If you’re planning a renovation project in preparation to sell your home, the key to maximizing your return on investment is avoiding costly renovation mistakes and knowing which upgrades will add the most value to your home.
Before selling your home, it’s a good idea, and often a good investment, to renovate or otherwise update your home, so it’s more appealing to buyers. Upgrades like refinished countertops and cabinets are nice to have, but an updated HVAC system is critical. While homebuyers may not notice a brand-new HVAC system, they will definitely spot an old one, and it might cost you the sale. The National Association of Realtors (NAR) reports that HVAC remodels have a higher average return on investment than most other types of remodeling projects, yielding a return of up to 71%.
Opportunities for HVAC Upgrades
If the home you’re renovating is older than 20 years old, it’s hard to get the wrong upgrade. Getting your house sold is what’s most important, and upgrades are an easy way to considerably increase the value of your home and property. Upgrades can range from insulation, which is a low-risk investment that yields 95%-115%, a new furnace/boiler, which is often an easy installation process and will help with energy efficiency and conservation, to windows, which can be responsible for approximately 35% of the heat escape happening in your home. Others include upgrading your roof, doors, and central air, which is considered by most to be a standard feature in today’s homes.
There’s a lot you can do to maximize the value of your home before selling it, so don’t settle for a lower selling price before considering the possibilities of an upgrade to your HVAC system!