Fireplaces conjure up cozy feelings and fond memories. However, the parties involved in real estate transactions should consider how fireplaces affect home values for buyers and sellers. The 2019 version of the National Association of Home Builders’ publication, What Home Buyers Really Want, found that 48% of home buyers consider wood-burning fireplaces a desirable item. While some buyers may be indifferent to the presence of a fireplace, very few cite the existence of a fireplace as a dealbreaker that would scuttle a sale.
Impact on Home Value
Estimates from real estate agents and appraisers suggest that a fireplace can increase the resale value of a home by 6-12%. Furthermore, a 2016 Angi survey found that 70% of real estate agents believed that fireplaces have historically increased home value. These statistics indicate a clear correlation between fireplaces and property value, strengthening the case for sellers to highlight this feature and for buyers to consider its benefits. More recently, home builders have been excluding fireplaces to make homes more affordable. However, fireplaces remain popular in the luxury and vacation home market.
Adding a Fireplace
Adding a fireplace could be a worthwhile investment if your home doesn’t currently have one, depending on your home’s style. Many buyers don’t expect a fireplace in a smaller, more modest home. But having one could be perceived as a bonus.
You should consider the range of options available if you’re considering adding a fireplace for your enjoyment or to enhance your home’s value. Traditional wood-burning fireplaces remain a popular choice, while modern gas or electric models provide attractive efficiency and low maintenance. Choosing the right fireplace for your space can enhance your home’s aesthetic appeal and its market value.
Staging Your Home
Staging your home to highlight the fireplace can help draw buyers’ attention to this valuable feature when preparing your home for sale. Consider working with a certified decorator or designer who specializes in staging homes that will be going on the market.
These professionals can come up with ways to arrange your furniture or ones you’ve rented to create a cozy seating area around the fireplace. They can adorn the mantel with a mirror or other tasteful decor that helps prospective buyers envision themselves living in and enjoying the space. By making the fireplace a focal point, you can enhance its perceived value and make your home more appealing to potential buyers.
Fireplaces affect home values for buyers and sellers in many positive ways. Understanding these impacts can help ensure a successful real estate transaction, whether you’re a buyer considering the added cost or a seller deciding on a listing price.
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