Is A Fireplace A Good Investment
- Posted by:
- Admin
- Tags:
- Woodburning Fireplaces, Electric Fireplaces, Investments
- Posted date:
- 23-03-2022
Investing in at least one fireplace can add tremendous value to your home, and they are rising in popularity. Homebuyers are looking for these most desirable features, whether that's an electric fireplace or wood-burning. The question is, however: are fireplaces a good investment?
Is a Fireplace a Good Investment?
There's a good reason why most buyers choose to install wood-burning fireplaces or gas fireplaces in their homes, and they can add warmth and luxury to those in the property.
A cosy fireplace presents a unique atmosphere, relaxing and romantic to homeowners, and determining whether they are a good investment or not is up to the individual.
However, this article will hope to outline the benefits and reality of owning a fireplace, hopefully giving you an idea if you would like to own one or not.
While they can increase curb appeal and the selling price of a property, with prospective buyers and tenants finding them appealing, they are costly to install, clean and maintain.
New Fireplace 91% ROI
Choosing to buy and install new fireplaces or renovate your existing fireplace can bring more value to your property when and if you decide to sell.
A fireplace adds significant warmth and comfort to dining rooms' master bedrooms and can be classed as major renovations to provide a new focal point and increase resale value.
Future tenants and estate agents will be attracted to a new burning wood fireplace, as well as electric fireplaces. For this reason, your next remodelling project to save money and add value in the heaps could be adding a fireplace.
Fireplaces Are Desirable
Relying on burning fireplaces throughout the colder months for heat is one of the many benefits luxury homes are capitalising on, and they are becoming more desirable among many homeowners.
In the US, the National Association of Realtors has stated that fireplaces are a fantastic way to increase home value and desirability, with over half over people willing to pay more where one room has a fireplace.
There are few better feelings than being warmed by a fireplace in your own home, and it truly makes life feel relaxing after a long day. When it comes to making upgrades to your home, adding a fireplace can bring about more enjoyment and change how an entire room or two rooms feel.
How A Fireplace Increases Property Value
You will have heard fireplaces increase home value, but how much value can you gain from installing one of these units? The costs of this type of new construction along with regular maintenance aren't cheap, so why bother at all? Here are the top reasons why a fireplace can add value to your home:
When it comes to a new build, future tenants are looking for a property that fits their aesthetic and is practical at the same time. Single-family homes can significantly benefit from the ambience that a fireplace creates.
The space is entirely reinvented with a modern fireplace, as it signifies the property has efficient heating and won't lose heat through walls and windows.
With energy prices skyrocketing, there is no better time to have a fireplace installed. An efficient fireplace can sometimes boost your property Energy Performance Certificate (EPC) up a band, adding a significant sum to the selling price.
A green fireplace is something buyers will not expect but will be pleasantly surprised.
Installing a fireplace helps create a focal point in a living room, tidying up the area when part of a larger media wall, for example. Built-in shelving and new windows can help complete this look, but the fireplace is the cherry on top.
Installation and Maintainance
One of the highest costs you can expect with a fireplace is the installation fee and the ongoing maintenance required.
No matter if you have a gas, electric or wood-burning model, you can expect yourself having to buy fuel, firewood, charcoal and regularly clean it.
Checking the gas line and batteries for leaks is something you should be doing routinely, ensuring the safety of those inside the property.
You may need a chimney sweep to correctly and safely clean out the flue and chimney, adding to an expensive monthly cost. So, while they can provide a cosy and practical solution to heating your house, the ongoing maintenance and construction is not inexpensive.
Other Things to Consider
While the Association of Home Builders has stated that buyers are likely to invest in those with fireplace improvements, there are some other things to consider before you purchase one.
There are health risks and dangers to using a fireplace, and only those with an understanding of the mechanics should use one. If you want to switch to a wood-burning fireplace, you will experience smoke when lit incorrectly. The materials required can be expensive and a hassle to acquire.
You will not have easily accessible heat when there is no firewood or charcoal, especially compared to conventional heating. However, fireplaces can warm new homes quicker in some cases and give you flexibility over the rooms you want to heat.
What Type Of Fireplace Is Best?
There is no one answer to this question, and it heavily depends on the individual. For instance, wood-burning fireplaces or gas models will produce more heat than electric units, so those who want to prioritise warmth should choose one of them. However, electric fireplaces can be more aesthetic and quieter, fitting modern homes more than older ones.
Here are the top fireplace options so you can familiarise yourself with them:
These models are ancient yet modern, popular among homeowners of all property types. The masonry can be stylish and beautiful, fitting in with your living room aesthetic precisely as planned.
Homeowners realise the monetary benefits of using a wood-burning fireplace, as they can cut down on their utility bills while relying on a constant source of heat, as long as firewood can be sourced.
Modernising the wood-burning option, gas fireplaces changed the market forever. Depending on your requirements, gas fireplaces can be installed on built-in hearths or installed just about anywhere in your home.
They do require, of course, a gas line and good ventilation, but you can discuss this with a fireplace specialist before installation. Ventless and vented gas fireplaces are your main options, giving those without a chimney the opportunity of installing one.
Gas-burning fireplaces can provide as much beauty and aesthetics as wood-burning with a more straightforward management routine. You should still be hiring a professional for inspections, but you won't have to worry about the refuelling and regular cleaning associated with wood-burning.
For those that want a fireplace with less maintenance, we recommend gas fireplaces, as they can be flicked on with a button or switch, and you don't have to worry about refilling with firewood.
Electric fireplaces truly modernise a fireplace, giving people a wide range of choice. Traditional stone cases, wall-mounted and many more options face those that choose electric fireplaces, meaning you don't need to change your interior design to match a new fireplace.
Electric will be the cheapest to install on average, and there's no worry about regularly cleaning a chimney. Smaller models can simply be plugged into the wall, whereas mounted ones require more set-up and higher costs, but both won't set you back as much as a wood-burning fireplace.
The biggest downside is that electric can never hope to match the heat output of a wood-burning unit, but you can still achieve the aesthetic of a real fireplace.
Overall, you can expect a wood-burning fireplace to provide the best ambience. When you imagine curling up with your loved ones, warming yourself by a fire, you picture a wood-burning unit, and they have stood the test of time. However, they will cost the most in upkeep and management over time, along with sourcing the firewood.
If you require more information about fireplaces in your home, please contact our team today for expert advice.
Do you have a period fireplace which needs repair or restoration? If you live in the Hastings and East Sussex area, our expert antique fireplace restoration services can help.