HVAC Upgrades Vs. Home Renovations
Renovating your home can be very time consuming and costly. Recent studies done by Harvard’s Joint Center for Housing have shown that while Americans have been increasing the amount they spend on home renovations and projects they have also seen a decrease in return.
Within one year the average ROI for home projects was 68%, and today it is 56%. One mistake homeowners seem to make which can carry a lot of weight is failing to upgrade their HVAC system. This commonly overlooked home improvement project has the potential to add a lot MORE VALUE to your home in comparison to renovating something such as your dining room or bathroom.
When it comes to selling your home to a potential buyer, it may seem as though the aesthetics of the home may matter more in terms of sealing the deal. However, that potential buyer is very likely to notice an HVAC system that is less functioning or outdated. It may initially seem pricey, but having a working HVAC system is CRUCIAL and can make or break a deal for a buyer. Those that take this into consideration tend to see a return of up to 71% in comparison to other types of home improvement projects.
Some things to keep in mind when doing HVAC upgrades:
- The region in which you live
- How much you able to spend
- The square footage of your home
- The age of the HVAC system itself
- These are all important things to consider when looking into upgrading your HVAC system.
When Should You Repair Or Replace Your HVAC System
Systems that are 15 years or older may need to be upgraded in order for the seller to see a positive turnout. If the system is 10 years old or less it is likely that you would be able to just do general maintenance; however, if the maintenance costs more than $5,000 it would be more cost-effective to replace the system rather than repair. Considering we live in a very humid climate where our air conditioners are running consistently 75% of the year, assessing the importance of either replacing or repairing would be a very critical step before moving forward.
The Bottom Line
While there are many things to consider when selling your home, don’t let something as simple as your HVAC system be the issue that holds you back from selling your home for what it’s worth. After all your HVAC system is most certainly apart of home improvement, so you should treat it as such.
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