You might be surprised by the answer. 5%. That’s the broad consensus among estate agents, valuators and interior design experts. While 5% may not seem like a huge amount, when you put it in context with the value of a house overall it’s a larger sum than you might think.
Does electric fireplace increase home value?
While an electric fireplace may not increase the value of a property in the same way a gas fireplace can, a budget-conscious consumer can create a beautiful setting with a premium electric fireplace unit. This, in turn, can create a more desirable living space.
Is an electric fireplace worth it?
Electric fireplaces are one of the most efficient ways to heat a home and heat rooms faster and more efficiently than wood-burning fireplaces. Since heat rises, traditional chimney fireplaces let all the heat out through the chimney. … With an electric fireplace, rooms warm up quickly and stay warm throughout use.
How much does an electric fireplace add to your bill?
On average, electric fireplaces will raise your monthly electricity bill by $32.50. This represents a 28.3% increase for the average US household. Again, this assumes $0.15 per kWh and 5 hours of use per day, over 30 days, on max power.
Does it cost a lot to run an electric fireplace?
Currently, the average cost of electricity in the United States is approximately 12 cents per kilowatt-hour. This means it will cost you approximately 15 cents per hour to operate an electric fireplace.
What adds most value to a house?
What Home Improvements Add the Most Value?
- Kitchen Improvements. If adding value to your home is the goal, the kitchen is likely the place to start. …
- Bathrooms Improvements. Updated bathrooms are key for adding value to your home. …
- Lighting Improvements. …
- Energy Efficiency Improvements. …
- Curb Appeal Improvements.
How much value does fireplace add?
A homeowner can often recover over 100 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 6-12 percent.
Is it better to have a gas or electric fireplace?
Although gas fireplaces produce more heat than electric fireplaces, an electric fireplace can provide enough heat for a several-hundred-square-foot area. Despite their increased heat production, if your primary concern is cost and energy efficiency, an electric fireplace is undoubtedly a better option.
What is the average cost of an electric fireplace?
An electric fireplace costs an average of about $700. Depending on the size and type of fireplace, you could spend as little as $200. Electric fireplaces are less expensive than the cost of installing a fireplace or woodstove, which can run from $850 to $3,500.
What electric fireplace looks the most real?
As of today, water vapor fireplaces are the most realistic electric fireplaces on the market. They produce 3-Dimensional flame effect and look like real fire, but without any of the mess or danger. Water vapor fireplaces create their realistic fake flames by using water mist and LED lights.
Is it safe to run an electric fireplace all night?
Yes, it is okay to leave an electric fireplace insert on overnight but it’s best if you turn it off when possible. … Although electric fireplaces do not produce any carbon monoxide fumes, its best to turn your electric fireplace off when you leave the room for an extended period of time or plan on catching some zzz’s.
Do electric fireplaces get hot to the touch?
The glass on electric fireplaces will never get hot to the touch. This means that they are safe for children and pets. By comparison, the glass on a gas fireplace will get super-heated enough to instantly burn anyone, or anything, that comes into contact with it.