Interest rate hikes are accelerating the decline of Australian property prices. In Sydney, the average property price has fallen –9.5 percent since 3 May, and –10.1 percent since peaking on 3 February this year. For this reason, property owners are looking for ways to retain and, where possible, increase the value of their investment. One time-tested way to do this is to establish an outdoor patio.
What is an Outdoor Patio?
An outdoor patio is a type of outdoor extension. The word ‘patio’ in Spanish means backyard or back garden. They are traditionally an open inner courtyard with a solid floor surface, built adjacent to the house, and used primarily for outdoor lounging and dining. These days, modern outdoor patios take a few liberties to go beyond tradition: they can be built separate from the house as a standalone fixture, they can feature exterior roofing, and they can feature walls that surround the perimeter. Modern outdoor patios can also include additional amenities, such as ceiling lights, ceiling fans, outdoor heating, opening louvered roofs, fire features, and even televisions if desired.
Outdoor patios come in a range of styles and configurations. They can be built adjacent to or separate from the house. An adjacent patio creates a seamless transition from indoors to outdoors, while a separate patio rests deeper in the backyard, connected by an optional pathway. The floor surface rests on a solid foundation and is made from concrete, gravel, tiles, clay bricks, or pavement; not elevated timber decking, as is the case for outdoor decking that rests above the ground floor. Larger-scale outdoor patios can wrap around the entire house, from the sides all the way to the backyard, with separate covered and uncovered sections that serve different purposes, such as a dining area or children play area.
How Much Does It Cost to Build an Outdoor Patio?
There are many factors that determine the cost of an outdoor patio. The size of your patio is one of the biggest factors. Naturally, the larger the patio, the more manual labour, and materials you will need, which will increase the cost. The type of surface you choose is another key factor. Plain concrete is the least expensive option, while tiles and clay bricks will cost a bit more. The number of amenities you choose will also increase the cost, such as your choice of outdoor furniture, heating and cooling, lighting, decorations, plants, and insulation.
According to HiPages, the national average cost of an outdoor patio is between $2,000 and $10,000. This is a very vague estimate, and the wide price gap makes it hard to tell just how much your project will cost. For this reason, it is a good idea to request an estimate. Some outdoor patio builders will come to you in person to discuss your project. Other builders may ask you to fill out an online form. Either way, the first quote you get should be free of charge, with no obligation to proceed if you change your mind. From there, you may need to pay a small fee for a more detailed inspection and quote. But with an initial quote, you should have enough information to know if you want to take the next step.
How Much Value Will an Outdoor Patio Add?
Building a quality outdoor patio is a fantastic way to help your property stand out on the market. Now the key word here is ‘quality.’ You don’t want your outdoor living space to look or feel rushed, out of place, or built on the cheap side. Even the smallest details can influence the way people feel when they lay eyes on it for the first time. Therefore it is so important that your outdoor patio is professionally constructed, using high-quality materials that are built to last and built with modern construction methods that comply with Australian Building Standards. Otherwise, your project may not generate a high enough return on investment, at least not enough to justify it being built in the first place.
According to the 2022 Houzz & Home Australia survey, 13 percent of respondents said that they renovated their home in 2021 as they had plans to sell and wanted to increase its resale value. The same survey revealed that Exterior Features were the second most popular type of home feature to upgrade, behind Interior Rooms but in front of Home Systems. Moreover, a nationwide survey by Australian outdoor living manufacturer, Trex Company, revealed that 92 percent of respondents said it was important for their home to have an attractive and inviting outdoor living area. What’s more, research from PropTrack, a property insight provider, shows that search results for ‘courtyards,’ ‘gardens,’ and ‘outdoor areas’ have risen by 35 percent since March 2021.
Does this mean that an outdoor patio is guaranteed to increase the value of your property? If the patio is well-designed and professionally constructed, there is a good chance that it will. It also depends on the quality and the condition of the rest of your home. If you have a stunning outdoor area, but the rest of the house is old, outdated, or in need of repairs, then a standalone outdoor entertainment area may not be enough to hide those flaws. Make sure that every aspect of your home is in great shape for the best possible outcome.
Request a Free Price Estimate
By far, the best way to determine if an outdoor patio will add value to your home, consult your local outdoor patio builder today. They can discuss not just your project requirements, but also the value-adding benefits of outdoor living, especially as it relates to your specific suburb and the council you live in. From there, they can give you an honest estimate and, if you wish to take the next step, you can then book a detailed inspection.
