If you are selling or remodeling your home, you may be adding and/or removing certain things to add value. While there are many options to choose from, a fireplace may be something you want to keep in mind.
According to the National Association of Real Estate Appraisers, a fireplace can increase the resale value of your home by 6-12%. Plus, you can recover 100% of the expenses associated with the fireplace installation.
There are many reasons why fireplaces can increase a property’s value. Although they may seem like a simple feature, a fireplace can change your home’s appeal. Here is everything you should know about fireplace value, benefits, and installation policies.
Can a Fireplace Really Increase my Property’s Value?
A fireplace can definitely increase your property’s value. But, this can depend on differing circumstances. You will have to consider how you install it, what kind of fireplace it is, and the value of the fireplace itself.
Fireplaces can be beneficial for many reasons. They can give homeowners a sense of belonging, especially if it’s placed in a central location. They can also act as a supplemental heat source, saving energy and money.
It can be difficult to know where to start when considering a fireplace. Any fireplace can significantly raise your home’s value, but it is important to make deliberate decisions. If you don’t know how one could increase your home’s value, here is everything to keep in mind.
Homeowner Demand
Fireplaces are appealing, and current homeowners are craving them. Many people look for a fireplace as an amenity, so having one installed already can increase your property’s value.
The reason for this has to do with supplemental heating, ambiance, and interior design. Fireplaces please homeowners with their alternative heating options, comfy atmosphere, and stylish constitution.
Fireplace Location
Try to keep location in mind when deciding on a fireplace. While they are appealing, they are not always sought after when placed in certain areas of the house. It may seem like a small thing, but your fireplace’s location could make or break an investment decision.
Even so, it may not be a bad idea to go a little out of the ordinary as long as it’s in a realistic location. While a family or living room tends to be a common spot for a fireplace, see if you can add one at the end of a hallway. Depending on the property, this could be a change that appeals to certain homeowners.
Fireplace Value
Any kind of fireplace will appeal to homeowners, but some could be more valuable than others. This depends on its installation, where the chimney is, or if it is on a mantel on its own.
While some may be more expensive than others, a fireplace will increase your home’s value. Try to keep this in mind when searching for one, especially when looking at the property’s current value on its own.
Type of Fireplace
As mentioned before, different types of fireplaces could increase your property’s value. But another thing to keep in mind is the style and installation of the fireplace. Is it installed into the wall? Are you looking for a fireplace that can serve as a heating supplement?
There are many designs you can consider, even if they are not attached to a chimney. Among the colors, styles, and mantel placements, there are several different types of fireplaces to choose from. Make a wise decision that matches the decor of the entire property, and keep certain locations in mind when thinking about heat emission.
Investment Considerations
If you are thinking of selling your property, it is possible for you to recover all expenses spent on installing a new fireplace. It is also estimated that a fireplace can increase a property’s value by 6-12%.
No matter what, it is important to consider how it will affect your investment decisions. You may be in the position of remodeling your home. In that case, it may be a matter of whether you want a new place to spend some time with family and/or friends.
What Should I Consider If I Want to Install a New Fireplace?
Although all fireplaces are appealing, you will have to keep certain things in mind when thinking about installation. Depending on the type of fireplace, certain credentials could make things difficult.
The most important information you should consider is location, maintenance, and budget. These decisions could affect you and a homeowner looking at your property.
When looking for a fireplace, make sure to check all the policies your state and/or county have in place when it comes to installation. Make sure that you always have a professional involved with the project. This helps you know that your home has the finest fireplace it can have.
Location
The location of your fireplace depends on what you want from it. If you’re interested in its heat emission, then it’s more practical to place it in the most used part of the house. The more heat that you would like from the fireplace, the more likely it will end up in the living space.
Even so, you may want a fireplace that provides extra ambiance for a particular room. This is where placing one in a bedroom, office, or basement could be appealing for a prospective buyer. You could even install one outside for cold nights or outdoor parties.
Maintenance
Every homeowner is different, but some may want a property that needs little upkeep. Any type of fireplace will be appealing, but some may come with more maintenance than others. On a general level, any fireplace with a chimney will need more work.
Due to masonry repair, soot buildup, and cleanliness, chimneys often need yearly inspections. This is to make sure that they remain in stellar condition and continue to function. This does not mean that your property’s value will diminish, but it is something to keep in mind when considering different types of homeowners.
Heat
Although some homeowners value a home with less maintenance, some prefer an energy-efficient home. In this case, heat emission is something to consider when shopping for fireplaces.
