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My heat pump (used almost exclusively for cooling here in the deep south) has gone out. It's 18 years old (heat pump life is 15 - 18 yrs; regular a/c systems have a life of a couple of years less, I read).
I plan on TRYING to sell end of year or spring 2020. It may not sell...one neighbor didn't sell theirs in two years; it took another neighbor 1 1/2 yrs to sell. I live in a nice enough subdivision, but this is not an active real estate area at this time.
My choice is to have the unit repaired (estimate of $1100 - $1500), there is a chance they'll find more wrong with it, once they start repairs....OR to replace (estimates to replace are about $7,600 for replacement "as is").
There are second estimates to replace it with more appropriate returns (the small return is not for the 4 ton unit I have, so that needs to be enlarged, or preferably another return added at other end of house, which is difficult to cool). The estimates with these corrections run from $7,600 (one contractor includes it, and won't do it w/o the corrections) to $8,600.
These estimates are for a Goodman heat pump, inside & out. A Trane would add about $900 to the estimates.
I don't want to spend that large amount of money, when I might be able to sell the house. OTOH, I take the risk of spending over $1,000 for the repair, only to have it break again, or other things wrong with it so that the initial repair runs even higher.
One line of thought is not to spend the money to replace it; buyers will simply offer less for the house, and would prefer to choose their own system.
Another line of thought is that I could end up spending more than $1k on repairs, it will break again, or that buyers will walk away because they won't want to fool with a unit that possibly needs immediate replacing.
(When I was a buyer, I did not want to buy a house that needed immediate replacement of the a/c. A/C is critical here in the deep south. I had enough to worry about a new house w/o having to worry about reliable a/c for a few years.)
FWIW, my roof is also old, with about 2 to 3 years life left. After hail, I had two contractors inspect it, hoping I could get it replaced under my insurance, but it didn't need replacing. So a buyer would know that they'd be looking at having to get a new roof fairly soon.
Any direct experience with this sort of thing would be much appreciated, or just your thoughts. Thanks in advance!
Just my thoughts, aside from my occasional home purchases, is that replacing it with an economical but adequate unit would be best. I would not want to be buying a home needing major repairs *unless* I was looking for a fixer upper to save a lot more money than actual repairs. So I would not only be deducting the $8k for a new system but another $3k for my efforts and inconvenience and yet another $3k for my benefit. So I think some buyers will be offering much less for the house than the sytem replacement would cost and some buyers would not be interested at all thus narrowing your market.
A contractor WILL find more wrong with it once they get in there, it's just a matter of if they are honest about what *should* be done versus what *must* be done.
Are there any good financing options available, so that you don't have to lay out the full cost of a new system all at once? You're much more likely to find a 0% financing option with Trane than Goodman, and then you could just make the payments until you sell the house. Personally, Goodman systems turn me off; they're pretty much the bottom of the rung for HVAC systems IMHO. If I were a potential buyer, I'd much rather see a Trane unit. In your case, if it were me, I'd put the new system in because I would not want to have another possible breakdown and just throw even more money into a system that is pretty much at the end of its lifespan. And, in the meantime, you also get to enjoy the needed air conditioning for yourself.
If I were a potential buyer, I'd much rather see a Trane unit.
Of course, but would you offer more for it? I think most buyers are going to evaluate in terms of "old" versus "new" rather than "new this" versus "new that", unless the rest of the house is also at a premium level.
Of course, but would you offer more for it? I think most buyers are going to evaluate in terms of "old" versus "new" rather than "new this" versus "new that", unless the rest of the house is also at a premium level.
For me, the difference would be in offering at all. I simply won't buy a home with a Goodman unit in it. The other factor in the OP's situation is that the Trane unit is only $900 more than the Goodman one, which to me is pretty negligible in the overall replacement cost. But she has to consider her personal budget for that.
If you're in the deep south, you're still going to need it for another 3 months or so this year plus however long you're there next year.
If you have the money, I'd replace it, since if it might take awhile to sell anyway, having a new AC system will be a lot better than an 18-19 year old one.
I'd probably lean towards the lower priced estimate as long as the company is reputable and the warranties are similar. $900 doesn't seem like a big difference to go from Goodman to Trane, and could be another selling point (new Trane system sounds a lot better than new Goodman system).
For me, the difference would be in offering at all. I simply won't buy a home with a Goodman unit in it. The other factor in the OP's situation is that the Trane unit is only $900 more than the Goodman one, which to me is pretty negligible in the overall replacement cost. But she has to consider her personal budget for that.
Really? You won't consider a home with a Goodman regardless of the overall condition? You're a single factor buyer? Or will you also not consider a home with a Whirlpool dishwasher because you prefer Bosch?
I get it completely that some buyers are "discerning" in quality but my point is those buyers are typically discerning about all factors. His AC system is 15+ years old. His roof is 15+ years old. What are the odds his home has recently installed premium brand appliances, windows, flooring, walls, countertops, etc.? (If they are then absolutely go with the Trane.)
I know when I replaced my heat pump with a Trane unit the unit had a 10 year parts warranty and the dealership installing the unit matched it with a 10 year service warranty. As long as I had a yearly service contract for routine maintenance with the dealership the 10 year warranty was transferrable to the new owners of the house. When I sold the house 7 years later the new owners of the house had an additional 3 years under warranty.
So, when making your decision on replacing the unit check their parts and labor warranties when comparing different brands.
Really? You won't consider a home with a Goodman regardless of the overall condition? You're a single factor buyer? Or will you also not consider a home with a Whirlpool dishwasher because you prefer Bosch?
I get it completely that some buyers are "discerning" in quality but my point is those buyers are typically discerning about all factors. His AC system is 15+ years old. His roof is 15+ years old. What are the odds his home has recently installed premium brand appliances, windows, flooring, walls, countertops, etc.? (If they are then absolutely go with the Trane.)
Nope, the single factor really only applies to HVAC systems. In our area the only homes that seem to have new Goodman systems installed are flipped homes, and I don't buy them either. A dishwasher I could care less about; I'd have to go check mine to see what brand it is as I don't use it. BTW, when I bought my house last fall, I replaced the Trane AC with a Carrier Infinity HP, so it's not like I'm locked-in to Trane. I just don't like Goodman, and I don't care much for York either.
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