Does a working fireplace add value to your home?

The answer may depend on a number of factors, including the type of fireplace, the location of the home, and the current real estate market.

When it comes to home value, many homeowners think of features like a new roof or an updated kitchen.

But what about your fireplace, Does a working fireplace add value to your home? Believe it or not, a working fireplace can add significant value to your home.

According to a 2016 Angi Survey, 70% of real estate agents agreed that fireplaces added value to a home.

The survey also indicated that 77% of buyers would pay extra for a house with a fireplace.In this guide, we will discuss how a fireplace increases the resale value of your home.

What value does a working fireplace add to your home?

Adding a working fireplace increases the resale value of your home by 6-12%, according to the National Association of Real Estate Appraisers. This means that when homeowners sell their homes, they can recoup 100% of the money they spent building a wood-burning or other type of fireplace.

How does a fireplace affect home value?

Fireplaces have been used in homes for centuries. A well-maintained fireplace ensures that you stay cozy throughout the winter. Many people love fireplaces because of their aesthetic appeal.

For this reason, real estate agents usually include fireplaces in a house’s list of attractive features.

Statistics show that houses with fireplaces usually sell for 13% more than the national median sale price.

It is important to note that not everyone fancies a wood-burning fireplace. Alternatives include gas-burning fireplaces, pellet-burning fireplaces and electric fireplaces.

How much value does a fireplace add to your home?

The following factors determine the value the fireplace adds to your home:

1. Fireplace type

The type of fireplace in your home influences the value it adds to your home. Let’s take a look at fireplace types and the amount of value each adds to your home.

How much value does a wood-burning fireplace add?

Wood-burning fireplaces are pretty common and can be found in a significant number of homes.

Many homeowners love the crackling sound of burning wood and the processes of starting and maintaining a fire. It’s an experience that’s absent in other types such as gas-burning fireplaces.

With adequate seasoned wood, you will be set to deal with the cold winter months.

Unlike gas fireplaces, you cannot avoid byproducts of burning like smoke, dangerous gasses like carbon monoxide, and ash.

Luckily, the smoke and gasses escape through the chimney flue if it works properly. Remember, the value of a wood-burning fireplace depends on its condition.

If it doesn’t work properly, it will need repairs, which can cost thousands of dollars, especially if the damages are extensive.

Your fireplace should be in great condition to provide maximum value to your home. Schedule an annual inspection and cleaning with a reputable chimney sweep to ensure any damages are fixed early.

How much value does a gas fireplace add?

You can opt for a gas fireplace if you don’t prefer a wood-burning fireplace. But is a gas fireplace worth it? Here are some of its benefits:

• low maintenance – This is one of the main upsides of a gas fireplace. Unlike a wood-burning fireplace, you will not need to worry about cleaning the fireplace every few days.

• Doesn’t use a lot of energy – Gas burning fireplaces are more energy-efficient than other types of fireplaces. You can regulate the amount of gas used and switching it on and off is as simple as turning a knob. It is important to note that it is also an eco-friendly alternative since burning gas does not produce smoke and gasses like carbon monoxide.

• Looks like a real fireplace – Gas burning fireplaces have ceramic gas logs that make them resemble real wood-burning fireplaces. This is an excellent feature for homeowners who want to create the feel and look of the traditional wood-burning fireplace.
  
  You can opt for fireplace inserts. These are metal boxes with log-and-burner sets inside.
  These inserts fit inside fireplaces and are great for homeowners who are switching from wood-burning fireplaces.

• Easy to use – Some homeowners dislike the effort needed to start a fire in a wood-burning fireplace. Lighting a fire, especially when a chimney is not working well can be challenging. With a gas fireplace, all you need to do is to flip a switch. You can also control the amount of energy the gas produces.
  
  As you can see, a gas-burning fireplace provides many advantages.

How much value does an electric fireplace add?

