How Fireplaces Impact Home Values
When a realtor is helping homebuyers find their new place of residence, one question asked is, “What are your preferred home amenities?” Fireplaces are listed as a top three amenity a majority of the time, according to the National Association of Realtors. People love fireplaces and associate them with warmth, home, romance, love, coziness, winter, and luxury real estate. A mantle can evoke joyful holiday scenes and personal photos and other treasures on display. Conversation over a glass of wine and enjoying a family game are the types of activities that seem to be more memorable in the glow of the fire. These are just some of the reasons fireplaces typically increase home values.
How a Fireplace Impacts Home Value
About 46% of homebuyers are willing to pay more for a house with a fireplace. Undeniably, a fireplace has a positive, significant impact on a home’s selling price. Each fireplace increases home value by approximately 12%, according to a study conducted by the National Center for Real Estate Research. Real estate agents have also been researched regarding fireplaces, and about 68% of them routinely see a boost in home value, if it has a fireplace.
The popularity of fireplaces doesn’t just apply to single-family dwellings. In condominiums, townhomes, and apartments, buyers and renters alike prefer a home with the ambiance that only a fireplace can provide.
As for outdoor fireplaces, they only indisputably increase home value in luxury homes. As a matter of fact, according to current trends, an outdoor fireplace is a must among buyers of upper-end homes.
What Kind of Fireplace Increases Home Value?
Wood-burning fireplaces and gas fireplaces are the most popular, though a small percentage have a preference for electric fireplaces. The age of the homebuyers makes a difference in preference. In general, a greater number of younger buyers prefer the convenience of gas fireplaces, as compared with older buyers, though wood-burning fireplaces are preferred by every age group.
A pattern of preference also exists with regard to region. The highest preferences of wood-burning fireplaces among homebuyers are Northeast (64%), South (60%), West (58%), and Midwest (56%), respectively. In the Northeast, electric fireplaces are the second most preferred; in every other region, gas fireplaces have that position.
Depending on where you live and the ages of your prospective buyers, every type of fireplace could potentially have a positive impact on your home value.
Home Value Tips for Adding a Fireplace
A fireplace situated in the room of the house that is most frequently used helps to increase potential buyer-appeal. Adding a fireplace in your office or kitchen is also a great idea, if the space is enhanced by the addition. You can add a dramatic effect with a fireplace that matches a masonry fireplace, if you have a gas fireplace installed between two rooms, providing warmth and cozy ambiance to both spaces.
It is generally said that whatever amount you spend adding a fireplace to your home is money you’ll get back when you sell, due to increased home value that directly results from having the popular amenity.
Be sure to schedule routine inspection and maintenance with our chimney professionals, to protect the investment you have in your fireplace.