Getting a new boiler may seem like the kind of thing that wouldn’t make too much difference to the value of your home. It just sits in a cupboard, doing a valuable job but perhaps an unappreciated one (until it breaks).
You may think more aesthetically pleasing jobs, like adding an extension or updating your kitchen would be the most effective way of increasing the value of your house. You may be surprised to learn that some major home improvements like new bathrooms and kitchens will actually leave you out of pocket in terms of the value of your home.
An average new kitchen costs around £7000, with the added value to your home only being £4000. There is also the risk that any potential buyers may not share the same taste as you, impeccable though it may be. In general, if you’re thinking about selling, then your best investments will be a new boiler, central heating and off-street parking.
In a study done by GoCompare, it was found that the most profitable home improvement was, you guessed it, a new boiler. Based on an outlay of £2000 you can expect to see the added value of £8000 – a £6000 profit. The worst investment you can make would be a wine cellar, with an eye-watering £46,000 investment adding an equally eye-watering £0 added value. Not the kind of investment most people would be able to make in any case.
In addition to adding value to your home, there is also the benefit of reliability, both for you and any potential future owner.
Whilst a boiler adds financial value to your home, there is also the value that’s added in knowing that you have a boiler still under guarantee/warranty. Most new boilers come with a guarantee or warranty between 5-12 years, meaning a new owner can relax that they won’t be stung with any unexpected repair bills, after an already expensive move.
Buying a property knowing that you will have to replace an expensive item like a boiler is quite offputting, it’s not an item many homeowners want to fork out for – so having a reliable boiler already installed is a big win in the eyes of potential buyers.
Another benefit of replacing an older boiler model lies in the increased energy efficiency you can expect. All modern boilers are A-rated for energy efficiency, meaning they are over 90% efficient with the fuel they use. This can lead to savings up to £315 a year if you’re replacing an older boiler, a good saving for you or any potential buyer would enjoy.
Often, when replacing an older boiler, other heating system components are also updated with more modern alternatives that can add to the saving.
Items such as thermostatic radiator valves give you added control over the radiator temperature in each room, so you can turn it down on unoccupied rooms and save even more on your heating bill.
In addition to thermostatic radiator valves you can also add smart thermostats. These little gadgets allow you to control your heating remotely from your smart device (mobile phone/tablet/Alexa). This added control means you can get the temperature just right and it gives you the ability to make sure the house is warm when you return home. Some smart thermostats even learn your behaviour – when you’re home, what rooms you use at what time and they can adjust the heating automatically based on their learning.
Other ways to add value
Installing a new boiler is the best investment in terms of the resale value of your home but there are plenty of other ways to add value to your home if you’re thinking about selling, or even if you just want to make it nicer for yourself. From structural improvement to rewiring or adding an extension or a loft conversion, there are plenty of ideas to increase the value of your home, many of them are free (other than a bit of hard work).
Adding a new boiler may not be the first thing you think of when looking to add value to a home but hopefully, now you can understand just how valuable a new boiler can be to potential buyers.
Although a new boiler can be an expensive item, ranging in price from £1500 – £4000 for more complicated installations, there are many companies that offer finance on a new boiler, allowing you to spread the cost to an affordable monthly amount. This can often cost less than monthly service plans, making replacing your old boiler a no-brainer.