WILL A NEW FURNACE ADD VALUE TO MY HOME?

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Selling a home requires a strategic approach: certain things will add value to the home, while others detract. So if you plan to market your house soon and your partner asks ‘does a new furnace increase home value’? Well, it certainly does, but not by much. To the home buyer, a new furnace takes the guesswork out of unexpected breakdowns but is probably only seen as something that sweetens the deal and not a cause for a price hike.

Benefits of a New Furnace

There are many benefits to buying a new furnace. One of the main benefits is that it saves money on energy bills. The newer systems have different technology and features including zoned heat for your home. No pilot light anymore, and a much quieter furnace that no longer sounds like a dragon under the house. 

As the system will be under warranty, if anything goes wrong it will be fixed. So if your furnace is over 15 years old consider replacing it to add value to your home. We all rely on a furnace in the winter months, and the older ones tend to become unreliable. A new furnace can give you comfort and peace of mind.

Once you start to market your home you want everything to run smoothly for the time it takes you to sell the house. So, before you even call the realtor you may want to consider replacing the furnace.

Benefits of Replacing Your Furnace Before Selling

  • Savings on power bills due to increased fuel efficiency.
  • Under warranty, if anything goes wrong.
  • No pilot light
  • New technology with zoned heating for areas of your home that need it.
  • Takes away the stress of worrying about breakdowns
  • All seasons heating and cooling technology is now available

If you are considering repair services for your furnace over buying a new, don’t do it if it’s more than 15 years old and needs frequent repairs. Obviously, you have to weigh the cost of repair vs. the benefits of a new furnace. You might be able to get away with a cheap repair as a band-aid solution to getting your house sold. It’s kind of a sleazy move but if you can avoid buying a new furnace by making cheap repairs it’s hard to justify replacing the entire furnace. 

On the other hand, if you want to use the purchase of a new furnace as a deal sweetener it could play in your favor to get your asking price.  The reality is that many people never keep up the maintenance on the furnace so it is normally better to replace it once it passes the 15-year mark. You just need to use common sense to make a good decision.

 The technician checking the heating system in the boiler room with tablet in hand

Types of Furnaces for Heating Homes

What type of a new furnace increases home value? There are 3 different types of furnaces including fuel combustion, electricity, and gas-fired.

Gas-fired: Gas is clean burning but carries the danger of carbon monoxide leaks in the house. So if you use gas, install a carbon monoxide detector to keep your family safe. The gas furnace is expected to last 25 years, so it is a good value for your money.

Oil-Fired Furnaces: If you live in an area with no gas supplies you may use an oil-fired furnace. They require an onsite storage tank to keep the oil.

They can last for 30 years when properly maintained.

Electric Furnaces: Electricity is available everywhere, and you can take advantage of solar energy panels to power your system. Government rebates are given for solar panels as renewables, and this provides huge savings to your system. All you need is the sun to shine.

Many people consider electric furnaces the safest option, as there is no danger of leaks.

10 Things That Increase the Value of Your Home

If you want to increase the value of your home you have to do the things that are known to shoot the price up. According to Northern Lights Seattle Remodelers, here are a few things you can do to maximize the overall aesthetics as well as making a significant addition to your home. 

  • Curb appeal, paint the front fence and upgrade your landscaping
  • Paint or replace the front door and any other parts that need a new look
  • De-clutter the house, and remove all broken and unused furniture and other junk.
  • Do a quick paint-through in neutral colors
  • Purchase a new furnace, especially if winter is coming
  • Focus on landscaping, an attractive garden will help sell the home.
  • Bathroom renovations
  • Buy a hot tub
  • Replace the roof
  • Kitchen renovations
  • Renovate the basement

Final Thoughts

A furnace should last for at least 15 years but don’t push your luck if winter is on the horizon. A 15-year-old furnace should probably be replaced before selling your home if you want to sweeten the deal and prevent any issues from slowing down the sale of your home. The price of your home won’t really go up by purchasing a new furnace but it does provide more value to a home buyer, so you can use it as leverage to get your asking price.

This article was previously published on https://www.urdesignmag.com/tips/2022/11/07/will-a-new-furnace-add-value-to-my-home/

Location: Richmond Hill, ON, Canada

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