How You Can Add Home Equity
Bathroom or kitchen upgrades may look nice and attractive, but they are not as important as a home’s HVAC system. If your current HVAC system is old or not working, prospective buyers will notice. It is possible that an old HVAC system may cost you the sale. Having a quality HVAC system is an upgrade that can increase the value of your home. According to a recent report by the National Association of Realtors, HVAC upgrades have a higher average return on investment than most other interior remodeling projects. HVAC upgrades can yield a return of as much as 71 percent. In this article we will discuss how you can add home equity to your home through HVAC upgrades.
Things to Consider When Upgrading HVAC System
Before diving into HVAC upgrades, there a few things you should consider first because not all HVAC upgrades are equal. You will need to take into consideration the age, size of your home and your budget before deciding. Consult with a professional HVAC company who can assist you in making the right decision. When it comes to HVAC systems, do not try to do it all on your own especially if you lack knowledge and experience.
- How Old Is the Existing HVAC System?
On average, an HVAC system will last about 15 years. If the current system is nearing 15 years, then a smart buyer will know they will haveto replace the system soon. This is when you should consider replacing the HVAC system with a new energy-efficient system. On the other hand, if the current system is less than 10 years old and is working properly, then upgrading the system will unlikely improve the value of the home significantly.
- Repair vs Replacement?
If the current HVAC system is less than 10 years old repairs might be enough to get it to work properly. However, if it is an older system requiring a costly repair replacing the system will likely be more cost effective.
- Is the HVAC System Energy Efficient?
Most buyers today will want a home that is energy efficient to save on electricity bills as much as possible. If the system in your home is too small, too big, or too old you will need to upgrade. Upgrading to a new energy efficiency HVAC can increase the resale value of your home. There may even be local tax incentives, or utility company rebates available for upgrading your system.
HVAC Upgrades
Add Central Heating and Air
If your home does not have an existing central air conditioner or furnace, one of the best improvements you can make is to add central heating and air. Central heating and cooling are considered a standard feature, so if you do not have it selling the home may be a bit more difficult. Adding acentral system will allow for you to have more control over your home’s temperature. It will require to add a ductwork system and other improvements but will add more equity to your home.
Energy Efficient Upgrades
Energy efficient upgrades will also add equity to your home. There are many options for energy efficient air conditioners or furnaces out in the market today. While most systems will last around 15 years longer with routine maintenance and service, older equipment can often run into costly frequent repairs. A new energy efficient system, will not only help reduce your energy bill, but buyers will often pay more for new energy-efficient appliances.
Ductwork
When you upgrade your current HVAC system with a new energy efficient model, also be sure to upgrade the ductwork as well. Ductwork usually lasts about 20-25 years but starts decreasing in efficiency at about 15 years. Replacing your ductwork is always a good idea when replacing your HVAC system to maintain energy efficiency.
Air Quality Upgrades
Improve indoor air quality with air quality upgrades. You can install whole house humidifiers, air filtration systems, or an air scrubber. Air quality upgrades can improve the comfort of your home, make the indoor air safer to breathe, and is a feature well appreciated by homebuyers.
Insulation
If your current insulation is in poor conditions or non-existent, adding insulation is an easy cost-effective solution that increase the ROI of your home. Proper insulation helps improve the home’s ability to regulate temperature meaning your HVAC system will not have to work as hard to keep the home at a comfortable temperature.
Smart Thermostat
Smart thermostats are now top ranking in desirable home technologies amongst prospective buyers. Smart thermostats allow you to have more control over your home’s temperature and energy consumption even when away from home. Smart thermostats are beginning to be included in appraisals can increase your home’s value.
Invest in Routine Maintenance
Do not neglect the importance of routine HVAC maintenance especially when completing HVAC upgrades. Consider signing up for a maintenance plan, even new systems need to be routinely cleaned and inspected. Taking care of the HVAC system should be apriority whether you are interested in increasing equity to resell or not. Furthermore, do not delay making necessary repairs even if your system is less than ten years old. A neglected HVAC system can quickly malfunction if not taken care of and decrease efficiency and performance. Prospective buyers will quickly notice a malfunctioning system.
Give Us A Call Today
Heating and cooling play a major role in the comfort of your home. For expert advice, contact LA Construction, Heating and Air, our fully trained HVAC professionals will inspect your HVAC system and make recommendations that best suit your needs and budget. We provide a wide range of heating and cooling services. Give us a call today at 818-341-3406 or contact us online.
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