Selling your home comes with a slew of variables that can impact how much money you’ll get from the sale. One of the variables people wonder about is whether it would be in their best interest to buy new appliances when they’re selling. All new appliances in the kitchen and laundry room can cost well over $10,000 (top-of-the-line refrigerators can cost $10,000 alone!).
When Does an Appliance Need to Be Replaced?
When an appliance stops working, it’s a no-brainer that it should be replaced… But how do you know when to replace an appliance if it works as it should? Here are a few indicators that it’s time to upgrade your appliances.
High Electric Bill
About 9% of your energy costs can be attributed to your appliances and older appliances are energy guzzlers! