In the last year or so, many homeowners have been taking advantage of their free time by making upgrades to their houses and properties. An especially popular space people are tackling are their backyards, transforming their once boring yards into the ultimate relaxation getaway. Between 2019 and 2020 alone, outdoor home improvement projects have increased by over 20% according to a study by Home Innovation Research Labs. There are few things that bring more appeal and value to a backyard space than a hot tub.
Home Improvement Investments
Real estate experts are now determining that the presence of a hot tub on a property now is adding significant value to homes all across the country compared to their values pre-Covid-19. If you’ve recently installed an in-ground hot tub in your backyard, you may be wondering how much to expect in added value. Here at Texas Outdoor Oasis, we want to help our clients in the Dallas/Fort Worth area determine how much the market values their investments.
Hot Tub Value
The appeal of hot tubs, whether in-ground or above-ground, is undeniable. At a time when high-end, luxury features like spas, swimming pools, and outdoor kitchens have been seen to increase in value up to 70%, it makes sense why some are taking the plunge. Since the advent of the Covid-19 vaccine, Texas and the south-central region of the United States has reported that the value of an in-ground hot tub has increased by more than 55% compared to the start of the pandemic. This means that buyers who were willing to pay an additional $4,000 for a home with an in-ground hot tub pre-Covid are now willing to pay an extra $7,000 for the same house in today’s market.
As there are many factors that determine the overall value of a home, it can be difficult to estimate exactly how much your backyard oasis has increased the value of your home. However, most Texas homeowners can expect to see a positive return on their investment. For example, reports from HomeLight estimate some homeowners could recoup 42% of their hot tub costs when selling, as compared to the 25% that would have been recouped in a similar scenario pre-2019.