Add Home Equity With HVAC Upgrades
Considering making some upgrades to your home? When you know that selling your home is in your future, it seems wise to make a few improvements beforehand. Many opt to upgrade appliances, add a fresh coat of paint, maybe add a little extra storage. But few probably consider updating their HVAC system.
According to Harvard’s Joint Center For Housing Studies, many remodeling projects aren’t seeing the return owners might expect. Why? Well the truth is that not all remodeling projects are created equally. Most of these projects do not affect the home equity. A home can have all the latest appliances and the most modern design—but if the heat or air conditioning does not work efficiently, none of the other upgrades matter. Let’s take a look at why this might be true.
Home equity refers to the derived value of the home after all of its debts. Unlike other home upgrades, typically buyers don’t need to upgrade the HVAC system after moving in. This of course depends on the age of the HVAC system. The average lifespan of an HVAC system is about 15 years. A savvy buyer will consider this when contemplating purchasing a new home. If your HVAC system is 10 years old or less, replacing it probably won’t add much value. However, if it’s approaching the 15 year mark, it might be worth the time and money to upgrade.
Our team can help you evaluate the best options for your home based on its size and heating and cooling needs. We have more than 25 years of experience in the HVAC business and we can help you navigate your HVAC upgrade to help maximize it’s impact on your home equity. Contact us today or schedule an appointment.