Why Homeowners Should Consider Adding An Outdoor Fireplace To Their Home
Outdoor fireplaces — not to be confused with the more casual outdoor fire pit — are towering stone or brick structures that transform any outdoor lounge area into a luxurious-yet-cozy space. In a post-COVID life, homeowners have reevaluated their needs, and buyers are on the hunt for homes with updated outdoor features. Properties with an outdoor fireplace are viral.
If you’re thinking of selling shortly — or want to increase your home’s value — installing an outdoor fireplace may be a smart move, but you’ll want to be sure it’s a worthy investment before taking any giant leaps.
Buyer interest in outdoor fireplaces has spiked since 2020
In HomeLight’s Top Agent Insights for End of the Year 2021, 65% of the real estate agents polled claimed that buyer interest in outdoor fireplaces has increased since March 2020.
This is especially true in warmer areas. 69% of agents in the South Central region reported buyer interest in outdoor fireplaces has increased.
We can mostly thank COVID-19 for the change in buyer priorities. Those searching for new homes are constantly asking themselves if this home would be liveable and enjoyable if stay-at-home orders were ever reinforced. Therefore, top-notch outdoor spaces will be highly desirable in the current housing market, especially outdoor rooms with luxurious outdoor fireplaces.
An outdoor fireplace adds significant value to your home
Since March 2020, the value of an outdoor fireplace has increased by 72% — from $3,337 to $5,753. If you live in a warmer region, you’ll find the value even more significant. For example, the Pacific region saw the most dramatic increase in the value of outdoor fireplaces, from $4,254 to $9,497, a 123% boost.
Real estate agents were somewhat split on whether a gas or wood fireplace adds more value. However, gas slightly edged out wood. Gas requires less ongoing maintenance, while wood fireplaces sometimes violate local fire bans and air quality ordinances depending on the area.
However, if adding an outdoor fireplace is purely an investment, be careful. Estimates show custom work for outdoor fireplace structures can easily exceed $20,000, but that entirely depends on the extravagance of your fireplace. Keep your fireplace simple if you’re purely in it for the ROI.
Complete outdoor living is a high-demand feature.
As already noted, homes with top-notch outdoor spaces are heavily sought-after in today’s market. If you’re planning on renovating, you’d be wise to spend most of your time focused on your outdoor space, even if you don’t do anything quite as spectacular as adding an outdoor fireplace.
Plus, everyone loves relaxing outside. Suppose you’re buying a home while you’re selling your current property. In that case, you’ll still enjoy all the perks of your renovations as you relax outside on your patio — especially after a long day meeting with your realtor and touring the local open houses!