While a wood-burning stove can enhance the coziness of a home and be considered a long-term investment, the question remains: Do these stoves truly add value to a home?
A wood-burning stove can increase the value of a home by up to 5%. This combustion-based, elegant appliance adds style and authenticity to your home and makes it energy-efficient. Buyers value aesthetics, so it’s important to install the stove correctly and in the right place.
The goal of this post is to discuss everything you need to know about the role a wood-burning stove plays in the value of a home. Keep reading!
How much value does a wood-burning stove add to a house?
In 2019, the average price of a house in the UK was £235,288, and statistics show that a wood-burning stove or fireplace can increase the price of your home by up to 5%. This calculation, however, does not include the installation costs of your wood-burning stove.
Of course, it depends on economic fluctuations, but in general, potential buyers perceive a wood-burning stove as a valuable appliance, an important part of a cozy home. If there is a pre-existing chimney in a house, the installation cost of a wood-burning stove comes down significantly.
Wood-burning stoves come in many styles and sizes, so the increase in the value of your home depends on the unit you invest in.
Why does a wood-burning stove add value to a home?
While some consider a wood-burning stove as a relic of a bygone era, the appliance can actually bump up your home’s price tag. But why? Well, there are a few reasons.
To begin with, wood-burning stoves are now back in fashion. Unlike open fireplaces, modern EcoDesign wood stoves are clean, convenient and stylish. In the UK, over a million homes now have wood-burning stoves. While renewable energy sources keep growing in popularity, wood-burning stoves are widely perceived as a symbol of elegance.
Next, the installation of a wood burning stove is straightforward and low-cost, in comparison to bathroom and kitchen renovations. Installing a chimney is neither costly or notably disruptive.
Further, people are beginning to realize that unlike burning fossil fuels, burning wood is not environmentally disastrous. In fact, wood burning is carbon-neutral in the long term. Many experts view EcoDesign stoves as part of the solution because they are remarkably safer than traditional wood-burning stoves.
Moreover, wood-burning is an efficient heating solution. A modern EcoDesign wood-burning stove is over 80% efficient, which means the appliance converts over 80% of the energy it uses into heat. Better yet, in the UK, now people can buy only EcoDesign stoves.
How much does a wood-burning stove cost?
Depending on its size and model, a wood-burning stove can cost anywhere between $400 and $5000. Additional costs include a chimney system, a hearth pad, wall coverings, and labour.
To get a chimney system installed, you will have to pay $350-$3600, depending on the type of the stove and its chimney. On average, you can expect to pay around $1500 for a chimney.
A hearth pad, on which a wood stove rests, is not necessary if you have a concrete floor. And if you need one, expect to spend $200-$600 on it, depending on its size, quality and type.
Around your wood-burning stove there should be a heat or fire resistant covering. Stove board, veneer and brick are some popular materials for wall coverings. For this, you will have to spend around $30 for each square foot.
And last, expect to pay $200-$800 to someone who installs the stove. The labor costs will depend on the difficulty of the job.
Does having a wood-burning stove increase home insurance?
In general, having a wood-burning stove increases homeowner’s insurance. This is because insurance companies consider wood-burning stoves and fireplaces a contributing factor for the risk of fire.
However, insurance companies raise the premium only slightly because they know that modern wood-burning stoves rarely, if ever, cause fires. While some insurers charge a flat rate, others charge a percentage.
Contact your insurer to learn what, if any, impact your wood stove has on your insurance policy. If you are getting a wood-burning stove in your home, it is important to disclose that to your insurer.
How long does a wood-burning stove last?
Most wood-burning stoves are pretty durable, lasting 10-20 years. If a higher end model is properly maintained and used, it is likely to last over 20 years. However, in most cases, a cheap model does not last more than a decade.
The durability of a wood-burning stove, of course, depends on the quality of its materials. But other factors are also at play here, such as the operation, availability of replacement parts, and maintenance regime.
Relatively expensive wood-burning stoves from reputable brands are built to last. Rather than buying a cheap stove, it’s a good idea to invest in a higher end model.
The way you use your wood-burning stove largely determines how long it lasts. A unit that is infrequently used usually lasts longer than one that is regularly used for long periods. Also, avoid building fires that are too small or too big for your stove.
The durability of a wood-burning stove also depends on its maintenance. The main parts that tend to deteriorate include door gasket and baffle plate. When required, these parts must be replaced.
In general, homeowners take care of their wood-burning stoves if the appliances serve their purpose well. If they don’t, there are other more environmentally friendly and convenient ways to heat your home. A heat pump, for example, works very well with underfloor heating, has a longer lifespan, and requires less maintenance.
Will wood-burning stoves be banned?
Wood-burning stoves are not likely to be banned altogether in the foreseeable future. However, while these stoves are legal both in the UK and the USA, there are strict laws for operating these appliances.
The rules are there to reduce the impact of wood combustion on the environment. Homeowners who violate the rules face hefty fines.
In the UK, you can buy and install only EcoDesign stoves, which produce remarkably less particulate matter than older-style units. The Government has outlawed the production and sales of stoves and fireplaces that do not meet the EcoDesign guidelines.
Since May 2021, the UK Government has banned the sales of wet wood and coal under 2 cubic metres for home heating. You can burn only properly seasoned, dry wood with a moisture content below 20%.
People living in smoke control areas are allowed to burn only authorised fuels. You can also burn a smokeless alternative such as low volatile steam coal, gas, anthracite, or semi-anthracite. Unless you have an exempt appliance, you may face a fine of up to £1,000 for burning unauthorised fuel.
Homeowners are also encouraged to get their wood-burning stoves serviced at least once a year and their chimneys swept twice a year. To eliminate the risk of carbon monoxide poisoning (link to carbon monoxide article), the Government has made it a legal requirement for homeowners to install carbon monoxide detectors.
It is safe to say that wood-burning stoves will not be banned, but users will continue to be compelled to use these combustion-based appliances responsibly.
Conclusion
A wood-burning stove is a long-term investment that can add value to a home. Burning wood has remarkably less impact on the environment than burning fossil fuels, and therefore even environmentally conscious people are showing interest in modern, sophisticated wood stoves.
Prices of wood-burning stoves and their installation costs vary a lot, so the value the appliance adds to your home will depend on your investment. If used and maintained properly, a higher end model easily lasts over a couple of decades.
It is important to use any combustion-based appliance responsibly. Governments around the world have made strict laws for wood-burning appliances, and they are unlikely to be banned altogether in the foreseeable future.
Taking all these factors into consideration, it is safe to say that investing in a wood-burning stove is a brilliant way to make a home more appealing to potential buyers.
