value of oven to property???
i know you've left several ovens behind in rentals. have you (or anyone else) sold a house with an oven you've built? i'm wondering what kind of assumed value (besides the obvious fact that everyone would want a pizza oven in their backyard---right??!) there is in the oven in terms of property and home value. i'm sure my mortgage broker could answer that question, but i'm just wondering if anyone has gone down that path before?
eva and i have discussed this topic often. we just had our home reappraised for refi purposes and the apraiser gave us $0 credit for the oven. lets face it, its just not in their book. (i bet italian appraisers have a standard value for this upgrade however.)
but as everyone on this forum is aware, they DO have value and to the right person they have a lot of value. i've thought about what i would pay (extra) to get the oven if i purchased a new home:
1. if i had never built or owned one ... $10,000
2. if i had previously owned one but not built it ... $10,000 +
3. having built one myself .... $5,000 (because i could add one to any other property i bought).
My wife just read an article which said a lot of people are looking for outdoor kitchens (among other things) when shopping for a home. So I would view having an oven as a big plus. In regard to value, isn't the rule of thumb 4 - 5X of material cost? That's what my assessor seems to be using :-(
An article I read somewhere (I think my real estate agent left it with us when we bought our home) said that outdoor kitchens are the highest ROI of various home improvement projects, typically bringing a 2-3x return on investment.
However, the article was talking about an investment made by having someone hired to build the kitchen, so for us DIY types, the return should/could be much higher.
My neighbor is a re agent and she said it definitely adds value.
Unique feature, outdoor entertainment....
As to actual $ amount she thought 5-10K. After I had her over for pizza she thought even more. :D Most people that see it in action think it cost around 5k to build. Regardless it adds more than the 600.00 I have in it.
increased home value with pizza oven addition
I was wondering if my pizza oven would increase the value of my home when we sell this spring.I would think that it would have to be the right type of person to consider an outdoor oven a plus. We all know how wonderful the food cooked in an brick oven is. But so many people have no clue. We will find out soon enough if the oven will help us sell or be a negative.
My experience is that a pizza oven definitely adds value to a house -- more than the cost of putting it in. As Tarik says, outdoor kitchens are one of the best home additions in terms of return on investment. We had one owner sell (sadly) his house with a precast oven who was in neighborhood where they could monitor comp prices pretty closely, and he felt the oven added about double what he put into it. We also have a couple of developers who are putting ovens in to spec housed they are building specifically for resale -- and they think the oven will be a profitable investment.
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