- 8 April 2021
- Posted by: mikey0809
- Categories: Mortgage, Property
With the property market going wild at the moment, many homeowners are looking for ways to increase the value of their home to guarantee a sale.
Even though the most obvious way to enhance the price is to make refurbishments, an estate agent has said many homeowners could be overlooking one very obvious improvement – a new, serviced boiler.
Chris Wdowczyk from Purple Bricks, said installing a boiler which won’t need replacing for another 10 or more years, and which also makes a home more energy efficient, could prove extremely valuable to many buyers.
The average life expectancy of a boiler is between 10 and 15 years, and regular servicing and repairs can help extend the life of your boiler even further.
New boilers can cost thousands of pounds, so many people would rather repair their boiler than replace it altogether.
While some boiler repairs come at a relatively low cost, homeowners and landlords should also factor in the cost of parts and labour time.
Myles Robinson, co-founder of Boiler Central explained: “Some old boilers cost more to fix than to replace, but often we see homeowners do everything possible to avoid the cost of replacing an old boiler.
“Certain boiler repairs, such as replacing the gas valve or heat exchanger can cost close up to £500, so in these cases, it could make sense to replace your boiler altogether.”
For those planning to sell their home, a boiler upgrade is worth considering, as this can influence the valuation of your home, and its desirability to buyers. GoCompare’s Property Investment Calculator claims that installing a new boiler can increase the value of your home by £8,000.
The tool also shows that installing central heating, creating open plan living, converting a cellar, making energy-saving improvements and installing an electric car charging point can all increase the value of your home. The cost of making other renovations such as fitting new flooring, a new bathroom or upgrading your garden can outweigh the value they add to your home.
Wdowczyk, who has valued over 5,000 homes during his career, said installing a new boiler was one of the most attractive home improvements you can make to entice buyers. Fitting new windows, roofs and electrics were equally important.
He added: “It’s worth remembering that approximately 1 in 4 house sales fall through, so sellers should prioritise making improvements that matter to buyers.
“This will help ensure the sale of your house runs as smoothly as possible. Having a new and serviced boiler, for example, is going to make your house more appealing.”