Have you been thinking about selling your home recently? It doesn’t matter if you want to sell it 6 months or 6 years from today; as soon as you think about it, you start thinking about how much your home is worth.
More specifically, you start to think about what you can do to increase its value. You begin making a mental list of everything in the house that could be updated, including your home heating system.
There’s no getting around it; replacing a furnace is a big purchase. It’s also a necessary one; Toronto is known for its extreme temperatures, both hot and cold.
The big question on your mind is: if I install a new furnace, will my home value go up?
A Furnace Won’t Add Value, But it Will Make Your Home More Attractive to Buyers
A furnace is an upgrade that won’t make your home value go up. What it will do is attract more buyers.
Buyers are looking for homes in great, move-in ready shape. That includes your home heating system. Winter is coming, which means people want to be prepared.
Read our article: 5 Renovation Projects that will boost the value of your Toronto Home.
If your furnace is old, worn, or not working properly, buyers are going to see a costly replacement on top of a house purchase. They’ll either try to knock your asking price down, or won’t put in an offer at all.
When Should I Replace My Furnace?
There are a few indicators that it’s time to replace your furnace.
1. When It’s Getting Old
A well-maintained furnace will last about 15 years on average. Towards the end of those 15 years, you’ll notice that your furnace won’t perform as well.
Replacing your furnace with a new one that is more energy efficient will not only heat your home more effectively, but it will help lower your energy bill.
If you’re planning to sell your home, you should look at how old your furnace is. Even if it hasn’t made it to 15, the longer you’ve had it, the more problems prospective buyers will imagine.
Tip: Even an old furnace can work well if you have it inspected and serviced annually. Have a licensed professional conduct the inspection and maintenance, and make sure to keep a record to present to potential buyers.
2. When It’s Costing You More Money Than It Should
Your furnace needs to be taken care of, which means that tune up costs are to be expected. After all, a well cared for furnace will last a long time and run more efficiently.
But are you finding that your furnace is constantly breaking down, causing you problems and costing you money? Does your furnace seem to be working twice as hard to keep you half as warm?
These are signs that your furnace may need to be replaced - it isn’t doing its job anymore, and it’s inconveniencing you and the rest of your family.
3. When It’s a Safety Risk
Anything we keep for a long time is bound to get a few nicks and scratches over time. But if your furnace is exhibiting signs of wear and tear, you should start looking for a new one immediately.
One of the signs would be the inability to properly ventilate harmful gasses, such as carbon monoxide, which is deadly in high concentrations.
Carbon monoxide is odourless and colourless, which means you won’t be alerted to any danger. Carbon monoxide detectors are an essential part of keeping your family safe - make sure the detector is in good working order, and replace the batteries as needed.
You might also need to replace your furnace so that your home can pass inspection. Depending on the number of years you’ve had it, it might not meet the codes of today.
What if I Rent My Furnace?
A lot of families in Toronto choose to rent their furnace rather than own. So what do you do if you’re planning to sell your home? We recommend looking at the terms and conditions of your rental agreement. It’s possible that you may be able to transfer the rental agreement to the new owners.
Home Renovations That Will Add Value
If you’re looking for ways to not only attract buyers to your property, but actively increase your value, there are a few renovations that yield results. These include:
Outdoor repairs and entry replacements
Energy efficient insulation
Basic repairs - if it’s broken and looks bad, it should be fixed before a buyer sees it!
We Provide the Renovation Services You Need
Whatever renovation you need, we can handle. We’ve had a lot of experience turning houses into dream homes.