Homeowners are always striving to find ways to add value to their homes. Whether it’s adding on square footage or updating the kitchen, people are looking for projects that both make the home more livable while also providing return on investment, or ROI.
But as people do more projects, the ROI they’re getting in return isn’t quite up to snuff. Unlike what those reality TV shows about home renovations tell you, the fact is that the average ROI is 56 percent. However, how you upgrade your home is important, and one area that’s frequently overlooked but that can provide excellent equity is replacing that old HVAC system. If you’re wondering how to add equity to your home in Minneapolis, MN, then read on.
HVAC systems: A safe and smart investment
If you’re set on switching out those ugly kitchen cabinets or those neon green bath tiles, then go right ahead. But if you want to boost your home’s equity, it’s time to look elsewhere.
Think about it: When a potential homebuyer comes to check out your home, they’re going to notice an old or broken HVAC system. This could easily cost you the sale, as people will wonder how much it will cost to replace that system, along with the hassle of doing so.
People have different tastes when it comes to countertops, lighting, cabinets and other upgrades. So while you might think that the value of your home goes up because you installed granite countertops, potential homebuyers may not be swayed. This is definitely not the case with your HVAC unit—everyone wants exactly the same thing: A new system that they won’t have to worry about for years to come.
When to consider HVAC replacement
If you’ve had your system installed in the last 10 years, then it likely won’t be worth it to replace it now. Even if the system is having some issues, you may be able to complete some simple repairs rather than invest in a complete overhaul. A general rule of thumb is that if the repairs are less than $5,000, then it’s a good idea to stick with your current unit.
However, if it’s older than a decade and sounds like it’s struggling, this could be a good time to look into a new system. You won’t have to worry about repairs, your family will stay cool during the summer, and, on average, you’ll get back 71 percent of ROI. You may be able to do even better than that if you have a new, energy-efficient model that’s popular among prospective homebuyers looking to save on heating and cooling bills.
When you’re adding equity to your home in Minneapolis, MN, you should consider the benefits of a new HVAC system. Turn to the locally owned and operated Air Climate Control, Inc. We’re here to help you with everything related to your air conditioning, heating and refrigeration. Our team of talented technicians has been serving the Minneapolis area since 1991, and we strive to provide same-day service to ensure client comfort and satisfaction. Give us a call right now and request a free estimate!