There are many features that can increase or decrease your home value including a new kitchen or pool, but does a fireplace add value to a home? Generally speaking, yes, a fireplace increases the value of your home, but installing and maintaining a fireplace can be costly and require extra work. Therefore, it is good to consider the pros and cons of a fireplace before purchasing a home with one or adding one.
Buyers are generally willing to pay more for a home with at least one fireplace, but the value of a fireplace can vary greatly. A home’s location and value plus other amenities can affect the value of a fireplace. High-end homes are expected to have a fireplace whereas low-end homes may see less value for a fireplace, especially a home that needs a lot of upgrades and improvements. In this case, a fireplace could decrease the value of your home.
If you are looking to add a fireplace to your home, this is certainly possible. The cost varies depending on the type of fireplace you want to install and based on the location in the home. Generally, a fireplace can run you anywhere from a few hundred dollars to well over $10,000. Adding to the cost and feasibility of installing a fireplace are city requirements; these include construction requirements for a firebox, the height of a chimney, and fireplace emissions limits. You want to make sure your fireplace is up to building code for safety and insurance purposes.
If you do decide to add a fireplace, have it installed in the room that is most used in the house such as the living room, this will increase its value. Natural gas fireplaces may increase the value further than a wood-burning fireplace due to the maintenance cost involved. Whatever fireplace you do choose, enjoy it and the company it attracts.