Does a Fireplace Add to the Value of Your Home?
There are many reasons why you might want to add a new fireplace to your home. Perhaps you’re upgrading an older fireplace. Maybe you’re completely refreshing your interior design. But, what if you want to increase the value of your home? Can installing a new fireplace boost the value of your home? Read on to find out.
How do fireplaces add to the value of a home?
If you want to ignite the value of your home, then installing a new fireplace can be one of the best ways of doing so. But how do fireplaces add to the value of a home? There are several reasons which we’ve detailed below.
Picture the scene. You go to view a house. Everything’s looking good. There’s a nice, private garden, the house is well decorated and clean, and then you walk into the living room. That’s where things go terribly wrong. In the centre of the fireplace sits a tired old gas appliance that looks like it's been dragged out of the 1970s...
We’ve all been there. An unappealing fireplace can have a big impact upon the value of your home. Modern tastes have changed when it comes to fireplaces, so adding a stylish modern fireplace can really boost the value of your home.
Energy efficiency may not be as sexy as a gorgeous looking fireplace, but it’s another reason why adding a new fireplace can increase the value of your home.
Upgrading to a more modern, efficient fireplace could potentially move your EPC (Energy Performance Certificate) up a band, which could add thousands to your sales price. With more green taxes on the way over the coming years, being able to demonstrate to potential buyers that you have a green fireplace will certainly make your home a more attractive proposition.
Not only can efficient fireplaces improve the value of your home, but they are also cheaper to run and will help you (and future potential owners of your home) to save money on heating bills. Win, win!
Adding a new fireplace can increase your home’s value in another way. By adding a fireplace as part of a media wall, you not only create a stunning focal point for your living room, but you also make the living room more functional.
A media wall helps ‘tidy up’ a room, allowing you to get rid of bulky TV stands. A media wall can also serve as a storage area, with built-in recesses so that you can store books, records or other items.
Media walls are also very much on trend at the moment, so adding a fireplace as part of a wider media wall project will certainly add value to your home.
Read our guide to creating the perfect media wall with a fireplace here.
How much will a new fireplace add to the value of my home?
So we’ve just taken a look at some of the ways in which a fireplace will add to the value of your home.
But of course the key question on your lips is bound to be something along the lines of “great, but how much value will a new fireplace add to my home?”
You might be surprised by the answer.
5%. That’s the broad consensus among estate agents, valuators and interior design experts. While 5% may not seem like a huge amount, when you put it in context with the value of a house overall it’s a larger sum than you might think.
According to the House Price Index the average house price in the UK is £250,341 (April 2021). So, with an additional 5% that you could gain from adding a fireplace, it would increase to £262,858 - an increase of £12,517!
It’s clear that adding a fireplace can have a transformative impact on the value of your house.
What type of fireplace should I add to my home?
Okay. You’ve decided the time is right to install a new fireplace in your home. What sort should you buy?
You’ve got several options, each of which could increase the value of your home in a different way.
Solid fuel fireplaces
If you haven’t already got an open, solid fuel fireplace then installing one could have a big impact on the value of your home. Solid fuel fireplaces offer a traditional heat source that usually sits in cast iron grates or baskets within a wide stone fireplace.
However, if you live in a home without a chimney (an increasing occurrence in new build homes), or if your chimney has previously been blocked up - installing a new wood burning fireplace can be an expensive job. If you don’t have a chimney at all, then you’ll need to have one built, as well as a full fireplace.
If you do decide to install a solid fuel fireplace in your home you’ll have to meet certain requirements:
- Solid fuel fires must sit upon a non-combustible plinth or hearth (the thickness of which will be determined by the heat output of the fire).
- The hearth must project outwards by at least 150mm on each side of the fire and at least 300mm in front of it.
Because of these requirements you cannot install a solid fuel fireplace yourself. You will need to contact a HETAS qualified fitter and have them undertake the work.
Gas fireplaces are among the most flexible, diverse and cost effective fireplaces available. If you’re looking to install a new fireplace in your home then gas is often the favoured option.
Depending on what type of gas fire you buy, you may not need a chimney - so they’re a great choice for new build homes that don’t have functioning chimneys.
Gas fireplaces are available in a huge variety of different styles from slimline versions to wall mounted and hole in the wall versions.
Should energy efficiency be one of the reasons you’re looking to install or upgrade a fireplace, then high efficiency gas fires are the perfect option.
Since the 1980s electric fireplaces have soared in popularity. If you don’t want the hassle of connecting your fireplace to your domestic gas supply, or if you don’t have a domestic gas supply at all, then an electric fireplace offers an alternative way of adding value to your home.
Electric fireplaces are also a very flexible fireplace option. Whether you want your fire to be freestanding, wall mounted or inset, there will be an electric fireplace to meet your requirements. If you want an ‘all in one’ solution, then you can buy an electric fireplace suite which will come complete with a surround and mantle.
If you’re looking to build a media wall, then there are many electric fires specifically designed for this purpose. Electric fires are also increasingly being manufactured with advanced tech such as app based controls, 5D fire displays and even virtual reality!
Whatever type of fireplace you choose, adding a quality fireplace could add a significant amount of value to your home. Is it time you upgraded your fireplace?
Read more fireplace advice and information on the Direct Fireplaces blog...