ᐅ Sale resulting from retrofitting heating systems in a house built in 1957?
Created on: 5 Aug 2014 15:51
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baubär
Hi,
Here’s my situation, and I hope you can help me out as a complete beginner.
My wife inherited a detached house. That’s all fine. Now we have decided to sell the house. It’s quite old (built in 1957), and the last renovation was 25 years ago. Back then, an oil boiler was installed. It doesn’t look good at all and probably lowers the resale value significantly.
I have what might be a naive and somewhat optimistic question: would it be worth investing some money upfront to retrofit a heating system? And if so, which one? I know the local gas supplier is currently expanding the gas network extensively in the area. Could this be our chance to install a natural gas condensing boiler to increase the property’s value? Or would it be enough just to replace the existing boiler?
Brief facts about the house:
106 sqm (1,141 sq ft) living space, very small garden (I don’t have exact plot size at the moment), south-facing, detached.
Thanks and best regards
baubär aka Michael
Here’s my situation, and I hope you can help me out as a complete beginner.
My wife inherited a detached house. That’s all fine. Now we have decided to sell the house. It’s quite old (built in 1957), and the last renovation was 25 years ago. Back then, an oil boiler was installed. It doesn’t look good at all and probably lowers the resale value significantly.
I have what might be a naive and somewhat optimistic question: would it be worth investing some money upfront to retrofit a heating system? And if so, which one? I know the local gas supplier is currently expanding the gas network extensively in the area. Could this be our chance to install a natural gas condensing boiler to increase the property’s value? Or would it be enough just to replace the existing boiler?
Brief facts about the house:
106 sqm (1,141 sq ft) living space, very small garden (I don’t have exact plot size at the moment), south-facing, detached.
Thanks and best regards
baubär aka Michael
E
ErikErdgas11 Aug 2014 10:44Hello Michael,
While renovating the heating system and installing a gas condensing boiler would be sensible, it does not make sense to do this now, before the sale. There is not even a guarantee that the capital invested will directly increase the property value.
If, during the sales process, you decide to keep the property and rent it out instead, and have a limited overall budget, upgrading the heating system should be one of the first steps. On the one hand, it ensures reliable heating; on the other hand, tenants are increasingly concerned about heating costs and the type of heating system used.
Heating with natural gas would then, of course, be a possible option for you.
Best regards, Erik
While renovating the heating system and installing a gas condensing boiler would be sensible, it does not make sense to do this now, before the sale. There is not even a guarantee that the capital invested will directly increase the property value.
If, during the sales process, you decide to keep the property and rent it out instead, and have a limited overall budget, upgrading the heating system should be one of the first steps. On the one hand, it ensures reliable heating; on the other hand, tenants are increasingly concerned about heating costs and the type of heating system used.
Heating with natural gas would then, of course, be a possible option for you.
Best regards, Erik
Hello Michael,
It’s not worth it because the rest of the house is also at least 25 years old and has a backlog of repairs.
Depending on the location, the land itself might be more valuable if you decide to remove the house... I know it sounds harsh, but you will need to find a buyer who is willing to meet your price expectations AND take on the full renovation. With outdated layouts, this can be difficult and therefore take a long time.
Best regards,
Dirk Grafe
It’s not worth it because the rest of the house is also at least 25 years old and has a backlog of repairs.
Depending on the location, the land itself might be more valuable if you decide to remove the house... I know it sounds harsh, but you will need to find a buyer who is willing to meet your price expectations AND take on the full renovation. With outdated layouts, this can be difficult and therefore take a long time.
Best regards,
Dirk Grafe
Hi,
I can only agree with the others—don’t do anything and sell the house as it is. You’ll get a bit less money, but I don’t believe installing a new heating system would increase the price that much. There are many other factors (location, etc.) that determine the price.
Regards
I can only agree with the others—don’t do anything and sell the house as it is. You’ll get a bit less money, but I don’t believe installing a new heating system would increase the price that much. There are many other factors (location, etc.) that determine the price.
Regards
If the house is that old and hasn’t been maintained for such a long time, nobody will want to renovate it either. You can demolish a house like that for 10,000 euros and then rebuild it according to your own preferences and current standards.
Leave everything as it is and sell it.
If anything increases the value, it’s most likely if you demolish it beforehand. But I would avoid doing that as well.
Leave everything as it is and sell it.
If anything increases the value, it’s most likely if you demolish it beforehand. But I would avoid doing that as well.
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ErikErdgas24 Nov 2014 11:55Hello,
it is quite questionable whether investing in a new heating system will actually make selling the property easier or possibly increase the sale price, since it is unclear how the future owner intends to remodel and use the property. Perhaps an extension is planned, in which case the system might be undersized. In general, retrofitting a gas condensing boiler would be the most sensible option. On the one hand, the investment costs are low, supply reliability is high, and at the same time there is strong acceptance among potential buyers as well as tenants, if renting is planned.
Best regards, Erik
it is quite questionable whether investing in a new heating system will actually make selling the property easier or possibly increase the sale price, since it is unclear how the future owner intends to remodel and use the property. Perhaps an extension is planned, in which case the system might be undersized. In general, retrofitting a gas condensing boiler would be the most sensible option. On the one hand, the investment costs are low, supply reliability is high, and at the same time there is strong acceptance among potential buyers as well as tenants, if renting is planned.
Best regards, Erik
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