As a homeowner, one of the last things you may want to think about is spending more money. After all, you’ve had to deal with rising costs nearly everywhere — from the gas station to the grocery store. With all of this, the thought of replacing your aging heating system before winter arrives may not seem to be a priority now. But by not replacing your old and outdated furnace could end up costing more money – and you may not even realize it.
Higher energy bills and uneven heat
According to the U.S. Department of Energy, the average lifespan of a furnace is between 15 and 30 years. If your current heating system falls in this range, then it’s not as efficient as the current models available. This means that it likely has to work harder maintain the temperature you’ve set on your thermostat. It may cycle on and off more often than a more modern and efficient unit would.
In terms of your monthly energy bills, this constant on and off operation of your furnace comes with a cost. Not only is it more expensive to run an outdated heating system, but it probably also can’t keep your home evenly heated, especially on those bitterly cold winter days.
Expensive repairs
If your heating system is working overtime to keep your home warm and cozy, there’s going to be extra wear and tear on the system’s internal components. This could necessitate repair after expensive repair just to keep the unit operating. That’s money that you could have put toward a new unit.
Also, if you acquired the old furnace upon moving into a home, it may be hard to determine whether the previous owner kept up with annual maintenance. If they did, the unit may be able to live a longer life. If not, it may be hard to depend on the unit for warmth, and it could be facing an imminent breakdown.
Decrease in home value
If you’re considering putting your home on the market this fall or winter, having an old heating system is going to lower the price a prospective buyer is willing to pay for your home. They will know that if they purchase your place, they’re also going to have to shell out money for a new furnace. This type of expense is often not in the budget for home buyers who are already worrying about moving fees and new furniture that needs to be purchased.
If you replace the furnace beforehand, it could be a selling point with many buyers. They’d be pleased to know that it’s one less thing they’ll need to worry about or spend money on.
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