The Investment Value that Fireplace Renovation Adds to Your Home
There are some home improvement projects that can significantly boost your property's investment value, and fireplace improvement is just one of them. A fireplace's value to a house is very substantial and in fact, it is one of the top six features that appraisers look for when determining the current market price of a property. In addition, it is one of the most requested amenities that buyers check out when hunting for a home. If you are not still convinced, just read on because we will explore here the reasons that make fireplace renovation a worthy investment.
First, what makes such a project valuable is that it can earn about 50 to 80 percent return on investment. This translates to about 1000 to 5000 pounds addition to the total resale of your property if ever you decide to sell it. Second, the value of a fireplace extends beyond the worth of your home when put on sale. This is because improving it, such as adding inserts and installing brick panels to supplement an average central heating system, can help you save on your annual heating cost between 20 to 40 percent. That is a great cost saving benefit given the skyrocketing prices of energy and gas these days!
And lastly, you as a homeowner can benefit from tax credit when your planned fireplace renovation can result to improved energy-efficiency. While this will not directly affect the value of your house, it can save you a great deal of money on property tax. So, if you are thinking of giving your home a little upgrade, include the fireplace in your list of priorities.