Will A Stove Add Value
To My Home?
Short answer… Yes! When it comes to home improvements, few additions blend functionality with charm quite like a stove. Whether it’s the crackle of a wood-burning stove, the sleek convenience of gas, or the eco-friendly appeal of pellet, stoves are more than just heat sources. They’re investments in your home’s value. In this detailed guide, we’ll delve into the nuanced world of stoves and their impact on home equity, particularly focusing on different types of stoves – wood, gas, and pellet – and how they resonate in various regions, especially in colder states where alternative heat is a desired addition to a home. Read on to uncover how a stove installation could be a game-changer for your home’s market appeal and value!
The Value-Adding Potential of Stoves
For years now, we’ve seen homes with a fireplace or stove be more desirable. When asked on the topic, Fireplace Universe had this to say, “Studies have shown that fireplaces, in general, are a selling point for a home, while wood stoves may help to increase house prices by up to 5%.” Stoves have long been celebrated for their aesthetic appeal and warmth, but their influence extends beyond physical comfort… They also add tangible value to your home. A well-chosen stove can elevate a property’s marketability, especially in northern regions of the country where the colder climates are. Regardless whether it’s wood, gas or pellet, we have seen that any functioning alternative heat source is more desirable for buyers.
So, now let’s get into each one of them a little more!
Wood Stoves: Traditional Charm and Robust Warmth
Wood stoves bring a timeless appeal, often favored for their traditional ambiance and competent heating capabilities. Installing a wood stove can be particularly advantageous in states like Michigan, The Dakotas, Vermont or Montana, where the rustic charm aligns with local aesthetics. In terms of equity, homeowners can expect a reasonable boost for sure. It’s common to see up to 5% in some cases, depending on the stove’s efficiency and the home’s overall condition.
A study by the National Association of Realtors highlighted homes with wood stoves or fireplaces tend to sell at a higher price. The key to maximizing this value lies in choosing energy-efficient models and ensuring professional installation. Now, let’s look a little deeper…
EPA-certified wood stoves in a 2,000-square-foot space use between three to six cords of wood in a single season, depending on usage, climate, and heating requirements. The average wood cord cost is roughly $300, which brings the total to $900 — $1,800 for heating the space. And, if you’re using wood cut from your backyard, it’s free!
Alternatively, heating a home or space using electric baseboards averages $2,485. And up to $3,143 for a propane furnace according to the Energy Savings Group. Which, these numbers have gone up since these statistics were taken…
Which means after 5 to 10 years, your wood stove would have paid for itself. And if your home appraised at $200,000. Depending on its condition, that 5% would be an extra $10,000 onto the price.
Gas Stoves
Gas stoves offer a blend of modern convenience and efficiency, appealing to those seeking a clean, hassle-free heating solution. They are particularly popular in urban settings or areas where natural gas or propane is readily available and affordable.
While the value addition of a gas stove may not be as pronounced as a wood stove, it can still significantly impact buyer interest, particularly among those who value ease of use and low maintenance. On average, a gas stove installation could enhance home value by 3-4%, with the potential for more in markets where gas heating is in high demand. According to the National Association of Realtors, some homes saw an improvement of as much as $12,000 to the home value from a gas stove!
Pellet Stoves
Pellet stoves are the choice for the environmentally conscious, offering efficient heating with a smaller carbon footprint. They appeal to a growing segment of the market that prioritizes sustainability. In states like Michigan, where environmental awareness is on the rise, a pellet stove can be a major selling point.
In terms of perceived value, pellet stoves can be a significant draw for environmentally conscious buyers, as well as for people looking to rely less on electric heat. And do not want to load up wood… With that, most pellet stoves can be set to be relatively hands off (besides when it needs more pellets that is). For these reasons, pellet stoves can potentially increase a home’s saleability more than its actual price. Homeowners might see an increase in perceived value of about 2-3%, with higher potential in eco-friendly markets.
Regional Preferences and Cold Weather States
In colder states, the presence of any type of stove or fireplace can be a substantial selling point. The added warmth and energy independence a stove provides are highly valued in states such as Main, Vermont, Montana, Oregon and Idaho. Homes in these regions equipped with efficient, well-maintained stoves often see a quicker sale and better market response.
Conclusion
Adding a stove to your home isn’t just about embracing a cozy, warm lifestyle… It’s a strategic move that can enhance your property’s market value and appeal. Whether it’s the rustic allure of a wood stove, the sleek efficiency of gas, or the eco-friendly charm of a pellet stove, each adds a unique flavor to your home’s profile. So, installing one that you personally like and that fits your home’s style… You’ll be able to enjoy the reduced heating costs, the appeal, the warmth, AND a nice little bump in price if you go to resell. So, yes! A stove will add value to your home. As long as you take care of your home, that is (which I don’t think you’d be here if you didn’t take care of your home). Till Next time!
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Hopefully that has answered your questions! If you would like any more information, do not hesitate to contact us with any questions!
Hope this helped!
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