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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 property valuation, sometimes called a comparative market analysis or CMA, provides a real estate expert’s opinion on how much your property will sell for. It takes many things into consideration, like the condition and location of the home, but ultimately, all that matters for a property valuation is what a buyer might be willing to pay for the property. An appraisal is more concerned with determining the value. A valuation is to estimate what you’ll get for a property, while an appraisal helps a lender establish loan-to-value ratios and loan amounts.

Yes, appraisals are often used for property tax appeals, estate planning, and determining market value.

Yes, home additions almost always increase a home's value and can be a good investment by enhancing both its utility and square footage. The actual return depends on several factors, including the type of addition, quality of work, and local market conditions. Key additions like extra bedrooms, bathrooms, and larger kitchens tend to offer the highest returns. For example, adding a primary suite might result in a 63% return on investment, while a sunroom may yield around a 49% return. For the best results, additions should be well-planned to integrate seamlessly with the existing structure.