If your HVAC system is getting to the end of its expected lifespan, then you need to consider upgrading. Installing a new HVAC system in your home offers many benefits, but one that often surprises homeowners is the improvement in the home's value that a new system brings. Here's what you need to know about how updating your HVAC system can improve the value of your home.
Make the Home More Attractive to Potential Buyers
When you list your home for sale and potential buyers come to take a tour, those buyers are going through the home, looking with a keen eye for potential problems they will have to fix if they purchase the home. If your furnace is several years old, that is one big-ticket item that goes on the "will need to be replaced" list. This could cause buyers to offer less for the home or avoid purchasing it altogether.
On the other hand, if the furnace is only a year or two old, the buyer knows it should operate for a while without any big problems. Thus, the home becomes instantly more appealing in the buyer's mind. A more appealing home gets a better offer, and therefore has greater value. Remember, a working heating and cooling system is a want, not a need, and therefore something your potential buyers will be looking for when they visit your home.
Improved Utility Bills Add Value to Both Owners and Buyers
If you are replacing your furnace, but don't intend to sell the home anytime soon, you may find that the value you receive is still valuable. Updating an old furnace to one with a high efficiency rating will slash your utility bills by as much as 20 percent, and those savings add up quickly over the life of the furnace. Upgrading to a more efficient model may also earn you tax breaks.
Whether you are planning to sell your home soon or are just looking to get more use out of it while you are still living in it, upgrading your HVAC system is a move that makes sense. This is a home improvement that pays you back, both through lowered energy bills and through improved value to your home.