One of the things homeowners want to see with a remodel is a sound return on investment (ROI). Kitchens and bathrooms are often listed as having the best ROI, but does a fireplace increase home value?
Experts say adding a fireplace increases home value as much as $12,000; however, the amount of value a fireplace adds depends on a range of factors. Let’s take a closer look.
Can adding a fireplace increase the value of your home?
Yes, the majority of real estate experts believe this to be the case. Buyers are generally willing to pay more for a fireplace as well. In fact, one study found that homes with fireplaces sold for 13 percent more than those without.
Like with all home remodeling, you may not get back the full amount of what you put into it. A fireplace is a great option if you want one to enjoy now, and you can rest assured that you’ll get some of your money back when it’s time to sell.
Which type of fireplace is best for my home?
Gas fireplaces are usually found in more expensive homes. They provide an easy, hassle-free way to enjoy the heat and ambience of a fire. They’re also much cleaner than traditional fireplaces, as they don’t require wood to operate. You’ll have no ashes or smoke in the home, and you can turn a gas fireplace on with a flip of a switch. These cost from $2,300 to $10,000.
That said, many people say that nothing beats a real woodburning fireplace. The smell and crackle of a woodburning fire just can’t be replicated. Many people are willing to put up with a bit of extra work to enjoy a traditional fireplace. These come in at a cost of $4,000 to $8,000. Keep in mind that there will be more maintenance with a woodburning fireplace, as you will need to have at least an annual inspection by a professional.
Which you choose depends on your tastes and budget. While gas fireplaces are more convenient, there are plenty of people who simply prefer a woodburning fireplace.
Where’s the best place in my home to install a fireplace?
If you want a fireplace to increase home value, then you need to think about the best location for it. Some people like the coziness of adding a fireplace to the master suite. Others like to make the fireplace the centerpiece of a large gathering space. Traditionally, fireplaces are in the living room, so if you want a safe bet for property value, this is a good choice. You should also choose a fireplace that fits the space and complements your home’s existing style.
Adding a custom fireplace can increase the value of your home. Custom Fire Art is here to help you build the fireplace of your dreams. Since 2008, we’ve been a premier designer of custom fireplaces, fire pits and outdoor kitchens for both residential and commercial customers. Get in touch with us today to get started.
Categorised in: Fireplace Designer
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