How Fireplaces Impact Home Values
A fireplace is an investment that consistently pays off with increased home value. Numerous studies and surveys show that fireplaces are among the top amenities homebuyers look for in a residence. It is also proven that the value of a home is consistently and significantly higher when there is at least one fireplace in the home.
If you are considering adding more than one fireplace, that’s a safe investment, as well. Every fireplace in your home boosts home value. Rarely does an investment in the future provide such pleasant benefits to be enjoyed every day – especially all the days of winter.
What is the Appeal of a Fireplace?
There may actually be real science behind our love of fireplaces. Research shows that staring at flames lowers blood pressure. A fireplace can make humankind calmer and more sociable. At least one anthropologist, who is from the University of Alabama, says our responses to gathering around a fire are handed down from our prehistoric ancestors. They also kept warm and socialized around fires, which increased their survival advantage.
At Marsh’s Stoves & Fireplaces, we know there are more reasons than ever to love fireplaces. Modern appliances are highly efficient. Whether you choose a wood-burning fireplace or a gas fireplace or stove for your home, you can cut your heating costs in winter. In other words, the primitive enjoyment of fires is more practical than it has ever been.
An extensive study was recently conducted in which realtors and homeowners were asked to share words that describe their feelings about fireplaces. Their answers provide more insight into the popularity of fireplaces and include the words: Home, love, cozy, warmth, relax, happy, ski, log, snow, and luxury real estate.
What Realtors Say About Fireplaces
Realtors have the unique perspective of learning from experience what buyers are looking for in a new home. According to an article in USA Today, realtors surveyed said that at least 40% of homebuyers are willing to pay more for a home with a fireplace. The amount folks are willing to pay comes to about $1,400 extra for each fireplace. The same source speculates that as people shift more and more from watching television to spending time on e-readers and tablets, the fireplace will grow even more in popularity, as an ideal place to get cozy in winter.
The National Center for Real Estate Research found that fireplaces add approximately 12% to a home’s value and that they consistently have a significant and positive effect on selling price.
The National Association of Home Builders reports that a home’s value is increased by an average of $3,500 if there is an outdoor fireplace. Among luxury homebuyers, outdoor fireplaces have become must-have features.
Is a Wood-Burning or Gas Fireplace Better?
Whether you have a gas fireplace or a wood-burning fireplace, research shows that your home value is greater with a fireplace. Age group has something to do with preference, as far as a fireplace fuel being wood, gas, or electric. In every survey, however, wood-burning is the favorite fuel type, with gas fireplaces second in virtually every age group and region.
Contact us at Marsh’s Stove & Fireplace for help choosing a beautiful, efficient fireplace for your home.