If you're planning to landscape your property, the first step is to create a budget. A professionally landscaped property enhances the aesthetic and increases the value of your home. Most people underestimate by just how much.
You're probably wondering what a typical amount to invest is. As a rule of thumb, we always recommend spending approximately 10-25% of the total value of the home. For example, if your home has a value of $300k, then you should consider investing between $30k and $75k, depending on your personal preferences.
Another factor to consider when landscaping your home is the return on investment. You can increase the value of your home to an amount well above your spend on the landscape. High-priced or luxury properties have the capability of fetching even higher value with a well-designed landscape.
Here’s how to determine how much to spend on your landscaping project...
Get a good landscape designer. A landscape designer can show you what's possible and develop a plan that will reach your long-term goals, even if your current budget isn't sufficient. If you have the money to do everything all at once, great. But if not, the last thing you want to do is shrink the project down to what's currently in your bank account. Landscaping is an investment. You shouldn't treat it like you would other expenses.
For instance, if you can only afford $10k at the current moment, but based on comps in your area, you determine that spending $30k will increase the value of the home by $70k, then compromising important elements of the project just to get to $10k isn't the answer. Finding a way to do the whole thing, even if it means doing it in phases or financing portions of the project, actually turns out to be the best bang for your buck.
To arrive at a precise budget, you should consider breaking down the entire landscaping project into individual phases instead of one total lump sum. For instance, consider the cost of a new deck, the installation of a patio or pathway, a water fountain, a pool, separately. A good landscape designer should itemize the project by the element so that you can determine how to phase it out in a way you can afford. In order to do that, you need a landscape design that considers all phases so that you can plan it out strategically.
The most important factor of all...
While how much you spend on landscaping depends on the size of the property and the value of your home, it's also about your personal preferences. This is arguably the most important element of it all. At Paesaggio, we're not in the business of designing landscapes. We design experiences. You can't put a price on a good experience. Perhaps a pool makes little sense for the property from an investment standpoint, but you plan to be in your home for 15+ years and you want one for your family. Anyone who grew up with a pool or had a family member with one, knows those memories don't have a price.
At the end of the day, it's about you.