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With the economy coming to a slow down, the act of selling a home is becoming more and more difficult to do. Intrepid homeowners are looking for ways to improve their homes, setting themselves apart from the other homes on the market now, and increasing the value of their homes as the economy improves. And one of the leading tactics among home renovators is the fireplace.
The theory behind adding a fireplace to a home is a sound one, and one that is backed up by numbers. The Hearth, Patio, and Barbeque Association states that the addition of a fireplace can add up to 10.8% to a home’s total value. And while that source might seem a little biased, the National Association of Home Builders lists a fireplace as one of the twelve factors that significantly impact the value of a standard home.
Why is such a premium placed on fireplaces? Well, there seems to be a break in the law of supply and demand. According to Dennis Nevius, President of the Oklahoma Association of Realtors, a fireplace is „universally desired.” Supply, on the other hand, is limited. In 1971, the number of new homes built with fireplaces was only 36%. In the 1980s that number rose to around 55% and, despite a few off years, that’s where the number has generally stayed to this day. The break here, with supply being limited to a little over half of new homes over the past few decades, and demand being near-universal, means that houses with fireplaces command at least more attention than those without.
Adding a fireplace to an existing home is not nearly as difficult as it once was, and not nearly as expensive either. The traditional wood-burning fireplace, called a full masonry fireplace in industry terminology, can easily run up costs in excess of $20,000 in a new home, and double that in a remodeling project. The reason for this sky high cost has less to do with the attractive, outward appearance, the face work, and more to do with the extensive brick work and the addition of a chimney to a home. The gas fireplace, which has become a phenomenon over the past two decades thanks to advances in technology, can require only a vent to let heat out, or can even operate vent-free. This cuts costs from the tens of thousands to the just a few grand. The drop from $25,000 to $5,000 is a large drop indeed.
Modern gas fireplaces provide the light and warmth associated with a traditional wood-burning fireplace. However, modern gas fireplaces offer advantages that traditional fireplaces do not. The first, and most often noted, is that these fireplaces turn on with the flick of a switch; there is no need to nurse kindling into a blaze. Second, there’s no ash or mess associated with trudging wood from the wood pile to the fireplace. Gas fireplaces do not carry a significant risk of fire. And there’s no energy leak associated with heat drifting out of the top of a chimney. There’s just fire on demand. And without the energy leak of a chimney, a gas fireplace is a more efficient means to heat a room. As the communications director for Hearth, Patio, and Barbecue Association noted to the Washington Post on the same topic, today’s fireplace buyers are more realistic than romantic.
Beyond the safety and efficiency, the modern gas fireplace allows homeowners to be more creative with where these fireplaces go. With directive vent units requiring an outside wall, and the vent-less variety requiring only a gas hookup, fireplaces have started to appear in places where they otherwise couldn’t go, such as the master bedroom on a second floor or even the master bathroom. The real trick is to make sure that your fireplace fits the room.
Unlike the home improvements of twenty or thirty years ago, in the modern home market, value isn’t necessarily derived directly from the type of fireplace installed. While yesterday’s homeowners often opted for a full masonry fireplace in the living room, technology has advanced to the point where a gas fireplace can make the perfect addition to a family room, a study, or even the master bedroom. The concept or romance has been offset by ease of use, safety, and creativity. Capitalizing on these three things, allows a homeowner to tap into the demand for a fireplace in the upcoming buyers market, and the enjoyment of one now.
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