Should I Replace Water Heater Before Selling House?
Selling a house can be an overwhelming and stressful process, with many decisions to make and tasks to complete. If you are planning on selling your home, one important consideration is whether or not to replace your hot water heater before putting it on the market. While it may seem like an unnecessary expense at first glance, there are several factors to consider when deciding whether or not to replace your water heater before selling your house, many of which can take priority over something like replacing hardwood floors or kitchen appliances.
Consider Replacing Your Water Heater If...
What we are about to provide you with are 8 different reasons as to why you may want to replace your water heater. It is better to deal with a potential problem now rather than having a headache about it later.
1 | Age of Water Heater
One of the main reasons homeowners choose to replace their water heater before selling is due to its age. Most conventional water heaters have an expected life of 8-12 years, depending on usage and maintenance, but each new boiler has its own timeline. If your water heater is approaching or has exceeded this timeframe, it may be a good idea to replace it before selling. This can give potential buyers peace of mind knowing they won't have to worry about replacing the water heater themselves in the near future.
2 | Efficiency and Energy Savings
Another reason to consider replacing your water heater before selling is for its energy efficiency. Older water heaters tend to be less efficient, leading to higher utility bills for the homeowner. By upgrading to a newer, more energy-efficient model, you can not only save money on your own utility bills but also make your home more attractive to potential buyers who are looking for ways to save on their monthly expenses.
3 | Inspection and Appraisal
When selling a house, there will likely be an inspection and appraisal by a home inspector as part of the process. A faulty or outdated water heater can be a red flag for potential buyers and may impact the overall value of your home. By proactively replacing your water heater, you can avoid any issues that may arise during these processes and potentially increase the value of your home.
4 | Warranty Considerations
Replacing your water heater before selling also gives you the opportunity to transfer the warranty to the new owner. This can give buyers peace of mind knowing they will be covered in case of any issues with the water heater in the future, and will not have to go out and look for a good repairman.
5 | Cost Considerations
One crucial factor to weigh is the cost of replacing the water heater against the potential return on investment. Depending on the type and brand of the water heater, or if you opt for an expansion tank, replacement costs can vary significantly. It's important to balance this expense with the overall impact it may have on your home's selling price. Sometimes, the cost of a new water heater can be negotiated within the asking price, especially if it is a critical selling point for buyers.
6 | Local Market Conditions
Understanding the local real estate market is essential when deciding on replacing a water heater. If you're selling in a competitive market where homes are selling quickly, making updates like a new water heater may yield a higher return. Conversely, if the market is slow, you might not recoup the expense as significantly. Researching recent sales in your area can provide insight into whether similar upgrades have influenced closing prices.
7 | Buyer Preferences
Anticipating buyer expectations in your neighborhood or target market can also guide your decision. In areas where home buyers are particularly eco-conscious or focused on modern upgrades, a new energy-efficient water heater could be a strong selling point. Consider talking to a local real estate agent about their personal experience and buyer trends and what features are most attractive to those looking for homes in your area. Also, some buyers may prefer a gas water heater over an electric water heater.
8 | Is It Necessary?
Ultimately, deciding whether to replace your water heater before selling your home is a personal choice that depends on various factors. By considering the age and efficiency of your current unit, the potential impact on inspections and appraisals, warranty transferability, cost considerations, local market conditions, and buyer preferences, you can make an informed decision that best suits your needs and goals as a seller.