Home value, often called the appraisal value, is very important, especially for homeowners who are planning to request a loan and those who are planning to sell. Because of this, more and more people are looking for ways to increase home value, which can be done in various ways, specifically home renovations.
When a home is appraised at a certain value, this ballpark figure can be used as a weapon to request a higher price from the buyers, which is often favorable for the side of the seller. There are many things that can be done to increase home value, such as having carpets replaced with hardwood floors, wooden doors replaced with modern ones, and broken windows replaced with vinyl material.
One tip that keeps on resurfacing from real estate agents and professionals has something to do with retaining walls. According to them, having a retaining wall added to your property will definitely increase its value. But does it really do that, or is it just another mistake to be added on the long list of, “Things you should not believe from real estate professionals.”
Does a retaining wall increase home value?
As a homeowner, you have probably heard of this tip before. Many real estate professionals suggest having a retaining wall added to your property in order to increase your home’s value, but is it really true? For this question, the answer is an absolute yes.
Retaining walls truly increase home value. For example, if your home was first appraised to be valued at around $250,000, having a retaining wall installed will definitely increase your initial home’s value. But why does this happen?
The reason why retaining walls add value to your home is that many people appreciate its worth, mainly because:
Retaining walls are very attractive.
Gone are the days when retaining walls are only made using the same, old, boring shade. There are many materials you can build your retaining wall in, and depending on your preference, you can absolutely change it into a shade that will fit your home’s aesthetics. Because retaining walls are now integrated with landscaping, they can be made with features that will surely catch the eyes of onlookers.
Retaining walls are functional.
A retaining wall’s main function is from its name itself, which is to retain. There are many types of retaining walls, the most common are the gravity, pile, cantilever, and anchor retaining walls, which have their own specification and purpose. Some walls are made to only support a small amount of soil, while others are expected to carry tons of weight.
Retaining walls make for a great boundary.
Retaining walls are great to be used as boundaries between two residential or commercial properties as they are discreet but do the job well. If one is having problems with their neighbors taking their space, having a retaining wall is an effective visual reminder that they are already invading another person’s property.
Retaining walls are essential.
In places that are known to be sloped in landscape or have some problems with erosion, flooding, and other natural land movements, retaining walls are considered to be essential. This would mean that a property that has a retaining wall is one of the priorities of potential buyers, as the absence of a wall can possibly cause them problems later on.
Would it be expensive to have a retaining wall constructed?
Having a retaining wall constructed would be a great investment, especially if you are planning to sell in the near future. According to real estate experts, retaining walls are high in ROI or return on investment. This means that the price you have paid to have them constructed will absolutely rake in an equal value of your money (or sometimes be increased) when it comes to having your home appraised.
Of course, a higher appraisal value does not 100% mean that your home will sell for the same exact amount during the actual selling, however, the appraisal report will increase your chances of getting a good deal during the selling of your property.
Keeping this information in mind, you should not be hesitant to set aside a budget to have a retaining wall constructed, as there is no question that you will reap its benefits in the future.
The price of having a retaining wall constructed would depend on the following factors:
Retaining wall prices are calculated per square foot. If you only need a smaller retaining wall, you should expect to pay a lower amount than a bigger one.
One of the factors that greatly affect the price of your retaining wall is the function it has to perform. For example, if you are having a retaining wall built for residential purposes such as landscaping or gardening, the cost will be lower. On the other hand, if you are having a retaining wall constructed for commercial and even industrial purposes, you should prepare to be charged a bigger amount of money, as the wall should often be built by a structural engineer for safety purposes. This is to avoid a failing retaining wall that will be very dangerous once it falls.
There are several materials that can be used to construct a retaining wall. For landscaping or gardening purposes, wood might be attractive, convenient, and is sufficient to get the job done. The materials that will be used will definitely affect your budget, as reinforced concrete will obviously be more expensive than wood. Other materials that can be used for retaining walls are brick, stone, and steel.
Labor will be included in the things you have to pay when you are having a wall constructed. There are contractors who charge a fixed fee, but this may change, especially if your area is difficult to work with. This is the case with sloped areas that will need the use of other materials and at times, heavy machinery.