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Outdoor Kitchen and Outdoor Room, expense or an Investment? Let’s look at two credible sources for this article:
American Institute of Architects, Press release of March 2023
Outdoor Living Report* 2023 and 2024, Conducted by the Harris Poll
For the purpose of this article, the definition of expense or investment will mean:
Investment- An investment in your home, in a financial context, refers to the purchase of property with the primary goal of generating a financial return, either through rental income or appreciation in value over time, rather than solely for personal use.
Expense- Little to minimal value added to the property. Mostly used for personal taste. An example would be custom window treatments such as curtains.
As beautiful, and inviting as it can be is an Outdoor Kitchen and Outdoor Room, Expense or an Investment?
Let's get to the point...
Outdoor Living has steadily been building momentum and highly sought after for the past twenty years as reported in Architectural Digest and supported in The Outdoor Living Report of 2023.
The demand for Outdoor Living continues to soar in the wake of the pandemic and does not appear to be slowing down. This means outdoor living is here to stay, and even an expected feature when purchasing a home.
We can clearly answer the question Outdoor Kitchen and Outdoor Room, expense or an Investment? With aq definitive YES! and here is credible data to support the answer.
Over seventy-five percent of Americans report that when looking for a new home, they would prioritize purchase of a home with an Outdoor Living space over one that did not have one. The data supports the idea whether you reside in a coastal area or not. Most real estate experts will also tell you that at a certain price point, an outdoor kitchen is expected. Historically, kitchens and baths have been the primary focus when looking for a home. However, potential homeowners are increasing their budgets for outdoor spaces.
The following is a March 30 press release from The American Institute of Architects announcing the results of its quarterly Home Design Trends Survey.
New data in the Outdoor Living Report 2024 is revealing the latest trends for outdoor living:
Indoor-outdoor coherent design is the biggest outdoor living trend this year, according to 78% of experts.
A majority of 70% of professionals agree that an updated, usable outdoor living space has a big impact on home value.
Homeowners are willing to spend a quarter of their home improvement budget on outdoor living spaces.
Outdoor kitchens remain the most in-demand feature, 73% of experts agree.
Covered patios prove more popular than decks and porches.
Outdoor Kitchen and Outdoor Room, expense or an Investment? When properly designed and engineered the data seems to support it will add to the value of your property and quality of life for a resort style backyard Surveying over 2,000 Americans, 69% see outdoor kitchens as an opportunity for different color selections compared with their interiors, and 77% embrace the opportunity to depart from more traditional options for their outdoor design. While a large percentage of Americans see Outdoor Living and Entertainment as a space to get creative, still 30% of the people surveyed prefer to have a more 'traditional' style.
For our clientele at Riviera Outdoor Décor, we have not seen a trend in bold color choices. Our clients prefer to coordinate with the existing architecture of their home. In our coastal area, sustainable is in high-demand with our marine grade outdoor kitchens and outdoor kitchen appliances.
If you are looking at an outdoor kitchen and outdoor room, expense or an Investment and wanting an investment, a bright bold color may not be your best choice. You may however want to look at the 'on the trend horizon' which includes: backyard bars with 40% expressing interest, and 45% note a preferred shift to more Zen-inspired escapes*
Over half of all surveyed report their design inspiration comes from resort hotels for their ideal outdoor living space. Homeowners are now looking to create an everyday escape in the outdoor living of their backyards. Resort Style Backyards are what consumers are looking for these days adding to their quality of life and creating the demand for Outdoor Kitchens and Rooms that in turn creates an ideal investment for your home.
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* The 2023 Outdoor Living Report was informed by a custom survey by The Harris Poll, a leading global market research firm. This survey was conducted online within the United States from November 28-30, 2022 among 2,079 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact BrownJordanOutdoorKitchens@sharpthink.com.
