Having a fireplace can really improve your home value, and with winter just around the corner, the presence of an open flame can create a great ambiance and lower heating bills. However, for those homes without a fireplace, HouseLogic has some advice on the costs of adding one.
Installing a traditional brick fireplace and chimney can cost a homeowner upwards of $10,000 and require major structural changes that could require extensive permits and permission from the state and township. However, if your budget is tight, there are some alternatives that will keep costs low.
In an existing home, consider installing a gas-burning fireplace, recommends the source. These units generally cost about $2,000 for the basic materials, but installation and finishing costs from a professional generally tack on an additional $2,500. Despite the hefty installation fees, the overall cost is nearly 50 percent cheaper than the wood-burning alternative, is safer and provides the same atmosphere.
According to HouseLogic, the cheapest alternative is a gel-fuel or electric fireplace, which can start at under $400. Since the unit generally doesn’t require a flue or chimney, setup is as easy as installing a television.