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Hedges are a better financial investment for a home than fences in several ways. First, hedges are less expensive to install than fences. Fence installation costs $1,775 to $4,600, depending on the type and size. You can also choose to plant smaller and less expensive hedges, knowing that it will take longer for them to mature. Next, mature hedges add resale value to the home, meaning the cost savings get even better when it's time to sell.

The cost to build a fence is about $3,100 on average, but you could pay anywhere from $400 to $13,700 or more. Your cost will depend on the length, height, and materials for the fence. If you hire a professional installer, labor costs typically represent about half of the total cost of the project. This means you potentially can save quite a bit of money doing the work yourself.

Wood, vinyl, chain link, and aluminum are common materials. Choose based on durability, maintenance needs, and aesthetics.

Who pays for a new fence between neighbors depends on its location relative to the property line. If you build the fence entirely on your property, you are solely responsible for the costs of installation, maintenance, and repair. If the fence is built directly on the property line, both neighbors are typically responsible for the costs. In this case, it is essential to consult with your neighbor beforehand to agree on a plan for payment. While you should always inform your neighbor of your plans in advance, you generally cannot force them to contribute financially unless there are specific local laws, such as in California, where both parties might be responsible for costs unless a different agreement exists. It's a good idea to get a property line survey to know the exact boundaries before building.