Fireplaces can increase heat emission by 20-40%, meaning that they can act as a supplementary heating source. For individuals looking for a way to save money on their energy bills, this can be very resourceful. This may also be important for homeowners looking for an eco-friendly property.
Budget
Depending on the fireplace, prices can range from being inexpensive to pricey. While this isn’t a problem on its own, it must be considered when deciding on a price point for your project.
This can mean different things when considering the purpose of a fireplace installation. If you’re remodeling your home, your price range may look different than significant changes made for an investment property.
Style
Take a glance at your home and see if it matches your personal style preferences. If you are planning on installing a fireplace, it’s important to match your property.
A homeowner may value the interior design of your property, so matching it with the rest of your decor could enhance its worth. Does your home reflect a more modern look? Is it more of a classic style? Take a look at certain styles of fireplaces to find out what works best for you.
What Are the Benefits of Adding a Fireplace?
While there are many investment-related reasons why you should add a fireplace to your home, they can also serve as a heat source. If you are looking for a new place to cozy up with your favorite book or want to give another homeowner a similar experience, consider a fireplace.
They are not only a monetary value, they can also benefit your living experience. Their calming heat can make them helpful for people who enjoy an atmosphere of warmth and peace. When considering value, think of characteristics outside of typical investment reasons.
Someone may enjoy the fireplace as it is, regardless of whether it adds any pertinent value to their home. Here are some things to keep in mind when choosing to install an atmospheric fireplace.
Atmosphere
Fireplaces are often associated with positive areas of relaxation, comfort, and hospitality. Since they provide a fantastic place to relax, it is easy to curl up with a good book and take in the warmth.
Some people love fireplaces for their welcoming environment. With that in mind, it could be something you might want to consider for yourself. Sometimes, even if it may be small, having a fireplace in the home can become a fantastic way to unwind.
Interior Design
No matter what type of fireplace you choose, they are all gorgeous. With many styles to pick from, the possibilities that come with a homey hearth are endless. A homeowner will always appreciate a fireplace, and it can be something that adds a bit of extra flavor to your household’s style.
There are also many ways to install a fireplace, with some being more invasive than others. Are you interested in a simple look that doesn’t take up too much space? Are you thinking of something more elegant? No matter what you choose, you are very likely to pique someone’s interest. If they appreciate an extra touch of interior design, a fireplace may win them over.
Quality Time
If you install a fireplace in your living room, there could be more opportunities for household engagement. That could mean something different for everyone, whether you are a small family or a household full of roommates.
With more atmosphere comes more time for bonding with other people. Play some board games or get a fire going while watching a comforting movie. If you or the person buying your house happens to live by themselves, have a close friend or family member stop by.
Eco-Friendly
Some people deeply value a sustainable lifestyle. A fireplace can encourage a person to continue their way of living. Compared to heating systems, fireplaces reduce carbon emissions. They can produce large amounts of heat without disrupting the environment.
Depending on the style of the fireplace, this can change. But, generally speaking, a fireplace will always reduce home energy. If you or someone buying your home values an eco-friendly home, a fireplace may be the perfect option.
Personal Time
Above all, personal time can be one of the most valuable parts of a fireplace. It is always important to spend time with friends or family, and a fireplace can be great for that. It can also provide a homey spot for when you or your investor want to spend some time alone.
Is a Fireplace Really Worth It?
A fireplace is absolutely worth it. Not only are they valuable, but stylish, convenient, and hospitable. Whether you curl up with a good book or enjoy embroidery, a place to relax after a long day can improve your well-being. While monetary value can help you decide on adding a fireplace, the idea of having a place to unwind by yourself can be valuable enough.
A fireplace can be a fantastic addition to your home. With its proven ability to increase your home’s value, installing one is essential. With many styles to choose from, there is a fireplace for everyone. If you are an investor looking to sell your property, a fireplace can raise its value. If you are remodeling your home, having a fireplace can give you an extra sense of comfort.
Aside from their monetary value, fireplaces can be very sustainable. Compared to typical heating systems, their heat emission can be much more resourceful. They can produce a large amount of heat in a short amount of time, making them very energy-efficient. Their natural appeal and interior design make them a positive inclusion to a home.
Above all, fireplaces are in high demand. Fireplaces are among the most sought-after amenities by current homeowners. This is because of their inviting atmosphere, energy efficiency, and sustainability. Even so, some people want fireplaces for their cozy ambiance.
Even if you have never considered installing a fireplace before, now may be a perfect time. Get your property’s value increased by adding a warm, inviting fireplace.
