Can Gas Appliances Affect Your Property Value?
Propane Products Are Increasingly Appealing to Homebuyers
Homeowners in Southeast Massachusetts want to get the most value for their homes, especially if they’re thinking about selling in an incredibly hot seller’s market.
Whether you’re thinking of repainting your siding or refurbishing your wood floors, there are many ways to extract value from your property. Many people ask us if the efficient propane-fired appliances in their homes can raise their property value. And the answer here is not always cut and dried.
Here’s what we’ve found about propane appliances and home prices:
Versatile Propane Appliances and Your Property Value
There’s little doubt that propane-fired appliances are more appealing than their electric counterparts. For example, propane water heaters are 30 to 50 percent less expensive to run than electric water heaters. Propane clothes dryers help to dry laundry faster—with fewer wrinkles and less static electricity. And there’s no contest when it comes to gas-fired cooking ranges versus electric. Dedicated home chefs prefer the strong, even, and controllable heat they get from propane in the kitchen.
With all that said, most propane appliances will not appreciably change your property’s value.
However, there are two notable exceptions to this: propane fireplace inserts and firepits. These amenities are immensely appealing to prospective homebuyers, to the point that the National Association of Realtors estimated a gas fireplace could bump a home’s market value by up to $12,000.
These products are convenient and mess-free, and they vastly improve a homeowner’s quality of life. So, if you have a propane firepit or hearth insert, be sure to mention it in your sales listing!
Propane Tanks and Property Value
There’s one other piece of propane equipment that can affect your home’s value, and that is your propane tank itself.
Many homeowners choose to lease their tanks from their fuel provider. This has its benefits since your provider can take care of upkeep and, when needed, replace the tank. However, if you own your propane tank, you should factor its value into the sales price for the property. After all, it’s unlikely that you plan to take the tank with you when you leave, and the buyer will undoubtedly benefit from owning their own fuel storage. You’ll also want to factor in how much fuel is left in the tank when you hand over the keys as well.
If you’re interested in upgrading the propane-fired equipment in your home—or installing new appliances in a propane-powered home—get in touch with us for a FREE ESTIMATE. We’ll be happy to help in any way that we can.