A gas fireplace can be an excellent addition to your home. However, it may not always be cheap, especially for someone looking to sell the house for a profit. That begs the question, does a gas fireplace increase your home value?
This should generally be interesting to see if you were adding a gas fireplace or any other type will increase the home value and by how much.
How Much Does a Gas Fireplace Increase Home Value?
A gas fireplace may not always be too expensive, so more people might consider adding it as part of their home to improve the appeal.
We have looked at various data options available and determined that a fireplace will increase the home value by 5%.
Yes, 5% is not a small amount. Anyone who has worked as an estate agent, interior designer, or evaluator will tell you this is a good amount. This can be a nice addition to your commission when you finally manage to sell the house.
So, it is clear that the fireplace will have a transformative impact on the house value. However, it may not always be a big deal for all the buyers.
How the Fireplace Can Increase Your Home Value
If you were thinking of adding a gas fireplace to your home but are unsure how good it can improve its value, here are the reasons to convince you further.
- Improved aesthetics
Many people love fireplaces and the kind of conversations they imagine having around one of such fireplaces. It is more reason you can get them paying for more just to get a good fireplace.
As much as a fireplace is important, make sure it is also appealing. A well-designed gas fireplace will be a deal maker for most home buyers. The worst is when a client finds an old fireplace that seems to get no maintenance at all.
So, a good fireplace will generally improve the aesthetics of your home.
- Energy use
A gas fireplace is generally cheaper to run compared to an electric fireplace. We recommend upgrading to the newer fireplace models that are tuned for energy efficiency. The last thing you need is to spend so much on keeping the gas fireplace running.
More companies also want to be energy-efficient. It is why more models you get today will be in line with what the energy regulators deem as energy-efficient fireplaces.
- More fireplaces can mean more value
The increase in your home value will not plateau with just one fireplace. The more fireplaces you add, the more value you get. However, this does not mean you overdo it.
It is estimated that 40% of homeowners are willing to pay more for a fireplace. So long as it can be functional, more gas fireplaces will then be good for your home value.
The Cost of Adding a Gas Fireplace
Like anyone who is interested in doing business, you must look at the price of adding the gas fireplace and the returns.
A gas fireplace can cost on average $2,000 to over $8000 and the cost of installation would be around $4000. The installation is a bit higher because there is the need for piping of the gas through the wall while maintaining a clean look.
So, keep such cost in mind before fully investing in a gas fireplace as an option.
Do Gas Fireplaces Raise Insurance?
The short answer is, gas fireplaces do not raise your insurance significantly.
Fireplaces are considered safe, especially when looking at gas fireplaces and electric fireplaces. As much as premiums may be affected, it mostly depends on the insurer.
So, do not worry much about adding a fireplace to your home, as it will not have a significant change in your home insurance.
Does Removing a Fireplace Decrease Home Value?
We have seen how a fireplace can increase your home value; however, what about when you remove the gas fireplace? Will it still affect the home value?
If you are in an area with a cold climate, a fireplace is important in keeping the occupants warm. The moment you remove a gas fireplace in such an area, it is expected that the home value will drop significantly.
Also, how the removal process is done can affect the home value. Some might not use the right methods leaving an eyesore of a sight to see each time you get into the room. It always has to be done right to make the buyer feel like there was no fireplace in the first place.
Is it Expensive to Remove a Fireplace?
If you were thinking of removing a gas fireplace or any other type of fireplace, just know it would be the cheapest option. You may spend up to $5,000 on the removal process. This includes demolishing some of the fireplace parts, adding structural support, and repairing the walls, and floor.
Sometimes you may find it too expensive to remove the gas fireplace.
Conclusion: Is a fireplace a selling point?
So, having a gas fireplace can increase your home value. Some can take it as a selling point, while others consider it a simple add-on to your existing interior decor. It comes down to what the client prefers. Just make sure the addition of the gas fireplace is necessary to ensure you always get the value for your money. This is because that is also more expense on your side.