Real estate agents and homebuyers list fireplaces as one of their most sought-after features.
Realtor.com found that a fireplace was the No. 1 feature most often mentioned in home listings and more than 60% of homeowners and buyers say they are looking for a fireplace when purchasing a home.
Fireplaces have always been a hot commodity for home sellers and can boost a home’s value by as much as $15,000 in some regions and the value varies based on a home’s location and climate.
Most agreed that a fireplace does indeed increase a home’s value and according to a poll of Real Estate agents by Angie’s list, almost 70% say they see some kind of value increase if a home contains a fireplace.
When asked about which kinds of fireplaces homebuyers preferred, the majority say gas-burning fireplaces, wood-burning came in a close second, followed by electric.
What Fireplaces Make Us Feel
The positive emotions associated with fireplaces go beyond the idea that they simply provide a source of heat. Love, comfort, home, cozy and happiness are just a few feelings people shared on #fireplaces on Instagram. Words used to describe fireplaces reveal that people can see them as homey, but they also equate them with luxurious living spaces.
According Angie’s List who surveyed 2,000 homeowners to find out how they felt about the value of different fireplaces, wood-burning leads the trend, regardless of who owns the home or its location. Younger people expressed more interest in gas-burning fireplaces, while older respondents indicated that wood-burning was their main choice. But both gas-burning and electric saw higher numbers in warmer states.
For centuries, fireplaces have been the centerpiece of homes, but in recent years, homebuilding trends indicate the growing number of outdoor fireplaces, especially in luxury homes. The National Association of Home Builders notes that an outdoor fireplace can also increase a home’s value! Nearly 80% of real estate agents in the poll conducted by Angie’s List say both indoor and outdoor fireplaces increase a home’s value by anywhere from $1,000 to $5,000. They also say that when it comes to luxury homes, outdoor fireplaces count as a must-have.
While it’s possible to add a fireplace to virtually any home, the cost varies a lot, from several hundred dollars to more than $20,000. A factory-built natural gas or propane unit costs around $2,000, plus as much as an extra $5,000 for in-wall installation.
If you do decide to add a fireplace, build it in the room of the house that is most used, such as the living room or great room. Adding a fireplace to a smaller room like an office or den is also another option to adding value to your home.