September 30, 2020

Can A New Boiler Increase the Value of My House?

Have you considered a new boiler to increase the value of your home? We run through why this may be a great option for you.

Can A New Boiler Increase the Value of My House?

When thinking about home improvements to increase the value of your home, getting a boiler replacement, may be the last thing you consider.

In fact, most people don’t even notice their boilers until they break down, so you may be surprised to learn that a boiler replacement was found to be the most profitable home improvement.

A study by GoCompare revealed that contrary to popular belief, aesthetic improvements such as a new kitchen or home cinema could leave you at a financial loss, as the added value is much less than the average cost.

The average boiler replacement costs £1,995, yet it can increase your home’s value by up to £8,000, potentially giving you a hefty profit of up to £6,005, and topping the leaderboard of profitable home improvements.

Not only does a new boiler increase value, but it also offers reliability for you and any new owners/tenants to follow.

With most boiler companies offering warranties between 5 and 12 years (providing you have it serviced annually, read more about boiler services here), a new owner can rest easy knowing they won’t need to pay for any expensive repairs or boiler replacements anytime soon.

Another benefit is the cut to energy bills that can be expected with a new, more efficient boiler. According to the Energy Saving Trust, you could save up to £315 a year on energy bills when you replace an old boiler with a new A-rated efficient one.

Adding features such as a smart thermostat can also increase the profit you make, as this offers added convenience as well as greater efficiency.

Other profitable home improvements include off street parking, a charging point, energy saving measures and central heating.

Top 5 Most Profitable Home Improvements

Improvement Average Cost Added Value Profit
New Boiler £1,995 £8,000 £6,005
Off Street Parking £2,000 £6,000 £4,000
Central Heating £4,250 £8,000 £3,750
Energy Saving £475 £4,000 £3,525
Security System £500 £4,000 £3,500

Top 5 Least Profitable Home Improvements

Improvement Average Cost Added Value Profit
Wine Cellar £46,075 0 -£46,075
Swimming Pool £35,000 £2,000 -£33,000
Tennis Court £36,000 £6,000 -£30,000
Home Cinema £27,500 £2,000 -£25,500
Extension £48,000 £30,000 -£18,000

Property expert Henry Pryor said:
“My advice is usually to spend money on the things that you want and leave other improvements to the next person who may not share your taste. Not all buyers will be prepared to pay for your idea of improvements or good taste.”

This is because homeowners typically like to add their own style to their home to make it their own.

In regards to green home improvements, he added:
“Improving the green credentials of a house usually pays- a new boiler, insulation or energy saving measure along with security improvement will usually pay off but some additions like solar panels will be hard to get a payback on immediately.”

iHeat Boilers from £10.32

Although buying a new boiler can be expensive, companies such as us at iHeat, offer a range of finance plans ranging from 0% apr for 2 years to £10.32/month for 10 years (9.9% APR) and warranties between 7 and 10 years. For a fixed quote, fill in some details here and we'll do the work for you. Alternatively, give us a call on 0333 305 6880 and we'd be happy to answer any questions you may have.

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