Renovation Trends That Decrease The Value Of Your Home

53. Electric Fireplaces

Year of Popularity: 1981-Present
Est. Cost: $850-$3,500* (Including Installation)
Electric fireplaces, according to HomeDirect.com, “may not increase” your property’s value. Though they have their benefits and can create a beautiful space, the expense, which can come to several thousand dollars, when you factor in installation, often makes these fireplaces not worth the money.

If you want to add value to your home, FirePlaceExperts.ca advises putting in a wood or gas fireplace. These fireplaces add between 50% and 75% of an increase in value. Installing a wood fireplace costs $2,319 on average, while gas fireplaces range in price from $2,500 to $10,000. Though expensive, they will add value.