3 Reasons Why Adding a Fireplace Can Increase Your Home’s Value
Did you know fireplaces are among the most popular home features found in homes for sale? Not only do they serve the functional purpose of providing additional warmth in your home but by adding a fireplace, you may also be helping increase your home’s value. Regardless if you live in sunny Las Vegas, NV, or cloudy Pittsburgh, PA, a fireplace is a simple way to add exciting architectural details to your home.
1) On average, homes with fireplaces are listed for 13% more than the national median sale price
If you’re getting ready to put your home on the market, a fireplace is one of the better return on investment features you should consider including in your home improvement projects before selling. Fireplaces may be a common feature in many homes nationwide, but they are especially apparent – and expected – in regions that experience seasonal weather like, Minneapolis, MN. Homes with fireplaces also currently boast a 99.9% sale-to-list ratio. Meaning homes with this feature currently going under contract are selling for 99.9% of their list price. So, if you’re a seller that already has a fireplace installed, make sure to spotlight it during home tours to add that extra aesthetic appeal and make your home stand out.
2) It’s one of the most popular trends buyers expect to see in homes for sale
Out of all the 10 most popular home features*, homes with fireplaces average the most views per listing at 733 views. Fireplaces do a great job at keeping your home warm and cozy without increasing your electric bill. So, make sure to build it in an area that’s regularly used, such as a family room or living room. These high-traffic areas will make the fireplace a focal point and add to the room’s ambiance.
3) When picking through the different options, consider adding a gas fireplace
Gas fireplaces are listed among the most valuable home trends to buyers, making them one of the smartest investments when considering the different options available on the market. They also rank among the top features homebuyers look for in a home and having this feature can help make your listing stand out. Along with a high sale-to-list ratio, homes with gas fireplaces have a current median list price of $449,000. So, if you’re planning to do some remodeling and wonder what selling points homebuyers are looking for, gas fireplaces are among the top home trends buyers are looking for.
Gas fireplaces also benefit from being one of the most convenient choices to consider when picking through the different options. Since you don’t have to worry about cleaning out ashes or wood remains, it’s a low-maintenance way to bring a valued home trend into your space. Plus, it eliminates the tedious (and often messy) task of chopping, collecting, and storing firewood.
Should you invest in a fireplace?
If you’re considering adding a fireplace to boost your current home value, think about the location and function of the room you’re installing it in. A high-traffic area, such as a living room, family room, or den, is a great option when contemplating which area of your home could benefit from this addition. Depending on your location, installing a fireplace could also attract more potential homebuyers to your listing. At any rate, a fireplace is a functional add-on that will add warmth and coziness to your space, as well as enhance its appeal.
*Per home listing data on Redfin.com, as of February 2021.