The answer seems to be yes. A gas fire pit will increase the value of your home but, you won’t make money on it. However, it’s one amenity you can add for your enjoyment and recoup the majority of your expense. That’s not a bad deal in the world of real estate.
If you’ve been doing a little research on this topic online, you’ve no doubt seen a range of opinions on how much value-added to expect. One story suggests a custom gas fire pit could add more than 15% to the value of your home. Yowzer! Where do I sign up? (I suspect the author of that information misinterpreted numbers incorrectly as opposed to making them up out of thin air. But it does make the case for checking multiple sources.)
The most often-repeated estimate comes from the National Association of Realtors. They surveyed 6,000 of their agents and released a report entitled, “2018 Remodeling Impact Report: Outdoor Features.” In it, they estimate that a gas fire pit offers on average, a 67% return on investment (ROI).
So in the example, they put forth, if you invest $6,000 in a fire pit, you might get as much as an additional $4,000 for your house when you sell it.
NATURAL GAS fire pits offer the greatest return on investment compared to propane and wood burning fire pits.
Your local real estate agent can give you a better idea of a realistic ROI in your area. If you’re planning on moving in the next year or two, it might be hard to recoup enough enjoyment to offset the loss of the initial investment. Only you can make that determination.
Keep in Mind
There are several variables that affect ROI. Gas fire pits add much more value than wood burning pits. And natural gas fire pits are more valued than propane fire pits.
But simply slapping any type of fire pit down in the middle of your backyard is not going to automatically give you a healthy ROI. If the fire pit is part of an overall hardscape design that includes a grilling area (or maybe an outdoor kitchen), tasteful landscaping, and beautiful pavers, then yes.
If it’s a pit rising from a thatch of weeds and located on a scraggly lawn, then no. If it’s part of your patio area but it doesn’t blend well in either size or because of the building materials used, then that’s also a no. Fire pits like these aren’t going to add a lot of value.
Whatever you add to your outdoor space should enhance the area. The type of fire pit you choose should be a complement to your house and landscaping, not an eyesore. If you’re really hoping for a big ROI, you might want to consider hiring a designer to make the most of your investment.
Fire pits are a great focal point for your backyard or patio. They are a natural gathering place for family and friends, or even for contemplative evenings alone. If a fire pit is something you could see yourself using to make wonderful memories, then knowing you’ll recoup most of the cost should help make the decision even easier.