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Our Renovation Guide: Will Upgrading Your Furnace Add Value to Your Home?

Toasty Blogger - August 23, 2019 - 0 comments

If you’ve been thinking about selling your home, chances are that you’re trying to enhance its value to sell it for a higher price. It doesn’t matter if you want to sell it within the next few months, or in five years. What you do to your home should preferably only increase its value, not decrease.

With this, create a list in your mind on what to upgrade at home, which will include your furnace. Now, the biggest question is if upgrading your furnace increases your home’s value. Read on more to find out!


Value Vs. Attraction

A furnace generally won’t increase your home value but raise is the house’s overall attractiveness to interest more buyers. They are looking for homes that are ready to move into, and that looks great, and if you can offer that, it’s the same as increasing the value. If a buyer sees that your furnace is worn down, they’ll see it as a costly project to replace. They will either ask you to drop the price or won’t bother offering one at all. Remember, the more buyers there are wanting your house, the more competition. With competition, your home value can quickly increase!


Renovations That Will Add Value

If replacing your furnace won’t increase the value, generally, improvements made on kitchens and bathrooms will push up your home’s value. Adding insulation and completing repairs in and out of your home will mitigate the chances that prospective buyers might ask for a lower price.


Indicators to Replace your Furnace

Here are three signs to tell you that it is time to upgrade your furnace:


1 – Age of your Furnace

Most furnaces are designed to last an average of 15 years. During its last few years, it will not perform as well as it usually does. Replacing the furnace then won’t only allow you to heat up your room more efficiently, but keep your energy bill down as well! If you want to sell your home, check the age of your furnace. Even if it isn’t close to the 15-year mark, the older it is, the more problems buyers will think it will have. Keep in mind that even old furnaces can still function like brand new if it is adequately maintained. It will be helpful if you have a professional inspect and maintain your furnace, along with providing service records that you can show to your potential buyers.


2 – Maintenance Cost is High

Is your furnace working harder to give off the same amount of heat? This is a sign that the furnace isn’t performing well anymore and in need of a replacement. When you end up always having to fix your constantly-breaking-down furnace, it is time for a change as well. If it keeps up, you’ll spend way more money than you would have if you just bought a new one. Plus, keeping the old furnace will become a hassle not only to you but to your family as well.


3 – Safety is Risked

Anything and everything deteriorates as time passes. If your furnace is showing such signs, start planning to replace it. One of the signs that you’re on a lookout for is that your furnace cannot ventilate gas such as CO2 properly. CO2 is odourless, so the only way you will detect for any leak is with CO2 gas detectors. Make sure your sensors are working and replace the batteries when needed. You may even have to replace your furnace to pass home inspections. Requirements change, and the furnace that complied ten years ago may not meet the requirements of today.


Rented Furnaces

If you’ve rented a home furnace, you should look at the terms and conditions of the contract. You may be able to transfer the agreement to the new owner if they so wish to keep the furnace.

If you’re looking for a home renovation service in Toronto, Zumin Homes is your best option. Get in touch with us today to see how we can help.

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