Home Value Increase
When it comes to home projects and upgrades, it’s difficult to know where to start and what is going to have the biggest increase in your home’s value. Of course, the direction that you take is informed by a number of factors, such as your home’s needs, neighborhood trends, and your goals for the house. While each of these considerations play an important role in a decision, every homeowner should take return-on-investment into account before starting a project. And when it comes to HVAC systems in particular, the ROI numbers are extremely favorable.
In fact, for the average home in the US, replacing the boiler, furnace, or air conditioner has an ROI of 214% according to Realm! Compared to other home renovation projects, such as a roof replacement, kitchen renovation, or repainting your home’s exterior, upgrading your HVAC is the project with the lowest cost and highest ROI.
Replace your roof: 151%
Upgrade your HVAC: 214%
Replace your driveway: 252%
Repaint your house: 129%
Upgrade your siding: 86%
Furthermore, InHome explains how the cost savings don’t stop when the new HVAC system is installed. Upgrading your HVAC can have a big impact on your monthly energy bill. Homeowners who replace their HVAC appliances with energy efficient models report energy cost savings of 25% or higher. While the replacement cost is an investment, the monthly savings will quickly add up.
And, if the financial benefits weren’t enough to sway you, staying on top of your HVAC system, both in terms of repairs andupgrades, has a significant impact on the carbon-footprint of your home. Ensuring your appliances are operating efficiently is almost as effective as giving up your car. At least 7% percent of U.S. fossil-fuel energy is used for residential heating and cooling. This means making small changes to your home heating and cooling can make a big difference for the planet.
Not only do HVAC systems provide a significant bump in the value of your home, but they’re one of the longest lasting appliances in your home. In fact, depending on your system, it may last up to25 years! Keeping HVAC deprecation in mind is a great way to assess when your system may be becoming less efficient and is ready for maintenance or an upgrade.
Similarly, considering your home goals can help you make strategic decisions when it comes to HVAC deprecation. For example, if you’re planning to live in your house for the next 15 years, then think of upgrading your HVAC as an investment in your enjoyment of your home. If you’re thinking of selling within the next few years, then you’ll be able to recoup some of that investment at the sale.
Here’s the approximate lifetime you can expect for the most common systems.
Table of the project lifetime in years for the common systems:
Air Conditioners: 12 (min), 15 (max)
Boilers: 19 (min), 28 (max)
Furnaces: 15 (min), 18 (max)
Heat Pumps: 16 (min), 25 (max)
Water Heaters, Tankless: 13 (min), 19 (max)
When it comes to keeping your HVAC running smoothly, there’s no one more qualified to answer than InHome. The best thing you can do to care for your HVAC and maintain the air quality in your home is to change the furnace and ac filters on a regular basis. We recommend swapping the filter every 3 months, or as frequently as once a month if you have pets. Any maintenance outside of this should be performed by a licensed professional. Extend the life of your HVAC appliances by scheduling an inspection and maintenance visit at least once a year.
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