You’ve decided it’s time to buy a new house and sell your old one – whether you’re upsizing as your family grows or downsizing as your adult children move into their own homes. You’re deep cleaning, patching and painting, and doing all the necessary repairs to get your home in showcase condition. Should those repairs include getting a new HVAC system? Would it be worth your investment? Will you get your money back – or more – in a higher sale price?
We talked with Barb McDonald, licensed Real Estate Broker with Coldwell Banker Realty in Orland Park, who shared her professional insight about whether replacing your system will work in your favor.
Barb says the age of major mechanicals including furnace, air conditioner, water heater, roof and windows is the first question a realtor should ask when listing a home. “These are the most costly repairs to a home. Buyers tend to gravitate to homes with newer major mechanicals.”
Generally, your furnace and air conditioner are expected to work efficiently and safely for 15 to 20 years. Barb notes, “If you have defects with your system, you must disclose this on the Real Property Disclosure that is given to buyers.”
The biggest question you have is probably “Will I get the money I’ve invested back in full when I sell?” Barb says, “This is the million dollar question, because there is no standard value amount assigned to any one feature of a home.” She explains that much of this is up to the individual appraiser hired to value your home. However, Barb stresses that when you have a new HVAC system and a comparable property within one mile of your home does not, your home will be valued higher.
When you eager to sell your home, a new HVAC system will be a positive help. Your home will sell faster without having to reduce the price, meaning you’ll net more after closing. This is especially true when the buyers are first-timers or taking advantage of FHA programs, as they usually don’t have extra money to replace an HVAC system if it fails soon after move-in.
“If a house is listed at several thousand more than the home down the street, but has a newer HVAC system, a buyer will most likely purchase the more expensive house with a more efficient system,” says Barb. “Buyers don’t want to take the chance of having to spend a large sum of money within the next year, and that few thousand extra (in the purchase price) adds just a small amount to one’s mortgage.”
While your HVAC system could last longer than 30 years when our Maertin technicians complete spring and fall maintenance checks each year, buyers will pause before investing in a home with a 20-year-old system.
Barb also urges potential sellers to replace an HVAC system sooner rather than later if repair needs are becoming more and more frequent. “If your system is old and you are fixing it often, it’s time to replace it. Sit back, enjoy your new more efficient HVAC system and save money daily until you sell!”
If you’re unwilling to invest in a new system because you know our care has been meticulous, we can help reassure potential buyers. Maertin Heating and Cooling, licensed and bonded, will inspect and certify that your HVAC units are in good working condition.
Replacing an older HVAC system will help boost your home’s value, help your home sell faster at a higher price and save energy costs before you close.
Ready to talk to us about replacing your system, or still have questions if it’s the right decision for your home? Call 708-479-9350 and we’ll be happy to help!
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