Good outdoor lighting has an immediate, positive impact. It makes your outdoor spaces more usable and enjoyable. Outdoor lighting can also have a more lasting effect: increasing the property value. In fact, a well-designed exterior lighting system is one of the top things that add value to your home.
Which home improvements bump property value?
A cost versus value report on home improvements showed that 7 of the 10 home improvements with the highest ROI are exterior upgrades or improvements. And, you’ll get a much higher ROI on functional improvements rather than luxury upgrades. Buyers also appreciate energy efficiency and smart home upgrades. So, consider outdoor lighting as a home improvement that’s well-worth the investment: it’s an exterior upgrade, it’s a functional improvement, and it improves energy efficiency. With automations and apps to control your lighting system, it’s a smart upgrade, too.
According to Kiplinger, 87% of buyers say that exterior lighting is an important feature they want. In fact, reports Kiplinger, exterior lighting is the most-wanted outdoor feature. It’s easy to understand why. Outdoor lighting is an affordable improvement that brings a lot of benefits:
Increased safety and security
Adequate outdoor lighting can improve safety and security by illuminating walkways, entrances, and potential hiding spots. This added sense of safety can make a property more appealing.
Extended use of outdoor spaces
Outdoor lighting transforms your patio, garden, and yard into 24/7 hangout spots. It’s like adding extra square footage to your property.
Highlight landscaping features
Well-designed lighting can showcase landscaping and gardens, highlighting the work you’ve put into it and making the property more visually appealing.
Customization and personalization
Outdoor lighting allows property owners to customize and personalize their spaces. This can be a unique selling point, as it offers a way to tailor the property to specific preferences or functional needs.
Improved aesthetics
In residential areas, well-lit properties can contribute to an overall improved neighborhood aesthetic. This can have a positive impact on property values throughout the community.
Exterior lighting enhances curb appeal
When the sun sets, outdoor lighting isn’t just about visibility; it’s about making your place look incredible. It highlights your home’s unique features, giving it that “wow” factor that turns heads and makes folks feel at home. The enhanced curb appeal, thanks to well-placed landscape lighting, not only makes the property more inviting but also adds an element of luxury and uniqueness. This can lead to a higher perceived value of the home and make it more appealing.
More than half of homeowners (54%) say their neighborhood or street’s curb appeal impacted their decision to buy their home. When it comes to quantifying the importance of curb appeal, 57% say a beautiful exterior improves a home’s value by at least $20,000 — and 16% say the impact is over $50,000. On average, homeowners judge a house with high curb appeal to be 34% more valuable than the exact same house with poor curb appeal. [Source]
Energy efficiency comes with outdoor lighting
LEDs are your wallet’s best friend. They’re energy-efficient, which means lower bills and more money in your pocket. Potential buyers and investors may appreciate the long-term cost savings associated with energy-efficient outdoor lighting. In fact, going green can bump property values by as much as 23%. Buyers also appreciate smart home improvements like outdoor lighting that’s controllable with a smartphone app.
Outdoor spaces can add value to your home
Top on the list of things that add value to your home: functional and fun outdoor spaces. Buyers have long valued a good porch, a comfortable patio, and a nicely landscaped yard. The pandemic brought even more focus on those outdoor living spaces.
A large, green backyard once satisfied home buyers, but today’s buyer is seeking more options and flexibility in how they use outdoor spaces — just as they are for interiors. In fact, “The Future of Home Design” survey reveals that an open yard ranks low among design professionals, compared with more multifunctional options. Just 28% of respondents chose that type of space in the survey, compared with other more popular features, such as covered outdoor rooms/open-air rooms (73%), patios (68%), and decks (55%). [Source]
Today’s home buyers value outdoor spaces that function as an extension of their indoor spaces. Think outdoor kitchens, cozy seating areas, outdoor dining, and places to play and relax. Outdoor lighting is essential for those outdoor areas to offer usefulness and comfort after dark, whether it’s a barbecue going late into summer nights or enjoying a drink around the firepit on a chilly evening. With the attention on outdoor living and creating functional, fun spaces in your own backyard, you can be sure outdoor lighting is an investment worth making. Get in touch for a free consultation. We’ll help with the perfect design so you can enjoy your outdoor living more while adding value to your home.