Retaining walls add so much to your property. They function mainly to retain backfill, soil, and water while also making your property eye-catching when they are effectively used for decorative purposes.
Many property owners are hesitant to have a retaining wall installed on their property when it is not really a necessity. After all, who would want to pay for something that is not a need? However, there are so many advantages that come with having one that will absolutely be worth the price that they have to pay for its installation. Aside from the advantage that was mentioned above, another bonus that comes with having a retaining wall is that it will increase the value of your home.
How can retaining walls add value to your home?
“You should do a landscaping for your home.” “It would be best if you improve your lawn.” We have heard it all before, especially from real estate agents, architects, and other professionals in the industry. There is a reason why landscaping is important, and that is because it is seen as “timeless.” This means that no matter what the current condition the market is in, appraisers – who are the professionals who put value in your home, will still see the value that retaining walls exhibit.
There is no question whether a retaining wall will increase the value of your home, as it will absolutely do so. In fact, retaining walls are considered to be high in ROI or return of investment. This would mean that the price you paid in having a retaining wall installed on your property will yield a positive outcome for your wallet, as it will not decrease as time passes, as long as the wall is properly constructed and regularly maintained.
The reason why appraisers and agents recommend investing in landscaping improvements is that most buyers prefer to get a property that is attractive from the very first moment they pull up to see the area. Retaining walls are included on the list of home improvements with an increasing return on investment yield, along with planting trees and plants. Comparing the two, retaining walls would be better if you do not have the green thumb and the time, as taking care of plants and trees can take too much work.
How much increase do retaining walls provide to your home’s appraisal value?
The estimated increase that property owners can enjoy when they have a retaining wall on their property is thought to be around 15 percent. This would mean that if your home was previously assessed to be worth $300,000 before having a retaining wall constructed, it would be possible to increase to around $345,000 on your next appraisal.
If you live in an area or city that has issues with soil erosion, you are in luck. This is common especially when you live in rural areas. Having a retaining wall when you are located in areas that view them as a necessity to combat erosion will even yield a higher percentage to your property’s value.
Of course, there are several factors that will also affect how much will be your home’s appraisal value. Some of these are:
- Your home’s interior features – How many bedrooms, kitchen, bathrooms, and other facilities are in your home, what condition is it currently in, are there any defects or damages, are there any unfinished rooms or projects, etc.
- Your home’s location – Which schools, malls, offices, and other commercial establishments are near your home, what is the crime rate, are there any unoccupied homes around the area, etc.
- The market’s condition – Are there any properties that are for sale at the moment, is the demand for properties too little or too much, etc.
- Your home’s comps – How much did the home that is similar to yours sell, is the property that is comparable to yours sellable, etc.
There may be instances where your home’s appraisal value went down after having a retaining wall installed. Most of the time, it has nothing to do with the wall. There might be some areas in your home that need to be maintained or repaired. Before ordering an appraisal, make sure that everything in your home is in tip-top shape, especially if you are planning to sell your property at the present time. Doing so will absolutely generate a preferable result in your home’s value.
Are retaining walls expensive?
Now that it is clear how having a retaining wall on a property provides many benefits to the owner, it is normal to want to know if building one can break the bank. The total expense that will be paid would depend on the following:
- The function of the retaining wall.
Walls that are constructed for decorative purposes will obviously be cheaper, as they will not need to be constructed with their support capabilities in mind.
- The material that will be used.
Some of the materials that can be used for constructing a retaining wall are concrete, brick, and stone. Depending on the expected function of the wall, concrete would be best as it is very rigid and stable.
- The dimensions of the wall.
The cost of having one installed is often computed per square feet. The bigger the wall is, the more expensive it will be.
- The labor of the contractor.
In most places, local governments have imposed that retaining walls should only be constructed by professional contractors, as there is a possibility of it falling if they were not planned and built properly.