Investor · Baltimore MD · Member since 2018 · 12 posts · 5 votes
So I have been looking at a SFH in the Waukegan IL area, It does not have any type of outdoor furnishings whatsoever and if I were to buy the house how would adding a patio or a fire pit effect value of the house? Would it be a worthwhile investment? have you or anyone you known installed a patio, and if so how did it affect the value of the home? If the unit was a multiplex instead how would it affect the value?
It does not affect resale to any degree. It would make the property more attractive to buyers or renters.
If you are thinking of renting do not install a fire pit. Most tenants are generally irresponsible. No fireplaces, wood stoves or fire pits. You do not want open flames anywhere on your property.
It does not affect resale to any degree. It would make the property more attractive to buyers or renters.
If you are thinking of renting do not install a fire pit. Most tenants are generally irresponsible. No fireplaces, wood stoves or fire pits. You do not want open flames anywhere on your property.
Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
7y
I cannot speak as to what is normal in Waukegan, but from what I've seen, patio furniture will not add value to the home through the eyes of the appraiser, but may entice a buyer. They may not make an offer for anything above listing, but it may get the property sold quicker, and time is money.
All in all, it depends on what is normal for you area and how long homes are sitting on market before being sold. I doubt it would be a worthwhile investment, but again, I don't know how patios and fire pits affect sales price or DOM in your area.
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
7y
@Samuel Wilson A patio might have a slight positive impact on property value. Patio furniture will not.
Anything not attached to the property is considered "personalty" (personal property), not "realty" (real estate). As such, personal property isn't considered in appraisals.
BTW - when you buy, personal property should not be included in your P&S. If it is, the lender will have to appraise it - and that's a level of complication that you don't need.
Always transfer personal property by means of a side agreement with the seller.