Blog

Fireplace: A good investment in your new home?

Categories: Blog | Posted: January 8, 2015

fireplace

When the air gets chilly and it’s time to turn on the heat inside your home, the idea of a fireplace becomes very inviting. There’s nothing as cozy on a wintry day as snuggling up in front of a crackling fire.

If you don’t already have one figured into your home design plans, is a fireplace a good investment in your home?

According to a study by the National Center for Real Estate Research, a fireplace can increase the average home value by 6 to 12 percent. Reports from a 2013 survey by the National Association of Realtors showed that nearly 40 percent of homebuyers would pay an extra $1,400 for a home that included at least one fireplace. The National Association of Home Builders (NAHB) reported that more than half of the homebuyers surveyed in 2012 considered a fireplace a desirable or essential feature.

If you’re considering the addition of a fireplace because of the return on investment, you should also consider the potential energy savings. Today’s energy-efficient fireplaces (including gas inserts) are designed to keep more heat in the house and release less up the chimney.

Consider the cost

What does a fireplace cost? The price can vary greatly. You could spend from a few hundred dollars to $20,000 depending on the style. A ventless fireplace doesn’t require a chimney, which saves money on the construction. A gas or propane-fueled fireplace might cost $2,000 to $3,000, not including installation. Be prepared to pay more than $4,000 for a wood-burning fireplace, in addition to the price of having a mason do the brick or stonework to finish it.

Also factor in the cost of fuel—wood, propane, gas, electricity, or gel—and maintenance. Every chimney should be cleaned once a year, just prior to heating season, to check for cracks, damage, and creosote build-up that could spark a chimney fire.

Should you add a fireplace to your new home? The choice is yours. Talk to your home builder about the options and costs, and then see what ignites your enthusiasm!

Martha Clifford

Comments are closed.

ask martha

Ask Martha!

email phone chat