Does a Fireplace Add to the Value of Your Home?

If you're planning on selling your home in the future or not, we all want to do things that increase the value. We do our utmost to make the space more attractive and habitable. Whether you wish to replace an old kitchen worktop with glistening granite or paint the bathroom in bright new shades of blue. There are many approaches you can take. When 'value-adding' many often forget the appeal that a fireplace can offer.

Fireplaces were once a mainstay in each home, as a main source of heat and stunning centrepiece for finer households. However, as more modernised versions of central heating came into play, and the layouts of homes changed, they took a back seat. But, in recent decades, fireplaces have had an extreme resurgence. They provide our properties with numerous benefits, not least because of the value they add!

What Are The Types Of Period Fireplaces

How do fireplaces add to the value of a home?

If you're searching for the best ways to enhance the value of your property, we highly recommend installing a brand-new fireplace. It can be one of the most efficient ways to do so. There are many reasons why fireplaces add value to the home that you may not have previously considered. 

 Energy efficiency

Energy efficiency is a fantastic reason why you should implement a brand-new fireplace into your home or property. When searching for a new home, homebuyers are more inclined to purchase one that provides the most efficient energy and heating. It will help lower your overall heating bills, which is why installing a modern fireplace adds value. Upgrading your system to one that is more efficient could help increase your Energy Performance Certificate (EPC) up a band.

As your EPC rises, it can add thousands to the final sales price. In the coming years, the government intend to increase the green taxes. If your home is deemed greener, with a modern, energy-efficient fireplace, potential buyers will perceive it to be more attractive on the market. 

 Function

By adding a brand-new fireplace to your home, you can increase the overall monetary value. The fireplace serves as a functional piece of furniture in more ways than one. They offer your living space more than just heating. It will provide a fantastic focal point, that will make your room easier to approach design-wise.

A media wall or focal point can help you decide on the most suitable furniture placements and colour schemes. They enable you to get rid of any bulky TV stands or shelves for photos and ornaments; essentially they'll help you tidy up the room. Media walls can be perfect for storing books, records, CDs, DVDs, and other items.

Their built-in recesses are often spaced out on the focal wall, making it ideal to place a fireplace in the centre. Media walls are a highly popular home improvement trend, and adding a fireplace will enhance the overall appearance of the wall. It is the best way to ensure the decor fits together, adding functionality and value to your home. 

Property Experts Agree That Fireplaces Increase Home Value

For many home and property owners, fireplaces are highly desired and sought-after amenities. Especially for those in colder climates or during the wintertime. Curling up next to a warm fire to watch TV or read a nice book whilst icy rain or snow falls outside.

Not only that, they offer a centrepiece to any room that immediately draws your eye. It's a great piece of furniture for new homeowners to purchase, as it makes the decorating process much more approachable. There's plenty of evidence throughout the real estate scene that suggests fireplaces significantly raise the value of your property. However, it may not raise the price as much as you think.

Historically, fireplaces have been known to increase the monetary value of any household or property. In 2016, a survey was conducted. The findings relayed that approximately 70% of real estate agents agreed that many existing fireplaces were added to enhance the home's value. 77% of buyers involved in the results stated they would spend more on a property if it had a fireplace.

In the UK, the average fireplace can cost anywhere from £500 up to £3,300, depending on the fireplace type and the materials used. Yet, if that is how much they cost to install, the problem is assessing how much people are willing to spend on a pre-installed fireplace. During that time, many real estate agents felt that outdoor or indoor fireplaces added around £800 - £4,000 in value to a property.

However, 25% of buyers disagreed and only 35% agreed. Many involved in the survey stated that they thought a fireplace was not worth an additional £800 - £1,000. 23% of respondents said they wouldn't shell out extra money for a fireplace at all. With this in mind, installing a brand-new fireplace for your household is certain to add value, yet that value could always be nullified. Building and installing wood-burning fireplaces can cost around £3,000, and if you don't have a chimney, it will bump the price up by £1,500 - £2,000.

The prices of the components involved and labour will always vary. Many ventless or electric fireplaces are much less costly to purchase and have installed. On the other hand, if you don't wish to invest in a new fireplace, you may find a greater return after decorating or remodelling your basement or bathroom. There are many ways to add value to your current home before moving out and selling. You just have to find the one that's most suitable for your home and existing budget!