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Fireplaces: do they make your home value hot?

Fireplaces tend to evoke deeper feelings in people — beyond the idea that they simply provide a source of heat. Not only do people see fireplaces as homey, but they also equate them with luxurious living spaces.

Fireplaces can also increase a home’s value. The National Association of Realtors conducted a 2013 survey of homeowners’ desire for a fireplace. Participants listed fireplaces as one of their most sought-after features, with 40 percent stating that they would pay extra if the home had one. Likewise, the National Center for Real Estate Research discovered in its study that “fireplaces have a strong, positive effect on selling price with each fireplace adding about 12 percent.”

For centuries, indoor fireplaces served as the centerpiece of homes, but recent trends in homebuilding indicate the growing prevalence of outdoor fireplaces, especially in luxury homes. The National Association of Home Builders recognizes this growing trend, noting that an outdoor fireplace can increase a home’s value by an average of $3,500. Who doesn’t love the idea of spending a summer evening in the backyard, cozied up in front of a roaring fire, swapping stories with friends?

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