Don’t you love waking up to longer days filled with light, and hearing the birds and animals active again outside your window? It is the start of spring! With the slow budding of spring flowers and regular April showers, it’s an exciting and energizing time of year to think about moving into a new home.
For Oakville residents, current data on housing sales can be one useful resource for your financial planning around a fresh start in a new home. You will also want to build out a list of ‘to-do’ items if you decide to sell your home. This should include an evaluation of your HVAC system.
In Oakville, the MLS statistics suggest that the average price of a house currently is $1.0 million. Over the course of March, 1,020 new listings were posted and these homes were only on the market for about 25 days. Your home will likely sell fast once you have made your decision about your exciting real estate move.
Before you come to this decision, consider your current HVAC system. Evaluate how well-maintained the system is, the return on investing in a new system, and how you might benefit from replacing individual elements of the HVAC system.
1. How well-maintained is your system?
Buyers do expect that the HVAC system in the home is working and well-maintained. Replacing an old and out-dated HVAC system could catch buyer interest, making the price of the investment worth the cost.
It is important to note that if your current HVAC system is older than 15 years, there is a good chance that you will need to replace the ductwork also. This can be a more expensive cost and may not offer a return on your investment.
2. What return on investment might you expect from installing a new system?
If you install a new HVAC system, you can expect to recoup between 35 and 50 percent of the initial cost of the new system in your sales price.
Choosing a system which has a good energy efficiency rating can offer a lot of value. Adding a heat pump can help make the system more efficient, thus increasing its value. Choose the correct size of unit for your home, as well. You will want a system that can accommodate the home’s square footage.
3. How can you evaluate replacing individual system elements instead?
If you determine that your HVAC system is under 15 to 20 years old and still in good operating condition, refer to the $5,000 rule before deciding to replace the entire system. You do this by taking the age of the unit and multiplying it by the projected repair cost.
If the sum totals $5,000 or more, then it is best to replace the entire unit. If the total is less than $5,000, you can consider replacing individual system elements instead.
Thinking about moving, and want a professional opinion on your HVAC system? We offer a free, no obligation in-home consultation before beginning any project. Call us to gain the insight of a qualified professional on your HVAC system.