Fireplaces are a fantastic addition to houses. Although various energy-efficient space heating systems are available, there’s nothing quite like the warmth and old-school comfort a wood-burning fireplace imparts. You can recover a significant portion of your installation bill at resale if you play your cards right.
Spending Moderately
The costlier the fireplace, the harder it is to recoup its initial cost. Optimizing its ROI can be challenging because it’s a lifestyle improvement. You can’t expect the market to share your enthusiasm toward it. It’s not among the primary features most buyers seek when looking at lower and moderately-priced homes. Still, it’s usually a pleasant surprise, so it’s neither a deal-breaker nor a needle-mover.
However, it’s a different story regarding luxury houses and lodges. They’re still synonymous with fireplaces. You may be able to use a high-end traditional fireplace as a bargaining chip when selling these properties, so splurging on it is justified.
Going Electric
Electrifying your space heating equipment makes your home more marketable. In 2021, 50% of Realtors assisted clients in selling or buying houses with green features. Electric fireplaces are more eco-friendly than wood and gas models. These devices burn no fuel, so they emit zero exhaust. It’s even better if your electric power comes from a renewable source, such as solar and wind, or a recyclable one, like nuclear.
The sustainability movement is gaining steam because the public yearns for greener and healthier lifestyles. Only a few people think of all-electric houses when they hear the term healthy homes. This perception may change soon, though. The speculative house that won the 2020 Best in American Living Gold Aware for Healthy Home boasts an electric fireplace and a heat pump.
Matching Your Decor
Even the most luxurious and energy-efficient fireplace won’t fetch a considerable sum when it looks out of place. Unless your home’s architecture is eclectic, the style of your fireplace must be consistent with your property’s signature aesthetics. For example, traditional designs mesh well with rustic, Victorian, farmhouse and Craftsman properties, whereas contemporary styles suit minimalist, industrial and midcentury modern homes.
Ensuring It’s Warranty-Protected
Every fireplace manufacturer worth its salt offers a lifetime limited warranty to fix specific defective components at no cost forever. Unfortunately, only some product warranties are transferable.
If your fireplace’s manufacturer terminates its guarantee when you sell your house, buy a home warranty as a replacement. This protection covers general wear and tear and is generally transferable to other people. A home warranty is an additional expense but can sweeten the deal to help your home sell faster.
Performing Maintenance Religiously
A fireplace with a stellar maintenance history inspires confidence and peace of mind. Some models’ upkeep is more demanding and expensive than others. For instance, getting a wood-burning fireplace’s chimney professionally inspected and cleaned costs $205-$505 yearly, while electric and gas models can stay in good shape with basic cleaning.
Expecting a homebuyer to shoulder your long-term maintenance costs is wishful thinking. Choosing a fireplace that only needs a little TLC is the most logical way to spend less on upkeep and get as much return on your total expenses as possible.
Letting Little Time Pass
Purchasing power decreases due to inflation — the general rise in the prices of goods and services. Inflation skews ROI targets, lulling you into thinking you recouped more cash than you did. Your fireplace installation’s resale value must exceed 100% to break even as time goes by.
The longer you wait to sell your home after setting up your fireplace, the more money you need to get a decent return. The problem is many homebuyers are keen on paying less for older home features. Listing your home shortly after installing your fireplace is the best way to minimize inflation’s impact on its resale value.
How Much ROI Should You Expect From Your Fireplace?
Only the market can tell you how much your fireplace is worth when you list your home. Recording less than a 100% resale value doesn’t make a fireplace a financial liability, though. Any amount you recover when you sell is a bonus, considering how much it can improve your lifestyle. If you follow the above tips, you can successfully minimize your initial costs and slow its depreciation.
Author Bio
Jack Shaw is a writer and editor for the lifestyle magazine Modded, as well as a car enthusiast and lover of nature. His writings on home design and renovations have been published on sites like CADdetails, A House in the Hills, House 2 Home Organizing and more.
