We are often asked, “Does a fireplace increase home value?” Fireplaces are consistently listed as the number one feature homebuyers are looking for when buying a home, proving that a fireplace absolutely increases home value. Studies show that realtors and homeowners alike value the ambiance and aesthetic appeal exuding from the warm glow of a fireplace.
FAQ: Does a Fireplace Increase Home Value?
The most sought after mood-setters are gas and wood-burning fireplaces, although electric fireplaces are preferred over not having a fireplace at all. Regardless of what style you prefer, having some kind of fireplace is a must if you want to increase home value.
Why Buyers Love Fireplaces
Homebuyers love the cozy feel of a fireplace during the cooler seasons. The glow of a fireplace is inviting, puts off a positive vibe, and makes any space feel more homey and welcoming.
A fireplace is a pleasing addition to any room. There is an instant draw to a room with a fireplace. The visual appeal of the amber glow coupled with the beauty of an attractive fireplace structure is just irresistible. In fact, one study showed 46% of homebuyers were willing to pay up to $5,000 more for a home if there was at least one fireplace.
Image from BuildDirect
Difference Between Wood & Gas Fireplaces
Wood burning fireplaces require the homeowner to keep fuel (wood) on hand to make use of the fireplace. The front of the fireplace is open, often surrounded by a cage for added safety. The crackle and smell of a wood-burning fireplace are soothing and even mesmerizing to many people. It also requires more maintenance- eliminating soot and ash buildup is a constant and messy job during the winter months.
So is a gas fireplace worth it? Yes! Gas fireplaces have come a long way in an effort to provide a safe environment and a hassle-free fireplace for all to enjoy. Today’s gas fireplace can be a powerful source of heat and improve your home’s energy efficiency while adding ambiance to any and every room.
Whichever style you have, wood vs gas fireplace resale value is high for both. If your old fireplace needs an update to increase value, look into a fireplace remodel to see if it’s a more frugal option for you.
Installation Costs for Each Style
The cost of a new fireplace varies greatly from anywhere between a few hundred to thousands of dollars. With the demand for a minimum of one fireplace in the home for buyers, you’re sure to get a return on your investment. There are many options and styles that make a fireplace remodel or installation affordable for every budget.
Image from Patch
Wood vs Gas Fireplace Resale Value
There are several polls to debate wood vs gas fireplace resale value. 54% of real estate agents surveyed by Angie’s List said a gas burning fireplace increase home values most. Conversely, 58% of homeowners and homebuyers surveyed prefer a wood burning fireplace.
Perhaps you’re wondering, “Does an electric fireplace add value to a home?” Of course! The bottom line is clear- the fireplace increase home value question is answered- any style of fireplace is desirable in a home. If you’re selling your home, either consider a fireplace remodel or install a new fireplace in a common room to sell faster.
A free design consultation at The Fireplace Place is a great place to start when you’re looking to spruce up the house or an old fireplace. Give us a call today!