Typically speaking, when we think of fireplaces, we picture something along the lines of a red brick fireplace in the living room. However, outdoor fireplaces are making a splash, and 69% of realtors who took part in HomeLight’s End of Year Report say buyer demand for an outdoor fireplace is on the rise. One of the surveyed realtors from Montgomery, Alabama stated that a lot of her clients love outdoor fireplaces because they like being able to build a fire and relax at the end of the day.
As great as they are, are they worth the investment though? Not only that but is there are a particular kind of outdoor fireplace that’s worth the investment? Let’s take a look!
Wood-burning or gas-burning?
Outdoor fireplaces are most typically either wood-burning or they’re gas-burning. Both options are excellent choices, but gas-powered fireplaces are more popular among buyers, as reported by 48% of surveyed agents. The gas-burning fireplace is also a better option because it’s less likely to run into any troubles with local regulations, such as wood-burning or air-quality ordinances.
What is the ROI?
There are a lot of things that we can do to improve upon in our homes, but when we’re thinking about renovations with the express intention of increasing the value of the home prior to selling… We want to consider whether or not it’ll even be worth the investment. So let’s take a look at the possible return on investment for an outdoor fireplace.
An outdoor fireplace can fetch you a 72% value increase upon completion. So while you spent (for example) $3,337 on the project, it will ultimately add $5,753 in value to your property. If you live on the West coast, that value is increased significantly – a 123% increase to be precise. If you were to spend $4,254 on the project in the Pacific region, its added value would jump to $9,497.
Of course, we have to clarify that these numbers are just estimates and the actual figures will depend on the materials, location, contractor, and the work necessary to make the permanent structure for the fireplace. After all’s said and done, it could cost as much as $20,000!
Should you invest in an outdoor fireplace?
Now it’s time to answer the million-dollar question: should you invest in an outdoor fireplace? An outdoor fireplace is a good investment because it does add value to your property. You can add even more value if you opt for a gas-burning fireplace and have top-of-the-line custom work done to make the whole area feel luxurious.
Aside from the financial part of making this decision, you’ll want to consider how often you will be using the fireplace. Will it be used on a regular basis or are you just building one for looks? If you’re going to use it all the time, then that right there tells you that it would be a solid investment because it’s not just going to sit.
If you’re just getting it to increase property value because you’re going to be selling soon, then you may want to consider consulting a realtor. They’ll be able to tell you which variety is popular among buyers, or if there’s even a market for outdoor fireplaces in your area.
The market can be rough, to be sure, and not all home renovations are going to be a hit with potential buyers. We say, if you’re going to be living in your home for another few years, then by all means build that outdoor fireplace! If not, we strongly recommend checking out what the market is like in your area and planning your renovations accordingly.