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How Much Is The Backyard Oasis You Built in 2020 Worth Now?

After emerging from the COVID-19 pandemic, many homeowners have found an easy way to make up for the past year’s financial hardships. The housing market is extremely favorable for sellers right now, and home prices are on the rise across the country, so you couldn’t find a better time to sell both profitable and quickly.

If you’re thinking of selling, you may find that the cost of your home has risen since pre-COVID times, especially if you’ve done any outdoor renovations in the last year. 

The value of a hot tub: both inground and freestanding

An inground hot tub, especially when paired with a pool, creates a backyard akin to a high-end resort, so it’s no wonder the value for an inground hot tub has increased by an estimated 71% since the arrival of COVID, according to top real estate agents surveyed in HomeLight’s Summer / Fall 2021 Report

Prior to the pandemic, an inground hot tub added about $4,052 to a home’s cost. Now, buyers will pay an estimated $6,925 for the amenity. If your inground hot tub is attached to an inground pool, you’ll get about $7,000 on top of what you’re already getting for the pool.

Installation costs of inground hot tubs can land between $8,000 to $15,000, which means you’ll be unlikely to recoup the entire cost when it comes time to sell. However, your chances of seeing a higher return on investment increases if you opt for a freestanding hot tub, instead of an inground one. 

The average amount a buyer will pay for an existing freestanding hot tub has risen from $1,202 to $1,999 during the pandemic. Freestanding hot tubs can cost anywhere from $2,000 to $8,000. As long as you’re not looking for a high-end hot tub, you should be able to see a more reasonable return on investment for freestanding hot tubs when compared to inground hot tubs. 

The value of an outdoor kitchen

Americans love their barbecues. Particularly during the pandemic, outdoor cooking and dining helped usher families outside during a time when we all felt trapped inside. Outdoor kitchens bring these occasions to the next level, especially with countertops, bar areas, cabinets, sinks, mini fridges, and maybe even flat-screen TVs accompanying your grill. 

According to HomeLight’s survey, the value of an outdoor kitchen increased from $6,156 to $9,751. While the cost of an outdoor kitchen has a vast range, a basic one can cost around $5,500, so you should be able to see a relatively good return on investment. 

The value of a backyard deck

While decks have been popular across the nation dating back to the 1980s, they gained a new level of popularity during the pandemic. In fact, decks are now worth 65% more than they were prior to COVID. A deck adds approximately $7,014 in value to a home, whereas pre-pandemic a deck only added about $4,252 in value. 

So is it worth it to build a deck if you don’t currently have one? The estimated installation process of a deck lands somewhere between $4,380 and $10,080. Depending on the material and size of your deck, you may be able to recoup your entire investment.

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