When it comes to investing in a new home, the one word you always want to keep in mind is equity. The more equity you build up in your home the more valuable it will be should you decide to sell one day.
Or, part of your retirement plan might include applying for reverse mortgage. If you’re 62 or older, you can tap into all that equity you’ve been growing by paying your monthly mortgage on time. If approved, you can receive your proceeds in one lump sum payment or equal monthly disbursements.
To find out more on how a reverse mortgage works just click on this link: https://reverse.mortgage/how-does-it-work.
But if you’re still a decade or two away from retirement and you’re looking for new and unique, if not healthy, ways to increase the value of your home, go no further than your own backyard. Studies have shown that growing a garden is a beneficial and vibrant way to add equity to your home. It also provides you with a healthy lifestyle.
According to a recent article by Gardeningetc.com, gardens not only make your home more appealing to potential buyers, it virtually guarantees they will be give you a nicer offer for it. During the recent pandemic, gardens proved to be an invaluable way to spend your home lockdown time while building something that was both creative, beautiful, and in the case of a vegetable garden, nutritious.
Presently, the people who took the time and effort to grow a garden during the pandemic are now reaping the financial rewards when it comes time to sell their home.
Garden Growth Study
A new study conducted by AA has discovered that growing a garden on a portion of your property will potentially increase its value by an average of 5 percent. This proves a substantial financial add-on to already increasing home values in the wake of the COVID-19 pandemic. The study was said to examine properties with and without gardens in more than 30 cities and towns where gardens seem to be valued the most.
Also, the study examined three-bedroom homes without gardens and compared them to homes with gardens, then looked at what the sellers were charging for each. Sellers that contained gardens and stunning landscaping on their property were getting upwards of seven to 15 percent more per offer depending upon where the property was located.
But In the Big City
Says Gardeningetc.com, properties located in the big city (in this case, London), went for less money than properties without gardens. This came as a surprise to those in charge of the study since it would seem those living and working in a largely urban environment would appreciate a garden, no matter how humble.
However, the study indicated that because of the spike in price for newly constructed penthouses and flats, the price add-on for a garden became inconsequential. In fact, London ranked as the city where a garden added the least amount of money to new housing for sale.
Why People Love Their Gardens
Despite the extra value a garden can give your home, it’s vital to know why homeowners with green thumbs love their gardens so much. A recent survey found that more than 50 percent of people who possess gardens on their property spent a great deal of time maintaining them during the pandemic lockdowns. The information varies from town to town, but, gardening is good for the body and good for the soul.
It also helps that when making their gardens better, bigger, and more productive, homeowners fully realize they are investing in their property. They are increasing its value upwards of 15 percent in some cases.
While urban prices don’t increase all that much due to a garden, people who lived with gardens previously are willing to shell out extra money for a small garden in the city. For them, gardening is as much a hobby as it is a healthy way of life.
Your First Garden
Gardeningetc.com states that if you’re planning your first garden, it helps to contact a designer who will plan your new backyard and who also work directly with a contractor who can provide the initial work. Gardens aren’t just about growing things. They are all about recreating your backyard space, including new landscaping. Of course, you can always DIY the project also.
But if you go with professionals to plan and build your first garden, you can expect to pay around $10,000. But you will more than make up for this fee when it comes time to sell your home, or when you apply for a reverse mortgage come retirement age.
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