they would like to use the garden space. For home owners looking to sell or rent, I always recommend keeping their garden renovations and refurbishments at a moderate level as potential buyers/renters always have their own vision as to how they want things to look,’ he added.
Lauren Pascal, garden designer, feels that water features and extravagant flowers can also add significant value to a property.
‘Whilst understandable, the expense required to have such things exceeds their willingness to spend. My recommendation is to be cost effect by making some light rather than drastic changes, depending on the current state of their garden. Spending tons to have a lavish garden does not always correlate to an increase in property value,’ she noted.
‘If a garden is scattered to the point where most of the space is occupied, then it makes it very difficult for potential occupiers to envision themselves there enjoying the outdoors. It might not be an obvious realisation but small changes can have a more significant impact than major transformations.’
Nina Hayward, property expert and investor, feels that instead of splashing cash on flashy additions, owners should consider what renters want from their outdoor space.
Hayward said: ‘They crave privacy and safety, so invest in sturdy fences. Additionally, extra storage space is always helpful, so a shed can be an understated asset to any garden. Paving would also be ideal, if the intended target for the property is families, as it would provide the perfect platform for outdoor furniture and fixtures. Make sure any changes or additions to the garden are modest, as anything that requires a lot of maintenance could hinder potential occupiers and more detrimentally, the valuation price.’
Robby Du Toit, managing director of Sellhousefast, urges property owners to not forget about the exterior of their home.
‘A poorly kept and unmaintained garden can negatively affect a buyer/renter’s perception of a property and in the process, decreases its actual value,’ he said, adding that it was interesting that massive injections of money are not always required to rectify the condition and appearance of a garden,’ he observed.