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For my specific Washington St. property: 1610 sq foot, 3 bed, 2.5 bath two story town home in a Golf course country club... I already have a gas fireplace in the living room. Looking to add a second in the master suite on the second level, because the room deserves it being 320 sq ft large, my cost to plumb gas, construct hole to accomodate, and acquire the unit, I am running about $5,000 in actual costs for a "normal" fireplace unit. However the return is a little tricky in this difficult market. By consulting with my real estate professional, we have determined that it will set my property apart from the rest and if nothing else, make it sell more quickly than my "comps". (It is a wow factor in a large suite and will make every couple envision romance.) I don't plan on selling for at least 5-7 years, and she fully expects the market to make gains in valuation in that time, but if I were to list now with changes, she is confident I would make 100% of the costs back at sale, but could see double return depending on variables, and would expect a $12,000 boost on an appraisal/market evaluation. She does expect that if I do retain ownership for another 5-7 years that the $12,000 equity boost would be a certainty.

This is for adding a second fireplace. I can tell you after looking at about 130 homes in 8 months, the fireplace was on my must have list (and I am not alone, most buyers want one). The homes that did not have one, would have had offers that allowed me to retain enough cash to put one in.

Involve your real estate professional in your home improvement choices whenever possible, but don't do it for the "money", do it for you first while making wise choices.

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Q: How much value does a fireplace add to a home when selling?
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