Do Fireplaces Add Value to Your Awesome Home?
Real estate agents as well as homebuyers as listed a fireplace as one of the highly sought after features in every home they sell/buy. This is a clear pointer that installing a fireplace in your home will increase its value instantly…
But by how much?
As we all know, a fireplace provides you with comfort (and a sense of ease). Additionally, it makes you room look more luxurious, richer. And this might explain why it’s on the list of requested features for all homebuyers.
What Real Estate Experts Say
A survey was conducted in 2013 by “The National Association of Realtors” to uncover the homeowners’ desire for a fireplace.
All the participants stated a fireplace unit as one of the important features they’d like to get in the new home. What’s more, 40% of these participants made it clear that they’ll pay more for a home that had a fireplace.
Likewise, a study carried out by “National Center for Real Estate Research” discovered that a fireplace adds a strong, positive effect on the home’s selling price. They even found that a fireplace could add a value of up to 12% to your home!
Indoor or Outdoor Fireplace?
At the mention of a fireplace adding an attractive value to your home, you might be heading to install one in your home right now.
However, you need to know a few things, including whether it’s an indoor or outdoor fireplace that will do your home value some justice.
For hundreds of years, the indoor fireplace has been a center if attraction for many homes. Recent trends in homebuilding, however, indicate that there’s a growing preference for the outdoor fireplaces (particularly in the luxury homes).
The fact that everybody would love the idea of spending the summer evening in the backyard, in front of the roaring fire, as they hold great conversations with friends explains the rise of outdoor fireplaces.
“The National Association of Homebuilders” has also realized the growing trend, noting that the outdoor fireplace will increase your home value by approximately $3,500.
But that does not mean that the indoor fireplace has been wiped out. We interacted with the real estate agents how an outdoor and indoor compare when it comes to increasing the value of your home. And the responses?
Well, both the indoor and outdoor fireplaces have a similar effect on your home value. They can increase it from around $1000-$5000. They also indicated the outdoor models are must-have for the luxury homes.
So, depending on your home, you can decide what fireplace to install- noting that both will increase your home value.
Desired Types of Fireplaces
There are generally three types of fireplaces; gas burning, electric and wood burning. So, what type of fireplace would a home buyer prefer the new home to have? This is an important question to ask yourself before installing a fireplace at your home.
Wood Burning Fireplace
A good number of folks seem to still love the oldest model of the fireplace- the wood burning fireplace. It has been there for centuries. One of the main advantages of this fireplace is that it acts as a backup heat source in emergency situations.
For instance, if a strong winter storm knocks down electricity, the gas and electric model will be out of commission.
But given the hassle of collecting logs for burning, this fireplace might not be a choice for many, in a world where you can just press the button ON and heat up your room effortlessly.
Gas Burning Fireplace
There’s also the gas burning fireplaces that have also risen in popularity over the past few years. A 2015 report published by Realtors.com showed that this type of fireplace has started eclipsing the standard wood burning model.
Surprisingly, the old generation still wants to stick to the log burning fireplaces. The younger generations prefer the gas burning models.
Electric Fireplace- the Modern Fireplace
And then there’s the market boom! Electric fireplaces have taken the entire planet by storm. It’s the hottest commodity on the market right now. Every homeowner wants to install an electric fireplace. Isn’t all this overwhelming?
The reasons behind the instant popularity of these modern fireplaces are valid. They’re easy to install, requires small or no maintenance at all, are heat and energy –efficient, eco-friendly. They come with gorgeous styles and eye-catching finishes that make them double as focal points in your room. They’ll give your room that luxurious feeling you’re looking for.
Using advanced technologies, these fireplaces can mimic the real fire flames, burning logs, and ember bed. With so much realism in these models, you’ll be able to feel and enjoy the environment of the traditional wood burning logs.
Overall, I’d highly advise you to consider installing an electric fireplace as it’s affordable, cheaper to install and maintain compared to the earlier models.
Beware: Potential Pitfalls
The value of your fireplace will vary significantly depending on the location of your home, its value, and availability of other amenities. Fireplaces will prove more valuable in the cold climates.
The type of your home will also impact your fireplace value. If you live in the high-end homes, the buyer would be expecting a fireplace, and would gladly pay more for it. A fireplace may not add much value to more modest dwellings, or to homes that require many other improvements.
Final Thoughts
It’s unbelievable to find out that you can install a fireplace in your home at a much less cost and raise your home value to around 12%. With the modern electric fireplaces, the installation is quite simple. Their compact sizes let you add them to any room of your choice, even in your bedroom.
As you enjoy the ambiance and coziness of your fireplace (plus increased home value), remember to observe the safety measures of a fireplace.
