You may have been told that real estate agents refer to some homes as having good bones. This typically implies a home may need some cosmetic upgrades, but the most crucial parts of the home are in fantastic form. These components would include windows and doors, a good roof, along with an upgraded HVAC system.
If your HVAC system is dated, ineffective or in disrepair, consider replacing it. If a complete replacement isn’t required, invest at a repair service in town before listing your home for sale.
Energy efficiency is becoming more and more important to buyers. Not only are people more environmentally aware as a society, less energy usage means less energy cost. Everybody wants to save money. As an instance, in Canadian cities, we rely heavily on our furnace throughout the winter and heating bills can sky-rocket whether the furnace is not functioning efficiently. In the summertime, you can spend a fortune on cooling costs when your air conditioner needs repair or replacement.
No one wants to run high heating and cooling bills due to an inefficient HVAC system. If you would like to gain a competitive advantage in the housing market, a furnace or air conditioning replacement could be well worth the investment.
Are you the purchaser? If you’re looking at purchasing a home that needs a furnace or AC replacement and the seller isn’t interested in paying for it, it does not mean you should scratch that house off your list. Fixing the HVAC system as soon as you move in could be worth the investment in long-term energy savings, especially when the rest of the home checks everything off your list.
A well-maintained HVAC system will show potential buyers that home care is a priority of yours. When they open your utility room door and see a brand-new HVAC system, or a correctly preserved one, they’ll gain confidence knowing that you have committed to the appropriate upkeep of the house. Should they see a run-down system, they may assume other parts of the home are run down also.
There is a little market of buyers searching for fixer-uppers, but for the most part, people want to buy a home that’s move-in-ready. That means they want a property that requires minimal upgrades and repairs. No one would like to move to a home and spend thousands of dollars on necessary updates to allow it to work for them.
The HVAC system is a major part of what makes a home move-in-ready. As it’s considered one of the key elements of a home, obtaining a new or well-maintained furnace and air conditioner is going to be an enormous selling point for you. As a buyer, a couple of small repairs or painting the odd room isn’t that big of a deal. Replacing an entire HVAC system is.
If you’re not sure if your furnace and AC needs repair or replacement, have it inspected by a local professional. They’ll give your HVAC system a multi-point review and a tune-up. Throughout the review, they will check for safety issues and make suggestions for repairs or a replacement if needed. Having the paperwork to show that the HVAC system has been reviewed by an expert, may also be an advantage when selling your house in a competitive market. You’ll be able to show prospective buyers the furnace has been preserved and is running at peak efficiency.
To help you enjoy life and have your finances help you reach your life goals, speak to fee-only financial planner, Bily Xiao. He is a Certified Financial Planner in Vancouver with a background at Microsoft and other tech companies. His Vancouver Financial Planner website has been cited on Forbes, Yahoo Finance and The Huffington Post for his financial expertise and is a member of the Financial Planning Association of Canada.