November 30th, 2021
Topic: Outdoor Fireplaces Get Their Glow Up As A Key Outdoor Lounge Feature
Who doesn’t love sitting outside on the patio and kicking your feet up next to a roaring fireplace? Seemingly, most homeowners are particularly fond of the idea, as outdoor fireplaces — not to be confused with the more casual outdoor fire pit — are extremely popular among the current pool of buyers.
Outdoor fireplaces are towering brick or stone structures that can easily transform an outdoor area into the focal point of the home. Especially in a post-COVID life, home hunters are prioritizing outdoor spaces much more than they once were, so outdoor fireplaces have become more sought-after than ever before.
If you’re thinking of selling in the near future, installing an outdoor fireplace will significantly increase your home’s value and spike buyer interest, however be sure to consider the return on investment before diving head first.
Since 2020, outdoor fireplaces have spiked as a top interest for buyers
A majority of real estate agents, polled in HomeLight’s Top Agent Insights for End of Year 2021, noted that buyer interest in outdoor fireplaces has increased since March 2020.
In warm climates, this is even more significant. In fact, approximately 69% of realtors from the South Central region reported that buyer interest in outdoor fireplaces has risen.
While we can’t thank COVID for much, this change of buyer priorities is mostly due to the pandemic. Now more than ever, home buyers are seeking spaces that would be comfortable if stay-at-home orders were reinforced due to another spike in COVID-19 cases or another future pandemic. Therefore, top-notch outdoor spaces, especially ones with key features like an outdoor fireplace, are essential.
The value that an outdoor fireplace adds to your home has significantly increased
In March 2020, an outdoor fireplace was valued at $3,337. Now, an outdoor fireplace adds approximately $5,753, which is an increase of 72%.
For those in a warmer region, this increase is even more noteworthy, as outdoor fireplaces are worth about 123% more than they once were.
If you want to sell your house for cash for the best value, real estate agents are split on whether gas or wood fireplaces add the most value. Gas slightly edges out wood, however, as gas fireplaces require less ongoing maintenance and wood fireplaces sometimes violate certain fire bans and air quality ordinances.
It’s important to note, however, that outdoor fireplaces don’t have a great ROI. Estimates show that an outdoor fireplace can cost upwards of $20,000, but that depends on the extravagance. If you’re installing an outdoor fireplace purely for the investment, be sure to keep it simple.
Focus on complete outdoor living to impress potential buyers
Thanks to the COVID-19 pandemic, homes with extravagant outdoor spaces are highly coveted in today’s market. If you’re planning on renovating, an outdoor fireplace will definitely spark buyer interest, but you’d also be smart to spend the majority of your renovation budget on the outdoor space in general, even if you don’t want to do anything quite as spectacular as building an outdoor fireplace. Simple yard maintenance may be enough to please your potential buyers!