Spending money on home improvements like a new fireplace insert can seem frivolous when money is tight and the economy is looking bad. Most people feel the sting of a recession in a higher cost of living, which may put “luxury” items like fireplace inserts on hold. The truth is, inserts are highly utilitarian investments that make sense in any economy. There are some great reasons for making this investment even when the economy looks bleak.
Improve What You Have
An economic downturn is probably not the time to be selling or buying real estate which can mean staying put and making the most of what you have. If your home isn’t comfortable in winter, upgrading a drafty old fireplace will make your home more functional and comfortable. And, looking forward, it will boost your home value when the economy bounces back.
But wait… don’t home improvement projects like a new fireplace insert cost money? Yes. However, the upfront costs of adding an efficient insert can pay off big in lower heating costs as well as higher home value.
Immediate benefits of an insert include lower heating costs and increased enjoyment. Many people don’t use their fireplaces at all, especially fireplaces in more formal spaces like living rooms. And yet, you pay for that unused space, and heat it. Imagine how much more inviting that room would be with a roaring fire!
The long-term benefit of increased home value can be significant. How much value will an insert add? Homes that feature a modern, EPA-Certified, aesthetically pleasing fireplace insert may be worth 14% more than homes without an insert, according to Redfin.
Kozy Heat Chaska 29 Gas Insert professionally installed in Lakewood, CO
Recouping Your Costs
Check out our other blog posts, including “Which Eco-Friendly Fireplace Should You Buy” to help you choose the right insert.
When it comes to future value, don’t worry about fuel type! An insert can be changed out. If you love a real wood fire but you’re worried that potential buyers won’t want a wood-burning insert, go for it anyway. As long as the insert is high-efficiency, EPA-Certified, and attractive, it will be a selling point. Future buyers can always switch it out to gas if they want to. That’s the beauty of inserts!
Let’s talk about how an insert will help you save on heating costs since this is an expense that hits especially hard during a recession.
If you currently have an open wood-burning fireplace, a lot of heat literally goes up the chimney instead of heating your home. Installing an EPA-certified wood- or natural gas (or propane) insert can slash your heating bills - plus, an insert gives you the security of reliable heat during a power outage.
Wood is abundant in the Denver Metro area, and can be sourced inexpensively or even free if you’re resourceful. Natural gas is cheaper in Colorado than electricity, so if you have electric baseboard heat, you can expect significant savings on your heating bill by installing a wood or gas insert.
How much you’ll save on heating bills depends on:
The size of your home
The volume of space you need to heat including ceiling heights and room size(s)
The construction of your home including the quality of insulation and windows
Your sun exposure: do you have passive solar or is your home in the trees?
Whether the current heating system is zone heating or a single thermostat
The frequency you’ll be using the insert: 24/7 or only when you’re home?
How warm you like to keep your home?
Your home’s altitude: expect an average 5 degree drop in temperature for every 1,000 feet of elevation.
If you’re considering wood, what type of wood will you be burning? Hardwoods like maple or oak produce more heat and burn longer than softwoods like pine; but they’re also quite a bit more expensive.
How seasoned is your wood? properly seasoned wood with a 20% or lower moisture content will burn more efficiently
If you’re considering gas, what’s the cost of installing gas (or propane) to your fireplace?
The ongoing cost of gas or propane
Lopi Greenfield Gas Stove professionally installed in Pine, CO
Insert or Free-Standing?
Another thing to consider is whether to upgrade an existing masonry fireplace with an insert, or opt for a freestanding wood- or gas-burning stove.
For example, the location of an existing fireplace may be in a room that you don’t use often, or don’t plan on using often such as a formal living room. In that case, it may make more sense to add a freestanding stove in the space you spend most of your time in.
Freestanding wood- or gas-burning stoves have the advantage of location. They can be installed where you need heat the most and let you take advantage of the a zone heating concept to boost heat in the spaces you actually live in.
Popular locations for freestanding stoves are family rooms and basements. Heating a basement automatically makes the ground floor feel warmer which can mean lowering the thermostat and saving more money.
But don’t fret it you’re “stuck” with an existing masonry fireplace that you can’t move to your most lived-in areas. Some inserts are powerful enough to be the primary heat source in a home and our installation team will teach you how to optimize this localized heat source to warm your whole house.
How Quickly Will You Recoup Your Investment?
How quickly you’ll recoup your investment is an important question in uncertain economic times. It’s also highly individual.
Calculate your break-even point by subtracting the cost of wood or gas/propane in your area from the cost of your current heating method. Then, divide that number by the total you spent on the insert or stove including installation. The result will show you how many years it will take to recoup your investment.
Questions? Reach Out To Us!
With so many decisions, it makes sense to talk to the professionals! We can help you choose the right insert or free-standing stove for your fuel preference, heating needs, design style, and budget.
Our National Fireplace Institute-certified showroom staff will help you weigh the pros and cons of each heating type and help you choose the right appliance. Then, our world-class white glove installation team will handle the rest: you don’t have to worry about any measurements or logistics: just enjoy the convenience of a professionally installed insert or stove that’s beautiful, efficient, and safe.
