To what extent does landscaping typically add value to a property for the purposes of appraisal and re-financing, compared to other improvements?
This is a great question. I have a property I just remodeled, but the landscaping needs some serious help. I think overall, regular landscaping (not fancy) has a pretty good ROI as far as appraisal.
Thanks, in the case of this property I'm referring to the backyard, which is walled in and not visible to neighbors.
@Ryan H. Making sure the landscaping is clean and up to the neighborhood standard is important, but I have never heard of a property appraising for more just because the landscaping is significantly nicer than a comp.
As a matter of fact i have never heard of landscaping mentioned in any appraisal report ever. General condition is mentioned which is why you just want to make sure things are clean looking. It is one of those areas where you can get deductions on if it is deplorable, but no additional credit if it is stellar.
I think it all depends on what type of property your doing the landscaping too. If it's a rental you could possibly get it filled faster and at a higher price. For appraisal purposes it will depend on commercial or residential. If its residential its manly based on the comps so hard to believe that it will make a huge difference. However for multifamily buildings were most of the value is based on cap rate, obviously it can't change the cap right but it can help change the way an appraiser will look at the property and therefore add value.
Side note read in a book once that the landscape and curb appeal help bump the appraisal up 12 mill from 89 mil to 101.
best of luck