Who doesn't love to sit outside and put their feet up next to a roaring fire? Outdoor fireplaces have become the epitome of outdoor luxury, which is not surprising!
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Not to be confused with the more casual outdoor fireplace, these outdoor fireplaces are large stone or brick constructions that can transform any casual living area into a luxurious yet cozy space. In a post-COVID life, home buyers have decided that prime outdoor spaces are key, which is what makes the outdoor fireplace especially popular. If you have the budget to do a New Year's renovation, adding an outdoor fireplace to your home can be a smart move – not just to have a good time with family around the crackling fire, but to get the best value too for your home at the time of sale.
Buyer interest in outdoor fireplaces has increased since 2020
While outdoor fireplaces have never been exactly unpopular, the COVID-19 pandemic has completely shifted shoppers' priorities. Anyone looking for new objects asks themselves again and again: Would this home be a joy if it were to stay at home again? If you've been one of the unfortunate people stuck inside during the lockdowns, you'll understand why outdoor spaces are so sought after in the market today.
In HomeLight's Top Agent Insights at the end of 2021, 65% of top real estate agents said buyer interest in outdoor fireplaces has increased since March 2020. This is especially true in warmer areas, like the South Central area, where 69% of realtors said interest in outdoor fireplaces has increased.
An outdoor fireplace significantly enhances your home
Since March 2020, the value of an outdoor fireplace has increased by 72% – from around USD 3,337 to USD 5,753. If you live in a warmer region, the value has changed even more dramatically. If you sell in California, for example, you'll be happy to know that the value of outdoor fireplaces has increased by 123% – from $ 4,254 to $ 9,497. Building an outdoor fireplace from scratch is certainly an expensive endeavor, so doing it for investment purposes only can be risky. Estimates show that work for an outdoor fireplace structure can easily exceed $ 20,000 depending on the extravagance. If you're looking to sell any soon, this may not be the smartest move.
Complete outdoor life is becoming a sought-after feature
As mentioned earlier, buyers look high and low for homes with prime exteriors. If you don't have the budget for a generous outdoor fireplace, there is still a lot you can do on a smaller budget to impress your buyers.
First, focus on outdoor maintenance. A fresh coat of paint on the front door and a freshly mown lawn are well received by buyers. Next, try building a small stone patio and privacy screens like a fence or wall out of shrubs. A simple terrace looks all the more impressive when you buy a grill, patio table, comfortable seating or outdoor lighting. And just think – you will get all the benefits of your investments relaxing outside on your patio with a cocktail in hand, whether or not you decide to sell!
