Could fitting a new boiler improve the value of your house?
When you’re looking to sell your home, no doubt you’ll want to try to increase its value first. Many improvements can be made to your home in order to increase its value when selling and some renovations will add more value than others. One home improvement undertaken by many is to install a new boiler. Here are some reasons why fitting a new combination boiler could increase the value of your house – and earn you green points for helping the environment too!
Better energy efficiency
When looking to increase the value of your home, making it more energy efficient will definitely go a long way. This is not least because of the increasing awareness of humanity’s impact on the environment, but also because improved energy efficiency represents major savings on energy bills to future homeowners.
In addition to the operation of your boiler, there are financial benefits to replacing an older boiler model. According to the Energy Saving Trust, you could save up to £305 per year by upgrading your old boiler to an energy-efficient A-rated boiler, which typically operates at 90% and over energy efficiency, which is much better for the environment too as replacing a mid ‘70s boilers with a new energy-efficient condensing boiler can save 1.92 tonnes of CO2 per year.
Installing double glazing and insulation, if you haven’t already, will increase property value significantly as this is a must for reducing the need for heating. On top of this, however, installing a combination boiler will help cut down on energy use. Combination boilers work by only heating water when it is required, resulting in less water energy. In the effort to increase your house’s value – energy efficiency should be at the top of your list. Even minor adjustments, such as switching to LED lighting, could help with giving the value a bit of a boost.
What boiler should I go for?
Combination boilers are great for saving space and are increasingly popular. Over half of the boilers installed in the UK are combination boilers – showing just how preferable they are. A combi boiler combines a water heater and central heating boiler together, meaning a separate hot water cylinder can be done away with, freeing up valuable storage space. A combination boiler can also deliver water to your taps at mains pressure, allowing for more powerful water flow – and who doesn’t love a more intense shower?
When to replace rather than repair your boiler?
Installing a new boiler can be expensive, that’s why many people would rather repair their boiler than replace it altogether. While some boiler repairs come at a relatively low cost, sometimes it’s just better to get a new one. Generally speaking, you could end up paying more trying to save your current boiler while in reality it works out cheaper to replace it. Some boiler repairs, such as replacing the gas valve or heat exchanger can cost close up to £500, so in these cases, it makes more sense to replace your boiler altogether.
How much value could be added?
Last year, the UK’s biggest comparison website GoCompare teamed up with property expert Henry Prior. The partnership aimed to establish what improvements to your home could increase the value the most. Fitting a new boiler, possibly surprisingly, came out as the most profitable way to add value to your home – whilst fitting a new roof showed a shockingly low-profit margin. With the average cost of fitting a new boiler being just below £2000, you could see yourself pocketing a nice £6000 profit. A new combination boiler has the potential to add £8000 to the value of your house according to this research.
Other ways to add value
There is no doubt that replacing your boiler is the best investment, but other cosmetic improvements can surely help elevate your home. You can increase the curb appeal of your property by ensuring it’s freshly painted and that the garden is well-tended.
For properties that are relatively older, there is a decent chance that it could benefit from rewiring. Rewiring offers the same kind of benefit as replacing your central heating system. Although it can be a bit of a hassle, it certainly adds value to your property.
Converting your loft space is also a good way to add value to your home, whether it’s creating an additional bedroom if the space allows it or just increasing the storage space in your home.
It’s worth taking care of all those ‘little jobs’ that you’ve been meaning to take a look at if you’re thinking about selling your home. Things like replacing mouldy sealant in your bathrooms, doors that don’t close, peeling paint, dripping taps, loose/broken tiles, cracks in the plaster, and squeaky floorboards. These jobs don’t take too long to fix and can give any potential buyers a much better impression.
In conclusion, many things can be done to help improve the value of your house; however, fitting a new combination boiler should be top of your list. A combi boiler could improve energy efficiency, increase available space and lower utility bills.