It’s not a secret that your home is an investment, for which you want the value to increase. One of the most effective ways to improve your home and its value is by installing, upgrading, or restoring a fireplace. Whether you’re looking to sell soon or far in the future, a new fireplace provides a selling point for prospective buyers while providing you and your family with a cozy hearth for the duration you live there. We’ll explain how exactly a new fireplace installation, repair, and upgrade can increase your home’s value, along with some fireplaces to consider for this purpose.
Why do fireplaces increase a home’s value?
Fireplaces increase a home’s property value because they are a popular additional feature for buyers. Over 77% of homebuyers say they would pay more for a home with a fireplace. Not only do buyers see increased value in a fireplace, but it’s also an element of the home that increases potential buyer interest. Fireplaces are the number 2 trend, just behind an office, of home features and design trends that homebuyers seek. Therefore, a fireplace makes your listing get far more views and someone might be more interested in your home with a fireplace compared to another that has none.
Fireplaces are More than Just a Bullet Point
There are other reasons that a new fireplace increases a home’s value and makes it compelling to prospective buyers. One is that fireplaces are an alternative heat source, which can potentially save owners on heating costs. Another key reason is that fireplaces add ambiance and atmosphere to a home. Someone looking to buy a home wants to imagine their future there with friends and family. A fireplace helps them envision a house as a cozy space where countless, enjoyable hours can be spent. A fireplace is more than just a bullet point on a listing. It helps complete the idea that the property is a true home.
An Old Fireplace Can Work Against You
Older fireplaces in a state of disrepair or a lack of maintenance do not typically increase a home’s value. Instead, they can decrease the property value or cost the interest of a prospective buyer. Many home buyers would see the old or broken fireplace as a maintenance cost they will have to shoulder with the home’s purchase. That can be enough to dissuade an otherwise potential buyer. Therefore, upgrading to a new fireplace or repairing your old one can help you sell your home. Furthermore, regular maintenance and service will ensure that the fireplace stays an attractive bullet point for your home, keeping it competitive in the active real estate market.
Adding a Fireplace for Selling
If you are adding a new fireplace to increase the value of a home you’re planning to soon sell, you will want to consider the cost of the investment. Certain fireplaces will be more expensive to install in certain homes. For example, does your home have a chimney? If not, designing and building a wooden fireplace can have a significantly higher cost compared to installing a wood or gas insert, but it can also add more value. This building cost will be significantly less if your home already has an old fireplace with a chimney that you are looking to upgrade or repair. For a better sense, contact us for a free estimate.
Some of the best fireplaces for increasing your home’s value
The addition of nearly any gas or wood fireplace will increase property value. However, here are just a few of our favourites that increase a home’s price and help them stand out. The Stuv 16 is a great addition for any home with its smart features and sleek design. As a stove it can be installed in most areas of the home, making it a flexible option. If you’re looking for an elegant upgrade, Valor’s G3.5 gas insert is perfect with various design options. Lastly, if you’re truly looking for an impressive fireplace that neither your family nor prospective buyers will forget, Ortal’s three-sided fires are stunning. Their three panels of glass give a full view of the fire with a majestic flame.
The Priceless Value of a Comfortable Home
The benefits to your property value can make a fireplace installation, restoration, or upgrade a great investment. However, one of the greatest values of our homes is the amount of time we spend there. A fireplace or woodstove isn’t just a great real estate listing addition. It’s a feature that adds to the comfort and enjoyment you and your family receive from your home while you live there. A new fireplace can create countless happy memories, which are beyond value. If you’re interested in fireplace installation, repair, or upgrade, or want to learn which options are possible, contact us at Classic Fireplace so you can get the full value out of your home.