Saginaw, MI · Member since 2016 · 31 posts · 4 votes
I'm looking at a few different houses. I calculated price per square foot for a 3/2 in a specific area. Some properties have fireplaces others don't. Would you pay more for a property with a fireplace?
We have two units that have fireplaces, I would rather they didn't. They are harder to insure- we have to include clauses in the lease stating not to use the fireplace and you have to be more careful about the tenants you choose- ours know not to use the fireplace to build a fire, but I have tenants in other units that wouldn't care what the lease said and would build fires anyways.
To me, as a rental property I disconnect the gas line of possible and put in lease to not use as fireplace because it is a liability. So when I am purchasing they do not effect me one way or another. And as far as being something tenant looks for. That is not something I have experienced in my market
@Steve R. Thanks. My partner was just assuming we'd check it to make sure it works, replace the screen, etc., but had been thinking that having a fireplace is to much of a liability and it won't get us anymore rent anyway. I actually went to a party years ago where my friend, who was renting, stuck a Christmas tree up the fireplace and set it on fire...the party was a lot of fun but I don't need that craziness going on in my rental...
Depends on if it is wood or gas. Wood is a liability and constant expense. Gas is ok but I don't think it adds much value. This could be different if you were renting a cabin in the mountings.
To me, as a rental property I disconnect the gas line of possible and put in lease to not use as fireplace because it is a liability. So when I am purchasing they do not effect me one way or another. And as far as being something tenant looks for. That is not something I have experienced in my market
Curious why? A gas fireplace should be as safe as a gas furnace. Wood is another matter.
In my opinion, in cold climates, fireplaces add value if it is a flip due to the opportunity they present to create a "wow" factor. If you skillfully dress them up with stone, brick, wood work etc, they can become a unique and stunning focal point that makes your house stand out from all the other houses that potential buyers are looking at.
On the other hand, I think fireplaces increase liability if the property will be a rental unless you totally seal them off as others have stated. Depending on the demographic, if you have a mature, stable and responsible tenant that you can trust, you may allow the use of a fireplace but institute strict rules regarding its use.
For me, the choice of wood over gas would depend on the market and demographic..... or I would leave it as wood and let the buyer know that if they prefer gas, I could credit them the install at closing and have my sub or whoever they choose do the install post close.
As to whether I would pay more for a property with a fireplace, if I was flipping it, and I had to, I probably would.
@Joe splitrock. I did this because these fireplaces are not the newer enclosed type. In fact they are the old open brick fireplace with ceramic logs that have a live pilot. So I see see this as a liability for families with small children and or pets. So I just remove the gas line and people usually put candles or other decor on the fireplace.