Does a Fireplace Add Resale Value to Your Home?
Posted in Fireplaces & Real Estate, on August 13, 2019
Fireplaces are one of the most looked for commodities when buying a home. Homeowners often choose to buy fireplaces before selling a home and often wonder if they will add resale value to their house.
It is possible to receive a return on the investment of buying a fireplace in full. When considering whether or not to add a fireplace, homeowners should ask if their home is suitable for a fireplace. They should also consider how much the installation and upkeep will cost in the long-run.
Main Reasons A Fireplace Will Add Value to Your Home
- Fireplaces are shown to make humans socialize more
- These appliances are economically friendly
- Fireplaces add an average of 12% of real estate value to a home
- 40% of people on the search for a new house are willing to pay up to $1,400 more for a fireplace
- The value does not plateau at one fireplace-the more fireplaces you add, the more value you add to your house
How Does an Electric Fireplace Add Value to Your Home vs. a Gas Fireplace or Wood Burning?
One of the most common questions homeowners ask when adding a fireplace to their home is which type is best. It depends on what the homeowner is looking for, as each type has its perks.
GAS VS. ELECTRIC
Gas and electric fireplaces share a lot of benefits, including that they are both budget friendly. While an electric will be the cheapest, both are notably less expensive than the wood fireplace. Neither requires the installation of a chimney or any other power supply.
The only exception would be if you buy a gas fireplace and currently do not use anything powered by gas in your home, you would need to hook your new gas fireplace up to a gas line. This could come with additional costs. Both are very convenient, don't require much upkeep, and both add significant value to your home.
WOOD BURNING FIREPLACE
Wood fireplaces are more expensive but provide a realistic ambiance. However, your house needs to have a chimney, and wood fireplaces require a lot of maintenance.
Aside from the obvious benefits and drawbacks, wood or gas fireplaces add 50% to 75% of an increase in home value while an electric fireplace adds minimal value. It also seems that someone who is searching for a home prefers one type to another, often based on age value.
Should You Add a Fireplace to Your Wall?
If you are considering adding a fireplace to your wall, your first consideration should always be safety. Today, one can add a fireplace in almost any home. Experts can do in-home evaluations to determine the cost of installation.
A few things to take into consideration when consulting with a technician would be where a fireplace would best fit aesthetically, the space you are considering installing it in, the needs of those living in the home and safety.
Why a Fireplace is a Great Addition to a Home and Will Add Resale Value
The options for types of fireplaces and installations today make it almost impossible for a homeowner not to add a fireplace to their home if they want one. Homeowners also have a broad spectrum of options for how much they want to spend.
The choice of where to put your fireplace depends on what you are using it for. More expensive options like wood and gas fireplaces generate much more resale value. Call the Fireplace Experts now and see how much value you could add to your home.