The ROI of Outdoor Lighting in Toronto
In today's competitive real estate market, homeowners seek every opportunity to add value to their properties. In the vibrant, bustling city of Toronto, enhancing a property's outdoor space with landscape lighting can have substantial benefits, including a considerable return on investment (ROI). This blog post will illuminate the monetary benefits of landscape lighting, focusing on the Toronto real estate market.
Accentuating Beauty and Curb Appeal
Toronto, known for its beautiful architecture and diverse neighbourhoods, offers numerous opportunities to enhance a property's appeal through landscape lighting. By highlighting architectural details, gardens, and outdoor features, homeowners can make their properties stand out, attracting more potential buyers and commanding higher prices.
Increasing Safety and Security
Toronto, like any large city, is not immune to security concerns. Landscape lighting can enhance safety by illuminating paths and entranceways, reducing the risk of trips and falls. Furthermore, well-lit properties can deter potential intruders, adding an extra layer of security that is attractive to prospective buyers.
Extending Outdoor Living Spaces
With outdoor spaces increasingly seen as a valuable extension of the indoor living area, landscape lighting can increase the perceived square footage of a home. Patios, decks, and gardens that are properly illuminated can be used year-round, even during Toronto's long winter nights. This functionality is a key selling point and can significantly contribute to a property's value.
The Monetary Benefits: ROI of Landscape Lighting in Toronto
Though specific figures can vary based on factors such as property size, location, and the extent of the lighting project, industry professionals estimate that well-executed landscape lighting can add approximately 15% to 20% to a home's value.
Considering the average selling price of a Toronto home reached $1,050,300 in May 2023, according to the Toronto Regional Real Estate Board (TRREB), a 15% to 20% increase could represent a potential value addition of $157,545 to $210,060.
Let's break this down with a simple example. If you invest $10,000 in a professional landscape lighting project for your property, and it results in a conservative 15% increase in value ($157,545), the ROI for your landscape lighting project would be significant.
Moreover, a survey by the National Association of Realtors (NAR) found that outdoor lighting is among the top three outdoor features that attract buyers, with 41% rating it as 'essential.'
For Toronto homeowners, landscape lighting is more than an aesthetic enhancement—it's a strategic investment with considerable ROI potential. As the city's real estate market continues to thrive, homeowners looking to maximize their property's value should consider the benefits of a well-lit landscape. Not only can it improve your home's safety, usability, and curb appeal, but it also stands to provide a significant return when it's time to sell. Brighten your investment portfolio with the strategic inclusion of landscape lighting.