I'm in Prosper and was wondering about the ROI for monies spent on outdoor living spaces. $400k Newcastle built in 2005, has nice pool

Asked by Jjrick, 75078 Thu Jan 28, 2010

now but not much outdoor living space. Contractor is telling me that outdoor living is a $2-$1 ROI. I find it hard to belive those numbers....

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Pelin Guzel, Agent, Dallas, TX
Mon Feb 8, 2010
Great information Rhonda,
It looks like contractors are trying to make some money :)
Instead of paying that much money to contractors, keep your backyard clean and put some nice flowers, you have already had a pool and may be a little patio. You can easily work on pricing this way if you are trying to sell soon.

Sincerely,
Pelin
http://www.dallashomelist.com
1 vote
Ronda Allen, Agent, Plano, TX
Thu Jan 28, 2010
Contractor gave you those numbers, huh? Ask them to guarantee it in writing and see how quickly they back-peddle on you.

I have a neighbor (I live in Lakes of La Cima, too) who sold their home on Monticello Drive giving away the entire $85,000 he spent on outdoor living and sport court. The neighbor across the street from me just sold their home at a small profit with pool, spa, waterfall, and outdoor living. If you are lucky enough to sell to a buyer from out of state, who seem to really value those outdoor living amenities, you may get some return on your investment, but I seriously doubt $2-$1 right now. We've had some short sales and foreclosures in Prosper, just like the rest of the region.

The good news is that Prosper is in a good inventory position in the $300k-500k price range. You have the lowest inventory levels we've seen since 2007 in resale or in new construction right now. And, we have documented resale sales in Lakes of La Cima as high as $460k's on the Newcastle Homes. You couldn't ask for a better listing time than right now in our neighborhood - whether you have the full-blown outdoor living or you sell with just the covered patio that came with your Newcastle home.

Let me know if you want to talk specifics. I'm in the neighborhood.
Have a blessed day!
Ronda


Ronda Allen, Realtor and C.P.M.
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs
972-816-4369 7am-7pm Monday through Saturday and 12-5pm, by appt., Sundays
1 vote
Bryan Karlan, Agent, Celina, TX
Fri Apr 17, 2015
Generally speaking, you'll get a better ROI on smaller things like a nice patio or good fencing and some nicer landscaping than anything else. In a very expensive neighborhood where a pool is expected you can be penalized for not having one, but this is not that kind of neighborhood.
0 votes
Robert Vaugh…, Agent, The Colony, TX
Wed Nov 21, 2012
I agree, you've got a contractor who wants a paycheck (understandable I suppose but integrity is more important). Here's the thing, I love outdoor living spaces. Hoping to save the money to build one in my yard. But, look at it the same way as a swimming pool. If you put a 35,000 dollar swimming pool in your yard you most likely will not get that investment back, but what will likely happen is a quicker sale. This may be even more true of an outdoor living space (i.e. covered space with fireplace, kitchen etc.)

I wouldn't spend 85,000 dollars on one but if you have the money and it's something you want then go for it. The return on investment however, is probably minimal.
0 votes
Alicia Chmie…, Agent, Frisco, TX
Mon Aug 23, 2010
Never believe the contractor when it comes to value, believe the appraiser. In my experience outdoor living areas do not do much for value. Some people love them and others just don't care. If you're lucky to find a buyer who just loves being outside they may be willing to pay a little more than the alternative; however, just like any investment, it is a risk.
0 votes
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