Does a Fireplace Add Value to a Home?

Technology has added a lot to of value our lives and has greatly influenced how we design our homes. Sometimes, though, we just can’t help but consider incorporating a bit of the traditional components, like a good old fireplace. If you plan to adorn your home with one, you may wonder if it can add value to a home.

A fireplace can add value to a home. So, if you’re thinking of adding one to your home, rest assured that it’ll make your home feel and look cozy. Especially if you live in an especially cold area, a home with a fireplace will appeal better to buyers should you decide to sell your home someday.

If you’re still weighing on the pros and cons of having your fireplace set up, the succeeding sections may actually help you decide. Let’s get right into it.

How a Fireplace Can Add Value to Your Home

Most types of fireplaces can add monetary value to your home, as well as many other benefits. Future real estate buyers look for things like this in a home and are willing to pay more for them. Let’s talk about why this is the case.

Many Homebuyers Today Want a Home With a Fireplace

Technically speaking, fireplaces don’t make it to the cut for the top considerations in appraising the property, as it can add only around $1000 maximum. 

However, a survey showed that close to 1 in 2 residential property buyers are willing to shell out more money to buy a house with a readily installed fireplace than a similar-tier property without the fireplace. 

The number of prospective buyers expressing a preference for homes with an installed fireplace has also increased since the early 2000s.

This means that while installing a fireplace doesn’t necessarily increase a property’s market value to a significant degree, it nevertheless makes the property a hot item for many prospective buyers.

A Fireplace Gives Your Home a Cozy Feel

You already know that a fireplace literally warms the home. 

Another thing that it does, though, is bringing figurative warmth into the place. After a long day’s work of sitting in front of the computer, how do you feel about curling up on your couch watching Netflix right by the fireplace?

The Fireplace Design and Aesthetic Can Inspire Creativity

Whether your line of work revolves around bringing about your creative side, or you just enjoy having a sense of peace at the end of a long winter day right by the fireplace, a fireplace can do the job.

So while a fireplace may not directly add monetary value to your property, the increase in creativity you gain from a fireplace may still be a bonus.

Why You Might Not Want a Fireplace

As they say, though, everything comes at a price, and a fireplace is no exception. Setting up a fireplace involves coming to terms with serious considerations. Let’s now talk about those.

A Fireplace Involves High Installation and Maintenance Costs

Depending on the type of fireplace installed, the cost can vary between $3,000 for gas inserts and up to $30,000 for an actual wood-burning set-up. This means that installation costs are a good consideration when deciding if your fireplace is indeed value-adding.

Maintenance can also cost a few hundred dollars when done regularly or close to $1,000 when residue is left to build up for several years. Ideally, you shouldn’t skip fireplace maintenance, as it’s meant to keep your home safe. 

There Are Safety Concerns Regarding Fireplaces

While fireplaces definitely add that warm and cozy vibe to your home, you may overlook some safety issues with it. Placing combustible materials too near a lit fireplace constitutes a fire hazard.

Fireplace mishaps can also occur due to improper maintenance. For instance, without professional help, the buildup of combustible black tar material in the chimney can easily catch fire. 

In addition, without smoke and carbon monoxide detectors in the house, people near a lit fireplace can unknowingly breathe in carbon monoxide, a colorless and odorless toxic gas, which is known to be fatal.

So make sure to test your detectors at least once a month regularly. Also, have your house inspected by a qualified inspector to check for negative pressures and cracks on your chimney that may cause the leakage of smoke into your home.

Conclusion

If you focus on the monetary implications of a fireplace in a home, then you’re likely to find out that its effect on appraisal can barely cover even a tenth of the installation costs.

Living under a roof with a cozy fireplace by your living room couch also entails maintenance costs and regular safety checkups.

However, value means different things to different people. If you’re after the comfort it brings and the inspiration it ignites through its vintage, aesthetic appeal, then go ahead and add a fireplace to your home by all means.