Like gas-burning and wood-burning fireplaces, an electric fireplace also adds value to your home. It provides the following advantages:

• cost-effective option – When installing a wood-burning fireplace, the masonry work and wall construction drive up the costs. For gas fireplaces, you need to set up things like gas and venting lines which can be costly.
  
  Electric fireplaces are less costly as they do not require a lot of work or components for you to start using them.
  
  You can either go for linear wall-mount electric fireplaces or electric fireboxes.

• You can easily install it – To install a gas or wood-burning fireplace, you will need to endure the messy construction in your home. Things like the chimney, fireplace and vent lines can typically take a few days to install.
  
  The long construction period is non-existent in electric fireplaces.
  
  For instance, if you buy a firebox, all you will need to do is connect it to a power outlet and you’re good to go. it’s also convenient as you can carry an electric firebox to any room you want in your house.
  
  As for the wall mount electric fireplace, you can install it in more rooms than a wood-burning fireplace.

• Convenience – Another major benefit of an electric fireplace we cannot go without mentioning is that it doesn’t take up a lot of space.
  
  Even if you don’t have a lot of floor space, you can always create some space for an electric firebox.
  Wall-mount units also mean you won’t require any floor space to set up an electric fireplace.

How much value does a stone fireplace add?

One of the main reasons homeowners choose homes with stone fireplaces is the timeless look that this type of fireplace provides.

The classic look alone is enough to raise the value of your home.

Natural stones keep the heat generated in your fireplace for long which means warmth and comfort during the chilly winter months.

Secondly, a stone fireplace offers various customization options. You can choose from multiple colors and patterns to match your interior design. Ensure you use a professional to help you bring out your style.

Note that stone fireplaces are pretty durable. If the fireplace is installed correctly, it lasts for decades and will require minimal maintenance.

How much value does an outdoor fireplace add?

Indoor fireplaces are quite common. But outdoor fireplaces have always existed and in recent years, there has been an increase in buyers looking for homes with outdoor fireplaces.

During the winter, most people spend most of their time snuggled up indoors.

With an outdoor fireplace, you can spend more time outdoors enjoying the warmth of your fireplace.

The aesthetic appeal of an outdoor fireplace is unmatched. To complete the classic look, you can add amenities like a pool, Jacuzzi, or a BBQ area.

Remember, outdoor cooking is easier in homes with an outdoor fireplace, giving you the campsite experience right in your backyard! Also, these fireplaces can make great spots for entertaining your guests.

2. Property Location

Location influences how much value a working fireplace adds to your home.

For instance, mountain lodges usually have large stone fireplaces as most people looking for the lodges during winter consider it a necessity.

In high-end neighborhoods, buyers typically go for homes with fireplaces. To these buyers, a fireplace is not just great for making the home warm during winter.

It is a status symbol and an amenity that increases the resale value of a home. This is why luxury homes with fireplaces have a higher value than those without.

3. Current real estate market

The current real estate market can impact the resale value of homes with fireplaces.

With more buyers in the market, you could easily sell your home for a higher price as the fireplace will increase its value.

On the other hand, if there are more sellers than buyers in the market, your fireplace probably won’t add much value.

Cost of adding a fireplace

Buyers have to pay extra to install fireplaces in new homes.

See the table below for the average cost of installing a fireplace in your home:

Remember, the cost of installing a wood burning fireplace can go up to $30,000 if you are starting from scratch.

Conclusion

A fireplace is an important part of your home. It not only keeps you warm during the winter but also adds a touch of elegance to your interior design. A working fireplace no doubt adds value to your home.

FAQ

Does drafty fireplace decrease home value?

A drafty fireplace decreases the value of your home. If the fireplace is drafty, there are problems such as damaged masonry and the buildup of debris and creosote in the chimney flue. It means the new owner will have to pay a chimney sweep for inspection and repairs.

Does removing a fireplace decrease home value?

Removing a fireplace decreases a home’s value. A fireplace is an essential amenity in the house that keeps it warm, especially during winter. Aside from warmth, fireplaces provide an aesthetic appeal that many buyers look for. Removing it means you will attract only a small number of buyers.