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The most inexpensive option is to paint the brick facing of your existing fireplace. You can create an interesting design with the right color of paint, as long as the brick is in good shape. Sometimes, simply cleaning the brick fireplace makes a big difference in the way it looks. Otherwise, covering an existing stone, brick, or masonry fireplace facing with stucco or concrete is an inexpensive option versus tearing out the existing material and refacing the fireplace.

If you’re deciding between limewash versus whitewash, know that both have a chalky matte appearance. Limewash is made from lime, water, and sometimes pigment, while whitewash consists of lime, water, white chalk, and binders (though you can get a similar look with watered-down white paint). Whitewash has fewer options for color customization, and it sits on surfaces instead of being absorbed into them, which can trap moisture. Whitewashing costs less—about $1.40 to $4.20 per square foot.

The best color to paint a brick fireplace comes down to personal taste. However, neutral colors—like white or gray—will open the space and create a bright modern look, making them popular options. However, choosing a bold color can turn your fireplace into a feature piece that will be the talk of all family gatherings. 

If you already have the tools, like a miter saw, a stud finder, and a nail gun or hammer, installing shiplap costs $500 to $1,000 for supplies. You’ll also spend $200 to $2,200 for the cost of an electric fireplace if you decide to add one into your setup.

You can also hire a carpenter for $35 to $100 per hour, plus the cost of materials, to install shiplap around your fireplace. If you need help installing a fireplace before adding the shiplap, labor can cost $225 to $2,180 for fireplace installation costs.