A great way to add atmosphere to the outdoor space in your home is by installing a fire pit. However, as you consider investing your hard-earned money, you’re probably wondering whether you’ll be able to increase your property’s value.
Outdoor fire pits add value to your home and property. You can expect to recover up to three-quarters of your investment upon selling the property. Also, outdoor fire pits help speed up the selling process by attracting more potential buyers.
This article will cover how an outdoor fire pit can increase your property’s value and the reasons behind that. I’ll also review a few additional ways to increase your ROI when building an outdoor fire pit.
How Fire Pits Increase Property Value
Practically everyone would agree that a fire pit makes your outdoor space look more sophisticated and that it significantly improves the aesthetics of the space. Like landscaping and other improvements to your home’s exterior, a fire pit allows you to increase your asking price nearer to the upper limits of the current market.
Think about it. When potential buyers are comparing two houses, and one of them includes a cozy and well-kept outdoor fire pit, which house do you think they will pay more to buy? You’re right, the one with the fire pit.
According to Homelight, 54% of real estate agents rank fire pits as the top outdoor feature to add to your home. Basically, it adds ambiance and potential buyers tend to value that, even if you haven’t spent that much.
Attracting More Customers and Closing Sales
Another factor that an outdoor fire pit adds to your property is marketability. In layman’s terms, it means that you will be able to attract more customers. Also, a higher percentage of attracted buyers will likely give you an offer. Better yet, they’ll probably give you offers above your asking price.
For example, a real estate agent trying to set up an open house for your property would probably make use of the outdoor fire pit. The smell of burning embers evokes a cozy feeling that will appeal to people walking around your home. If the potential buyers are a family, they may envision gathering around the fire pit on holidays.
Psychologically, once they imagine owning the house, the idea of buying it starts taking over. As such, a real estate agent will have a better chance of selling the property at a higher value because they are able to market it better.
Cost vs. ROI of an Outdoor Fire Pit
Before investing in a fire pit, you’d probably be interested to know more about the return on your investment.
Numbers vary based on a variety of factors, but you can generally expect to return at least 60-75% of your investment when selling the house. In other words, if you spend $10,000 on a fire pit and surrounding hardscaping, you can add at least $6000 to your asking price.
But how much should you spend anyway? Does the fire pit need to be lavish to increase property value?
The short answer is no. You can even add a portable fire pit for less than $100 on Amazon and expect some increase in marketability and property value.
The important thing to remember is that a fire pit alone won’t do much for your property value. It’s best to add more features such as an outdoor kitchen, surrounding furniture, hardscaping, and so on. These features will complement the fire pit to make your outdoor space more appealing to potential buyers.
Factors To Consider for Best ROI
There are tricks to increasing your property value and getting a better return on your investment. However, you will need to spend your money wisely, regardless of how much you spend in total.
Here are a few things you should think about when getting a fire pit.
- Make sure it’s legal. Check with local authorities and the homeowner’s association (if applicable) to ensure that the fire pit won’t cause you or future homeowners any legal troubles.
- Add an outdoor kitchen. You (or future owners) are more likely to actually use the outdoor space if it has functional additions like a kitchen. Even if all you’re making is hot chocolate to enjoy around the fire, the experience is elevated.
- Additional hardscaping goes a long way. If you have room in your budget, try spending more on additional hardscaping, such as erecting stone pathways or gazebos. These will add more ambiance to the outdoor space and increase the value of your property. In the long run, additional hardscaping will allow you to get a higher return on your investment.
- Don’t get caught up in trends. Make sure that your fire pit is more or less a classic design so that it doesn’t go out of style before you actually sell the house. Trendy design elements are difficult to keep up with.
- Choose quality over flashy designs. You may think that getting a more extravagant-looking fire pit will bring you more returns. On the contrary, higher quality (durable) fire pits are more likely to impress prospective buyers. People value durability more than aesthetics, and that will be evident when they make their offers.
Benefits of Getting an Outdoor Fire Pit
What if you aren’t planning on selling your house just yet?
You’re still going to benefit from getting an outdoor fire pit in the meantime. Most people consider big expenses such as hardscaping and adding an outdoor fire pit to be feasible only if they will get the opportunity to enjoy the amenities themselves.
Below are a few benefits of having an outdoor fire pit that you might want to consider:
- Ambiance: One of the best things you can do to add a cozy atmosphere to any outdoor space is to have a fire pit, no matter how big or small. It’s a little bit like adding a fireplace to your living room because it adds to the ambiance of the space and allows you to enjoy your outdoor area more.
- Family time: An outdoor fire pit is a great gathering place for the entire family, especially in chilly autumn weather. You may find that you’re able to spend more quality time with your loved ones because there is a dedicated area for this.
- Warmth: Even during the winter months, you can enjoy a day out in the backyard because it will still be warm enough to stay outside for prolonged periods. You’ll therefore get to use your yard’s recreational area more often and throughout the year.
- Calming effect: It is a well-known fact that looking at an open fire is quite relaxing. We experience this when we gather around a campfire or even an indoor fireplace. An outdoor fire pit gives us that same soothing sensation.
As you can see, there are more than enough reasons to get an outdoor fire pit, even if you aren’t thinking of this in terms of property value. A fire pit will transform your outdoor space into a comforting, warm, recreational area that you will be able to enjoy for a long time.
To conclude, an outdoor fire pit not only adds ambiance and coziness to your home but also increases the value of your property. Even cheaper options can have a significantly positive impact on your property’s market value and get you a considerable return on your investment.
Consider getting an outdoor fire pit and additional hardscaping if you’re planning to sell your house—it comes with a high ROI.