A Working Fireplace Increases the Value of Your Home
Whether you are upgrading your home or are planning to sell, a well-maintained working fireplace is a desirable feature that can significantly increase your home’s value. On the other hand, a fireplace that needs repair or is no longer functional can make your home less appealing to future home buyers, consequently reducing its value.
According to the National Association of Real Estate Appraisers, a fireplace can increase the home’s value by up to 6%. Considering that the New Haven Register reports that the median sales price for a single-family home in Connecticut is $300,000, a fireplace can add as much as $18,000 to the home’s value. When it’s time to sell, homeowners can recover most of the expenses for a fireplace makeover or installing a new fireplace.
A fireplace that needs repairs makes your home less attractive and increases the risk of fire and carbon monoxide exposure. Even a non-working fireplace can be hazardous if it is not being maintained. Deteriorating masonry reduces its structural integrity that could lead to a partial or complete collapse that can cause thousands of dollars in property damage. Giving your fireplace a makeover will make it an attractive centerpiece that will also maximize home value.
The fireplace’s masonry surround and firebox are the features people first notice when entering a room with a fireplace. Repairing cracked, chipped, or missing bricks and mortar in the fireplace will dramatically enhance its appearance restoring its original condition. In most cases, a chimney mason will use a restorative process known as tuckpointing to restore the firebox. The technician repairs the bricks and fills in the missing mortar with a new bonding material that is color-matched to your existing fireplace. The mason can also apply the same process to restore the chimney to its like-new condition for a complete fireplace and chimney makeover.
Homebuyers prefer homes with energy-efficient features. A 2019 home buyer’s study by the National Association of Home Builders (NAHB) found that buyers are willing to pay an average of $8,500 more for a home that saves $1,000 or more per year on utility bills. Fireplace inserts are energy-efficient heating appliances that have the ambiance of a traditional masonry fireplace. They fit inside an existing fireplace opening, making it a more affordable option for restoring an existing fireplace. Unlike traditional fireplaces where up to 90% of the heat escapes through the chimney, wood-burning and gas inserts are significantly more energy-efficient retaining up to 85% of the heat they produce. Also, zero-clearance fireplaces can be installed in virtually any room in the home, even in living spaces too small for a traditional fireplace. They are also simpler to operate and maintain. With a wood-burning or gas insert, homeowners can have a stunning fireplace that will reduce heating costs and increase their home’s value.