If you’re considering selling in the coming year, any top-notch real estate agent will attest to the importance of tackling some last-minute home updates. Since improving your curb appeal is one of the more important factors that could influence the closing price of your home, some homeowners are wondering if building a new fence around the property will increase its value.
Keep reading for the experts’ advice on the subject, as well as return on investment factors that may influence your decision.
How Much Should I Expect to Pay When Building a Fence From Scratch?
Unfortunately, construction costs spiked during the COVID-19 pandemic as material costs rose. Expect to pay anywhere from $1,000 to $4,000 to install a new fence.
While this might seem too expensive, keep in mind all the factors that go into final costs, including the length of your perimeter, material, permits, and professional installation if you plan to seek help from the experts.
If you’re planning to search for your new home while selling your current property, you’ll need to carefully consider what home updates to invest in so that you don’t lose money in the process. Other curb appeal tasks are much cheaper, and have heftier returns on investment.
Buyer Needs and the Appeal of Fences in Urban Areas
While fences don’t have a high value, this will increase depending on your area and your buyer. Those with pets and small children may be more inclined to pay more for a property with a fully-fenced yard. Likewise, those in urban areas will desire a fence for privacy reasons more so than those living in rural areas.
If you’re on the fence (pun intended), talk to your realtor about what renovations and updates your thinking of tackling. Even without a real estate agent on your side, you can do your own research into buyer needs in your area to make a final decision.
The Upside of Repairing Rather Than Building
While building a fence can be an expensive endeavor, repairing an existing one could be a cheap alternative depending on the condition and material. Unless your fence has serious issues, you can easily repair your fence without seeking professional help. Try sanding and painting your wooden fence or giving your wrought-iron fence a power wash. While simple, sometimes the easiest tasks increase ROI more than the complicated ones.
If your fence has serious functionality concerns, the best option may be to simply get rid of it. Building and maintaining a fence will cost money, so save yourself the trouble and let the next homeowner decide for themselves if they want to invest in a new fence.
While a charming fence may add value to your home, the cost outweighs the return on investment. If you want to build a fence for personal reasons, you’re free to do so, but be careful about tackling the project in the hopes of regaining your losses in the closing cost. Instead, focus on cheaper curb appeal tasks like maintaining your grass, planting some flowers, or painting your front door.