How A Fireplace Can Increase Your Home's Value

December 1, 2011 - Updated: December 1, 2011

There are certain elements of a home that can have a large impact on its resale value. It is the add-ons and extra features that not only attract buyers, but help to close deals. Unique homes are always in greater demand than more traditional cookie cutter models.

 

Taking the time to stage your home and make minor adjustments before you put your home on the market will make a considerable difference. One of the most popular elements of a home that has regained popularity in recent years and can have a positive impact on your property value is the fireplace.

 

The allure of fireplaces

Everyone loves to sit around a fire with their friends and loved ones. This is perhaps why fireplaces became so popular in the first place. They add a certain elegance and sophistication to every home they are in. They are great for entertaining and are especially appealing during the holiday season.

When buyers see a fireplace in a potential home, they envision sitting by the fire and enjoying a glass of wine with their partner or a cup of hot chocolate with their children. Fireplaces create this fantasy idea in buyers heads, and if you stage them correctly, will be the main selling point in the house above all else.

 

Fireplaces are in demand

People love the idea of having a fireplace. Almost three quarters of home buyers have a fireplace on their list of items they want included in their home. They are a coveted amenity, and homes that contain this elegant accent often have considerably better resale housing prices and property value.

 

Staging and fireplaces

If you are planning on staging your home before you bring in potential buyers, make your fireplace the centerpiece. Make it the focal point of your living room and really make it pop. And, don't forget to mention the potential cost savings in terms of heating your home.

 

Updating your current fireplace

If you currently have a fireplace in your home, consider putting some time and effort into updating it. Take some time to clean it up. An older looking fireplace can make a room look grim. Use materials that are inexpensive and easy to work with such as are tile, manufactured stone, granite, marble and wood. Sometimes even painting over old, ugly brick will make a huge improvement. Remove clutter from the mantle as well. You don't want it to be covered with photos and other items. Investing a little money into your current fireplace will go a long way.

 

Installing a fireplace to increase your home's value

Many people undertake large renovation projects prior to selling their home. They do so to not only help sell their home, but also increase its value. Instead of renovating your kitchen, some people are now adding a fireplace to their living room.

 

When adding a fireplace, there are two main options that people are going with today:


Electric fireplaces: This is the least expensive to purchase and install


Gas fireplaces: They are very common, easy to use, and can be installed anywhere in the house.

The best part about these fireplaces is that turning them on and off can be as easy as flipping a switch to create instant ambience.

Some people are actually still opting for a more traditional brick fireplace. Brick fireplaces can provide charm and old-fashioned elegance. However, they are more expensive than the other two options

.

The payoff of having a fireplace

Investing in a fireplace as a home renovation option is definitely worth it. Real estate appraisers estimate that you can raise your house price by up to 15% just by adding a fireplace, making a fireplace a great investment if you are looking to increase your property value.

With such a great return on your investment, you have a great deal of freedom when selecting a fireplace for your home. A high-end fireplace will repay your investment and increase your property value. Therefore, adding a fireplace to your home is absolutely a safe investment that will increase your house price.

 

 

If you are thinking of selling your home and would like to discuss selling options, including home staging, please call:

 

 

Paul Magnus, Timothy Burke or Kalev Koop - Sales Representatives

Coldwell Banker Terrequity Realty, Brokerage


Tagged with: ontario toronto terrequity coldwell banker kalev koop paul magnus timothy burke selling your home installing a fireplace staging and fireplaces updating your fireplace home value
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