Home, Land, Property Buying and Selling - HVAC affect on condo resale value
Doityourself.com community forum was created to provide answers to all questions related to home improvement and home repair. Doityourself community can help you find information about how-to topics on small fixes to large remodeling projects. With comprehensive how-to content and expertly moderated community forums DoItYourself.com makes it easy to tackle even the most complex home improvement projects.View Full Version : HVAC affect on condo resale value
kbrisson
06-16-08, 01:14 PM
I am currently living in a 25 y/o condo and weighing the possibility of replacing the entire HVAC system (gas forced air w/ AC). The system works fine, but it is the original system and my concern is that this will affect the value of my condo when I go to sell, which I may do in the next year or so. The cost of a new system has been quoted to be around $6000. Would leaving my old system affect my resale value that much ?
DIYliz
06-16-08, 03:37 PM
I don't know how much it will reduce the value of the home but I am certain it will turn buyers away.
Most buyers are looking for homes where these types of things are fairly new. If the HVAC systems are not new(er) and the buyer really likes the home they may make an offer with a request of the seller replacing the systems.
What you need to determin is if you can get your $6k back when you sell the home.
Lets look at a few options here.
In todays market which varies by area.
You will appeal to more buyers w/ a newer system and it being one less thing a potential buyer will have to do to the home once they more in. Thus making it much more appealing. You can make the price of the home reflect the added value. However it doesn't mean you will recoup that expense.
Here is what I would do.
List the home at market value. Add in sellers note that you will replace the existing HVAC system with a full offer.
I would see how the foot traffic is for a month or longer. If there is little foot traffic I doubt that replacing the system and up'ing the price is going to bring in buyers.
A potential buyer will look at the home knowing the possibility of having the outdated but working HVAC can be replaced with in reason.
I'm not a realtor or a lawyer. I am a buyer and this is the type of thing I look for when buying a home.
Most buyers are looking for homes where these types of things are fairly new. If the HVAC systems are not new(er) and the buyer really likes the home they may make an offer with a request of the seller replacing the systems.
What you need to determin is if you can get your $6k back when you sell the home.
Lets look at a few options here.
In todays market which varies by area.
You will appeal to more buyers w/ a newer system and it being one less thing a potential buyer will have to do to the home once they more in. Thus making it much more appealing. You can make the price of the home reflect the added value. However it doesn't mean you will recoup that expense.
Here is what I would do.
List the home at market value. Add in sellers note that you will replace the existing HVAC system with a full offer.
I would see how the foot traffic is for a month or longer. If there is little foot traffic I doubt that replacing the system and up'ing the price is going to bring in buyers.
A potential buyer will look at the home knowing the possibility of having the outdated but working HVAC can be replaced with in reason.
I'm not a realtor or a lawyer. I am a buyer and this is the type of thing I look for when buying a home.