Installing a tankless water heater in your home can increase your home’s value, here’s how!
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The global housing market is massive, making up a large portion of many people’s investment portfolios, pensions, and sources of passive income. According to MSCI, the global professionally managed real estate industry increased to 9.6 trillion USD in 2019. Whether you own a home for investment purposes or to live in, you want to know how to take care of it and increase its value whenever you can. One of the many ways to do this is to install tankless water heaters. Recent studies have shown that homes with tankless water heaters have sold for 4% higher than expected and have sold faster than homes with a heating tank, selling around 43 days sooner than expected. If you are in the market for a new home or if you are planning on selling your home in the near future, then you are probably wondering what the craze is around tankless water heaters. This article is going to provide some context for how tankless water heaters are increasing home values, and, why and when you may want to install one.
Tankless Water Heaters Are Desirable
Tankless water heaters are desirable for a number of reasons which we are going to talk about today. Recent data suggests that the desirability of tankless water heaters is winning buyers over and getting them to pay a little more and close the deal faster. For those who would like to dive deeply into water tanks and tankless water heaters, here is some useful info. For those who are keen to know why tankless water heaters are desirable, we’ve got you covered below.
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They Reduced The Risk of Leaks and Water Damage
Traditional water heaters can be the source of a lot of damage, hefty repair costs, and high utility bills. If you are wondering why your water bill is still high when you aren’t at home much, this could be because of a slow leak. Water heaters are usually stored in the ceiling, roof, basement, or garage, this means that a major leak can cause flooding in your home and result in major damage to your property such as carpets, furniture, and electronics, to name a few. Moisture escaping from a damaged water heater can also cause mold, which not on damages your walls and ceilings, but is also a major health concern. If you do have a water tank heater, do routine checks for rust and slow leaks. A tankless water heater only heats water when you want hot water, so there is no reason to store hot water and thus no tank is needed. This removes the risks outlined above.
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They Are Energy Efficient
As mentioned above, tankless water heaters heat on demand. This is great for those who come from large families and have a brother and sister who is well known for taking a long shower and using up all the hot water. Because a large volume of water is kept in a tank to be heated, this requires a lot of energy. Not only are you at risk of having a higher utility bill due to a slow leak, but you will have a higher utility bill, compared to that with a tankless water heater, due to the increased demand for electricity to keep the water warm. People investing in a new home not only want to save money on utility bills in the long run but also want to live sustainably. A tankless water heater is, therefore, the more eco-friendly option.
Tankless water heaters can be expensive upfront to install, however, you will pay that back relatively soon with the savings made from the decrease in your utility bills. Depending on where you live, because they are a more sustainable option, there are some tax incentives for installing a tankless water heater. You can really make the most of this by timing your installation when you do renovations. People often renovate their bathrooms before selling, improving the finishes to increase the value of their home. Combining this with the installation of a tankless water heater is a sure way to increase the value of your home.
By removing the tank you can create a lot more space in your home (depending on the design and layout). This way you can open up valuable space in your roof, basement, or garage. Hopefully, you now know why you want to go for a tankless water heater if you are buying a new home and how you can save and make some money by installing one if you are a homeowner.