Do New Fences Increase Property Prices?
In the United States, the average price of a home is over $300,000.
If you’re hoping to sell your home one day, maximizing its value is important. Property prices can be influenced in several ways. You may be thinking of adding a fence to enhance the value of your property.
Will a new fence increase the property value of your home, and by how much?
One of the largest factors when determining if a fence will increase your property prices is materials. There are pros and cons to installing a wooden fence, but wooden fences do add the most value. This is often because of their traditional look and appeal.
Aluminum fencing is a great choice, as it won’t corrode or break down in weather as wood does. It also requires much less maintenance which will appeal to many home buyers. Do your research when it comes to fencing material options.
Another major factor to consider is the neighborhood that your home is in. Does a fence fit the look of the homes around yours? If it doesn’t, there’s a low chance it will add much to the home value.
On the other hand, if you live in an area where a fence would fit in, not having one could decrease the property value. This is a real concern to those who live in more rural areas where roving animals could be an issue.
Ornamental vs. Functional
Another consideration you should make is whether you want the fence to be ornamental or functional. Depending on the area, both can contribute a considerable amount. A functional, new fence can help keep animals in or keep them out.
For ornamental fences, a lot of the value will be in the look and appeal of the fence. They can be built for various purposes, to showcase gardens and plants or accentuate the landscaping.
One type of fence that is sure to provide some increase in value is a privacy fence. When made of wood or other substitutes, they provide a home with an increased feeling of shelter. Many homeowners like the look of large wooden fences in their yards as well.
Return on Investment
If you choose the right material and are in the right place, a fence can have a substantial return. If you consider selling your home, you could get as much as 70% back from the right fence. On the other hand, the wrong fence will only give back a small fraction of its value.
When considering your options, make sure to check for local fencing companies. They will have an idea of what works best in their area. Nothing beats local knowledge.
A fence can provide a significant increase in property prices or not at all. Much of it will come down to the choices you make. If you want to make an informed decision, we are here to help homeowners in the Lexington, KY, area.
If you live in Lexington, KY, and are considering a fence, contact us.