How much value does a fireplace add to a home

The National Association of Home Builders NAHB conducted a study that revealed that more than three quarters of homebuyers are seeking a new home that contains a family room fireplace. The second most popular living space among homeowners to have a fireplace is the living room.

About half of potential new homeowners would like a fireplace in this room for guests and visitors to enjoy. Some of features that can make a modern fireplace attractive to potential homebuyers include modern flames and other more elegant and luxurious items around the fireplace.

A homeowner can often recover over percent of the expenses associated with adding a fireplace upon selling their home. According to the National Association of Real Estate Appraisers, adding a fireplace to home can increase the resale value of the home by as much as percent. When considering whether or not to add a fireplace, homeowners should ask if their home is suitable for a fireplace.

They should also consider how much the installation and upkeep will cost in the long-run. One of the most common questions homeowners ask when adding a fireplace to their home is which type is best.

It depends on what the homeowner is looking for, as each type has its perks. Gas and electric fireplaces share a lot of benefits, including that they are both budget friendly. While an electric will be the cheapest, both are notably less expensive than the wood fireplace. Neither requires the installation of a chimney or any other power supply.

The only exception would be if you buy a gas fireplace and currently do not use anything powered by gas in your home, you would need to hook your new gas fireplace up to a gas line. Sign in here.

Access to timely real estate stock ideas and Top Ten recommendations. Learn More. Real estate has long been the go-to investment for those looking to build long-term wealth for generations.

Let us help you navigate this asset class by signing up for our comprehensive real estate investing guide. A home with a cozy fireplace where the family can gather used to be one of the most enduring images of the suburban dream. A fireplace in the living room could create the ambiance of a Norman Rockwell painting come to life. Realtors knew it, too, touting the benefits of fireplaces in not just the living room and dining room, but other gathering spaces, too.

Even the master bedroom could benefit from this beacon of warmth and light. But a fireplace isn't near the top of the list of amenities that most buyers want today, according to a recent survey by the National Association of Homebuyers NAHB.

Census Bureau data. That number has been dropping steadily since and represents a record low to date. With a lack of affordable housing plaguing the country, homebuilders are seeking to reduce costs on starter homes, ideally without diminishing the construction quality.

Eliminating niceties like fireplaces can help. People need a place to live within a strict budget and are willing to sacrifice items on their wish list to find an affordable home. Homes are vanishing off the market in as fast as a month in places like San Jose, according to Realtor.

Their demands today just lean toward the practical. The NAHB survey, What Home Buyers Really Want, polled 4, homebuyers who have recently purchased or plan to purchase a home in the next three years to determine the most desirable features.

The organization came up with a list of home features with varying degrees of desirability. Tops on the list?