We’ve done a lot of renovations over the past year and a half and our backyards are looking pretty awesome… if we do say so ourselves! But if you’re like us and want to make things even more luxurious, then an outdoor fireplace is the obvious next step. According to HomeLight’s End of Year Report, outdoor fireplaces are in high demand, especially if you’re in the South Central region where buyer demand for this feature is up by 65%!
As popular as they are, are they really worth the investment? Will you get any of your money back when you put your property up for sale? That’s what we’re hoping to help you figure out!
Wood or gas, which is best?
Usually, when we think of fireplaces, we’re looking at a wood-burning model or a gas-burning model. There are great options in both categories but 48% of realtors say their clients prefer gas-burning fireplaces. Although you aren’t going to get that same crackling or feel-good nostalgia vibes from gas fireplaces, you won’t have to worry about local regulations regarding air quality or wood-burning ordinances.
How much value does it add?
For those who don’t care about getting their money’s worth in terms of using the fireplace but are more interested in increasing the value of your property, then you’re probably going to want to add a gas fireplace, as it can get a 72% value increase when it’s all finished. That means if you spend $3,337 on the project, it can add up to $5,754 when it sells.
Heck, if you live in the Pacific region, that investment will present you with a 123% increase! So while you initially spent $4,254 (prices adjusted to reflect regional prices), you could see your property value increase by $9,497! That’s a nice chunk of change, don’t you think?
Note: The actual values will increase/decrease depending on your region and various cost differences.
Is an outdoor fireplace worth the time and expense?
There are a million and one ways you can spruce up your property and make it your own, we can’t deny that. However, what we can say is that not all renovation projects are valued the same. We may love that awesome putting green at the back of the yard, but unless a buyer happens to love golf as much as you, that green will be a waste.
Will that new outdoor fireplace become the crowning feature that will make all the buyers in the area want your house? Probably not. However, if you’re dead set on having an outdoor fireplace in your yard, then by all means go for it! The point of renovating isn’t just to add value to your property (but that certainly is a nice bonus), but to improve how you and the family enjoy it.
Are outdoor fireplaces worth the time and expense? For all intents and purposes, yes, they are. You can almost guarantee that you’ll get your money back and then some. However, we strongly recommend that you consult with a realtor (if you’re going to sell soon) and get their insight. They know the local market the best and they’ll be able to guide you through the features buyers want and do not want when they’re shopping for a new home. But, if you’re eager to have a fireplace just for your own enjoyment, then yes, of course, have one installed!
Either way, you slice it, outdoor fireplaces are worth it.