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A fireplace can increase a home's value by as much as 12%, with some reports indicating that homes with fireplaces list for around 13% more than the median sale price. Fireplaces are both functional and aesthetically pleasing, adding a charm that many homebuyers find desirable. The actual return on investment depends on the fireplace's size, type, and material.

However, a fireplace can detract from a property's value if it is unusable, not up to code, or in need of immediate repairs. The type of fireplace also matters; custom electric fireplaces and inserts can add value, while freestanding units that can be removed have less impact.

A chimney cap costs about $300 on average to install, with prices ranging from $75 to $1,000. The final cost depends on several factors, including the professional you hire, the accessibility of your chimney, the cap's material and size, whether any repairs are needed, and if it requires custom fabrication. Chimney caps are usually made from galvanized steel, stainless steel, or copper. Copper caps are the most expensive, followed by stainless steel and then galvanized steel. Excluding labor, average material costs are around $100 for galvanized steel, $250 for stainless steel, and $600 for copper. You may also face additional costs, such as hiring a chimney sweep to clean the chimney before the cap is installed.

Gas fireplace inserts are considered the most efficient because they convert more of the fuel source—gas—into heat. They offer excellent heat output per the amount of fuel they use. While electric fireplace inserts are praised for their efficiency, keep in mind that they don’t offer as strong a heat output but may still be a great choice if you want an efficient option.

The disadvantages of a wood-burning stove include a slow heating time and the effort required for fuel. It can take about an hour for a cold stove to produce noticeable heat. Additionally, homeowners must source their own fuel by buying or chopping firewood, cutting it to the appropriate size, and storing it in a dry place. The fire also requires regular attention, as you'll need to add more logs throughout the day.