In the midsts of a renovation (BRRRR) in a nice (A-level) neighborhood. Always looking for ways to improve the ARV, and have one upgrade that I'm on the fence about.
The gas boiler for this 1920's house is pushing 40 years old. It works, but it's old and inefficient. I'm considering replacing it because:
* Can be marketed as a new, high efficiency heating system.
* Less likely to break down and need repairs
* Will cost about $2K to replace - and I think could add much more (I'd imagine $6-10K) to the appraised value.
Is it worth it? There's not much flexibility in the budget, but it seems worthwhile if the the appraiser is likely to consider it in the valuation.
Thanks for any thoughts or opinions!
It has no affect on the value of the property. Houses are expected to have heat. You can replace it now, when it isn't an emergency, or later when it goes out on a Saturday Night in the dead of winter. Either way, it will be replaced.
I don't ever remember looking for a house and filtering it by heating type, so it probably will not affect your buyer traffic either way.
If all the other homes in the area have the same gas boiler heating system then I would leave it alone. With anything old, it's bound to be an onion of problems to replace, so unless it is necessary to replace it, I would not touch it.
On the other hand, if everyone else in the neighborhood is updated high efficiency, then that's another story and it makes your house somewhat deficient.
Not sure how you get from a $2K replacement cost to $6-10K value increase.