Awnings are a popular addition to home exteriors, offering both shade and protection from the elements. But, beyond the practical benefits, many homeowners wonder if awnings add value to their property. While the short answer is yes, they do increase a home’s value; the complete answer is a bit more nuanced than that.
The awning experts at Shadetree Canopies want to share what they have learned so you can be more informed while determining the impact of an awning on your home’s value. Understanding the difference between real and perceived value, awning types, location, and materials will help you gain a complete picture of the relationship between awnings and the value they can add to your home.
Real Value vs. Perceived Value
Real value and perceived value are two different real estate concepts. While awnings can increase both the real and perceived value of a home, understanding the difference between the two can help you make a decision when purchasing an awning for your home.
Real value refers to a property’s actual market value based on location, condition, and comparable sales in the area. It is a measure of a property’s worth based on objective data and market trends.
Perceived value, on the other hand, refers to the value that a property holds in the eyes of potential buyers. Perceived value can be influenced by a number of different factors, including personal preferences and unique features of the property. Perceived value differs from the real value in that it is not based on objective data but rather on subjective opinions.
Since awnings create new outdoor space that you can use year-round, they objectively improve the property’s functionality, which will positively impact the real value of your home. While the perceived value is a little harder to measure, it could have a positive or negative effect depending on the potential buyer viewing your home. However, our experience tells us that most potential home buyers respond positively to awnings which translates to an increase in perceived value.
How Awnings Increase the Real Value of Your Home
Awnings can increase the real value of a home in several ways. The first way an awning can improve the real value of your home is that they provide practical benefits such as shade and protection from the elements, which increase the livability and comfort afforded to potential buyers. An exterior awning essentially creates an additional room to relax, entertain guests, and spend time.
An essential part of a home’s real value is the overall appearance and curb appeal of the property. While there is some overlap here with perceived value, most people instinctively know whether a house looks “good” or “bad.” That said, awnings can improve the appearance of a property by adding visual interest and aesthetic appeal.
In today’s increasingly energy-conscious world, people are more interested in energy-efficient homes than ever before. Fortunately for potential home sellers, awnings are a great way to increase efficiency and decrease energy usage. Awnings can help reduce energy costs by reducing the amount of sunlight that enters a home and therefore reducing the need for air conditioning.
All of these things combined can make a property more desirable and valuable to potential buyers, which can ultimately increase the real value of your home. Even if you don’t plan on selling, the reduction in energy costs can save you money.
How Awnings Increase the Perceived Value of Your Home
Awnings can increase the perceived value of a home by adding aesthetic appeal and personalization to a property. A well-designed and stylish awning, like those offered at Shadetree, can enhance the curb appeal of a home, making it more visually appealing and attractive to potential buyers.
In addition to improving the curb appeal, awnings provide an added sense of privacy and shelter, creating a more inviting and comfortable outdoor living space that potential buyers will value while making their assessment of a home.
Awnings are also customizable, which gives you a chance to tailor a specific look to your or to the market’s tastes. Since not every buyer will have the same taste, deciding which style of awning is best to increase the perceived value can be a shot in the dark. However, we find that sticking to market and design trends maximizes the chance that your awning will increase the perceived value for more potential buyers than decrease it.
Increase the Value of Your Home with an Awning from Shadetree Canopies
If you’re looking to improve the value of your home, consider adding an awning. Not only will it provide you with protection from the sun and elements, but it can also increase both the real and perceived property of your home.
With a wide range of materials, colors, and styles to choose from, you can easily find an awning that fits your personal taste and style. Don’t wait; take action today and give your home’s value the boost it deserves. Contact ShadeTree Canopies for more information, or order your custom value-packed awning online today!