Generally speaking, whenever we think about the fireplace, we picture the usual image of a hearth, mantel, and a cozy seating area nearby. However, 69% of real estate agents that participated in HomeLight’s End of Year Report revealed that homeowners are giving their backyards a “glow up” by installing an outdoor fireplace somewhere on the property.
The question you may be wondering is whether or not an outdoor fireplace is worth the investment. If you’re going to be selling your home soon and want to think of ways you can increase your property’s value, stay tuned!
Which is best? Wood-burning or gas-burning?
Fireplaces are usually either wood or gas burning and they have their own set of pros and cons. However, 48% of real estate agents say clients are more eager to install gas-burning fireplaces than the wood-burning ones. Gas fireplaces are usually the preferred option because they burn cleaner and won’t cause any problems regarding air-quality ordinances.
How much value will it add?
There’s a plethora of renovation projects we can take on if we want to improve our home’s value. But when it comes to what renovations will be desirable among potential buyers, we want to choose wisely.
An outdoor fireplace, when it’s complete, will add 72% value. In previous years, an outdoor fireplace would only add (on average) $3,337 to the property value. Yet, in 2021, an outdoor fireplace can add $5,753. If you live on the west coast, the added value increases quite a bit (123% to be precise), meaning it could add close to $10,000 in value. Pretty nice, right?
Note: Do keep in mind that the actual value that a finished outdoor fireplace can add will depend on the region, design, and materials used. In some markets, a person could spend more than $20,000 to build a permanent outdoor fireplace! So if this is something you’re considering, you not only have to figure out your budget, but determine whether or not you will get a lot of use out of it between now and when you sell.
Is it worth the investment?
Should you invest in an outdoor fireplace? That is the million dollar question that we all want the answer to, right? Unfortunately, it’s not an easy question to say yes or no to. Although outdoor fireplaces can add value to your property (bonus points if it’s a gas-burning fireplace with custom masonry), it may not be the best project for you.
Other than the budget, you need to think about whether you’ll get a ton of use from it. Sure, outdoor fireplaces may look great, but unless you intend to use them regularly, they’re just an expensive lawn ornament. If you intend on using it a lot, then by all means, you could start calling around to get estimates. However if you are just looking for ways to increase your home’s value (especially now that it’s a hot seller’s market), there are other worthwhile projects out there.
If you’re curious about what projects you should consider taking on, why not consult a local realtor for their insight? There are a lot of things that need to be taken into consideration when it comes to anything related to home renovations, buying and selling property. A top-rated agent can give you advice about what features locals are looking for, what projects can add the most value for the investment, and what projects your home could benefit from. With their help, decision making will be much easier!
