Nothing makes a home warm and cozy like a fireplace. If you live in a cold region, then you can easily understand how crucial they are for residential and commercial buildings. Though HVAC and other heating machines have become increasingly popular among most people, the charm of a fireplace is still unbeatable. Adding a fireplace to your property will improve its market value as well. So if you want to make any investment in your home, then opting for a fireplace won’t disappoint you. Consult your building authority before installing the fireplace, as some may have restrictions.

The cost of installing a fireplace can range from $400 to $10,000; choose one that fits your budget and requirement well. There are readymade units available as well as brick-lined hearths or custom mantels.

For those who do not want to spend too much on fireplaces can opt for a free-standing gel fuel or electric fireplace. The best thing about electric fireplaces is that it eliminates the installation cost.

Costs of a wood-burning fireplace
Wood burning fireplace has always been a popular choice due to its elegance and style. Installing a wood burning fireplace will require skilled masons and a high budget. So if you are ready to spend about $10,000, this is the right choice for you. One can fix the fireplace in existing home as well, but for that one has to spend on a chimney and other essentials. It may increase the cost by $7,000 to $10,000. To save on your wood burning fireplace choose drywall surround and a simple, wall-mounted mantle.

Costs of a gas-burning fireplace
Gas burning fireplace unit uses natural gas or propane it requires $2,000 for the basic materials package. The Installation and finishing will demand $2,500.
Cost saver tip: To reduce the cost of the fireplace use simpler surround and mantle, replace chimney with a direct-vent fireplace and save on your chimney. Another option is vent-free gas fireplace; it will cost only $400 or so. Hiring a professional to install a gas line or a connection to a propane tank adds about $1,000.

Least-expensive option
For those who want to install a fireplace in less than $1000 can opt for a gel-fuel fireplace or an electric fireplace. It starts under $400. It has a portable unit, so just remove packaging and start using, no costly installation or renovation is required to get it fixed.
For a stylish look one can include a mantel package, but then its cost will increase to $800 and can go up to $1,600. What makes this gel fuel fireplace really interesting is its sound that matches the crackle and pop of a real fire.

Ongoing costs
To get a realistic idea about the ongoing cost, estimate the energy cost. You can use a fuel cost comparison calculator for this. A wood-burning fireplace demands $100 to $200 a year for chimney cleaning. Gas fireplaces require an annual service check ($100 to $150) plus a chimney inspection. Gel-fuel and electric fireplaces don’t need regular maintenance, so they are cheaper and better alternatives.