The Value of a Fireplace

 

Fireplaces tend to get overlooked as an important feature in a home, especially in new homes being built. According to the U.S. Census Bureau, 53% of new homes built in 2008 included at least one fireplace. That’s down from a peak of 66% in 1990."  While this is most likely the result of builders trying to cut costs because of more challenging housing market conditions, going without a fireplace is likely not the best option. Most buyers in today's real estate market still consider the fireplace a very important feature of the house.  The most recent National Association of Home Builders consumer preferences survey found that 77% of home buyers want a fireplace.

 

Having a fireplace can also drastically reduce your heating costs.  By turning down the heat in your house and using a fireplace to heat the rooms you use, you can reduce your monthly heating bill by as much as 25%!  “A direct-vent gas fireplace is much more efficient as a per-room space-heating option than a traditional central forced-air system,” according to Steve Frederickson who is a fireplace installation expert and lecturer for Hearth, Patio & Barbecue Education Foundation.

 

For those who own a home without a fireplace, it can be a fairly cost effective upgrade.  While adding a traditional wood-burning fireplace and a chimney may not be an option, there are many ventless units that run off of natural gas or propane that can be installed in your home.  A factory-built gas fireplace package can run as low as $1,000.  Labor costs will depend on the overall scope of work.

 

So will you get your money back out of it?  The answer is likely, yes!  According to the National Association of Realtors Profile of Home Feature Preferences, over half of home buyers would pay extra for a fireplace.  Like any upgrade you make to your house, the amount you spend should be in relation to the price point of your home. If you're wise about what you spend and do quality work, then you should get back what you spent to add the fireplace.  On top of that, a fireplace will also add to the home's overall appeal if you decide to sell it.

 

If you do add a fireplace in your home, we recommend wrapping it in stone, brick or a custom mantle that matches the decor of the room its in.  Fireplaces in living rooms, dining areas and master bedrooms tend to yield the highest appeal.

 

For more information about the value of a fireplace, click here.