Does Adding A Fireplace Add Value To A Home?
Does adding a fireplace add value to a home? If so, which type?
The answer is plain and simple. Fireplaces, regardless of type, DO add value to a home.
For one thing, fireplaces bring a luxurious feel to a house. A fireplace in a house often appears on a home buyer’s wish list. According to a 2013 survey done by the National Association of Realtors, people put the fireplace on top of their list of most sought-after features. And 40 percent of them are willing to pay extra for a house with fireplace.
The National Center for Real Estate Research estimates that a fireplace can add about 12 percent to a house’s value. They claim that fireplaces have a strong and positive impact on selling price. Most real estate agents also say that a fireplace in a house does increase its value.
"Focus" is the Latin Word for Fireplace
Does a fireplace add value to a home? Absolutely! A fireplace or hearth is derived from the Latin word “focus”. As many would put it, fireplaces add a focal point to a room, even if they are not functional.
In our experience, we’ve been to many rooms that begged for a fireplace. A house with fireplace is a complete one. Fireplaces give rooms a visual balance.
How Much Value Would A Fireplace Add?
It’s hard to say exactly how much value a fireplace might add. But most real estate experts would say that adding a fireplace to a home adds an average of 11% to the value of a home. And if you have a second fireplace, it adds about 8%. The more fireplaces you have, the more valuable it will be.
On top of indoor fireplaces, there is a growing trend about outdoor and freestanding fireplaces. The National Association of Home Builders estimates that outdoor fireplaces increase a house’s value by $3,500 on average. Today, real estate agents will tell you that outdoor fireplaces are a must-have when you’re looking for your luxury dream home.
People Value Fireplaces
How does a fireplace make you feel? Fireplaces are more than a source of heat. They tend to evoke deeper feelings in people. It is this fundamental fact that answers our question. People see fireplaces as homey, but they also relate them to luxurious living.
Search “fireplace” on Instagram and you’ll see that it’s tagged with words like “cozy”, “love,” and “home.” Such words reinforce the thing we feel with fireplaces. And you’ll be surprised that “luxury real-estate” also appears on the search. People also see a house with fireplace as an investment.
Does a fireplace add value to a home? The answer is yes. A fireplace remains a hot commodity, and on top of wood and gas-burning fireplaces, you now have electric and bioethanol fireplaces to choose from. These are for people who don’t want to buy a house with a dirty or dangerous fireplace. For more options for your fireplace, feel free to check our gallery.
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