Usually when we think of cozying up by the fireplace, we’re inside our home’s on a comfy couch and wrapped in a warm blanket. That’s not the case anymore because 69% of real estate agents who took part in HomeLight’s End of Year Report say homeowners are building fireplaces outdoors to make their backyard a place to relax, even when it’s colder out.
If this sounds like something you’d be interested in, you may be wondering whether it’s worth the investment or not. Or, more to the point, if you’ll see a return on your investment when it comes time to sell your home.
Well dear homeowner, keep reading because we’re going to shed some light on this topic.
Wood-burning or gas-burning?
The most common types of fireplaces are either wood-burning or gas-burning. Each option has their own pros and cons, but 48% of real estate agents say gas fireplaces reign supreme. Gas fireplaces are more preferable because they burn cleaner and they aren’t going to have any problems with local air-quality ordinances.
How much value can it add?
There’s a ton of renovation projects we can do to improve the value of our home. But not all of those projects are going to appeal to buyers, so we have to be wise when we’re deciding what to invest in.
On average, an outdoor fireplace can add 72% value. In the past, an outdoor fireplace would increase your home’s value (on average) by $3,337. In 2021, that figure increased to $5,753 – a nice little jump wouldn’t you say? That increase of value goes even higher if you’re on the west coast, though. On the west coast, an outdoor fireplace could add almost $10,000 to your property’s value. That would be a 123% increase!
Note: The actual added value will depend on your location, the design, and what kind of materials were used. In some areas, homeowners can spend upward to $20,000 for a permanent outdoor fireplace, which is a huge investment to say the least!
Is it worth it?
So, are outdoor fireplaces worth the investment? Well, that’s not really an answer we can give you because of all of the variables that need to be taken into consideration. We can say that, in general, yes, a gas-burning fireplace is a good investment, it isn’t a project that every homeowner should take on because the fireplace may not be in-demand in your particular market.
Outdoor fireplaces are an expensive project and you have to think about how much use you’ll get out of it. If you’re doing it solely to increase the value of your property – ask a realtor for their opinion if it’s worth it or not. If you intend on getting a lot of use out of the fireplace while you’re still living in the home, then go for it. Your enjoyment is more important at that point.
If you want other ideas about what home renovations would be worth your time and investment, don’t hesitate to call your local real estate office and ask to have a chat with a realtor. Ask them what home features are in high demand and what projects could improve your home’s function, design, and value. When you gain insight from a top-rated realtor in your area, you can rest assured that they’ll give you advice about home renovations that will pay off when you’re ready to sell.