Why does one homeowner get more money when they sell their home while another gets little? Why does one home sell quickly while another home within the same neighborhood takes months to be sold or may not even be sold at all? Could it be pure luck or there is something one did to his house to make it more attractive to potential buyers?
Making a few home improvements will go a long way in increasing your chances of selling the house. There are hundreds of homes available on the market and so for your house to be picked out, you to need sweeten the pot. Fencing is one way to improve the value of a home. But how will fencing enhance your home value? Read on.
How much value fencing adds to your home
On average, privacy fences are 4-9 feet tall. Installing a fence in your backyard for privacy purposes will increase marketability for your home with prospective buyers when selling. Homeowners with pets, such as dogs, may require a fence and could be reluctant to purchase a home without one due to the high cost of fencing materials and installation. A standard fence costs $1000 – $5000 to install in many real estate areas; depending upon the materials selected and size of your yard.
This does not mean that using any type of fence will tremendously increase the value of your home. While a chain link fence may be less costly, the resale value obtained with this addition is so minimal. On the other hand, privacy wood fences and solid fences like concrete or cast iron can net a profit of at least 50% of the material and installation costs on resale. So fencing materials play an integral role in determining the overall home value during appraisal.
For a homeowner, the value of a fence may not be monetary in nature. Most homeowners like the added privacy of having a backyard fence, in addition to their decorative benefits which enhance the appearance of the yard and the home as a whole. What having a more beautiful home and more privacy brings for homeowners outweighs the potential loss of profits when selling.
Just like any other factor in home improvements, fence placement comes into play when considering practicality and value assessments. For example, a privacy fence in the front yard may reduce curb appeal of the home but increase value in the backyard. Before fencing your property, you need to consider utility easements and homeowner association regulations before starting the project to avoid any fines from violations.
When it comes to increasing home value, adding a fence that does not match the style and design of your home could be worse than having no fence at all. For example, a sleek, modern home will look weird if you use an ornate wooden fence while a quaint Victorian home will look out of place if you add a high stockade fence. So make sure you match the fence with look of your home in order to increase its value.
Realty Times Staff 05/06/2015