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Hello,
Just wanted to add that there is a national survey that estimates how much of the cost of a remodeling project is returned in home value. I found a link to an older survey here. Be sure you follow the links to your specific area. Back yard entertaining area in an urban area is generally a highly prized feature. Check with a local St. Louis realtor or appraiser for further details. Congrats on your new patio!!
Since December 2008
It depends on how you define "value." If you're asking if you were to sell the house today- would the market price of your house go up because of the addition of the patio, I would say most likely not. I would, however, say that you added value by making your home more marketable because it will show better and now has an additional feature that didn't exist before.
If you're looking for ways to improve your house and increase your market price value at the same time, I would recommend adding a bathroom.
I hope this helps.
Patrick Howard- Edina Realty
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We added a patio to our backyard this summer. Did we add any value?
pnikstad
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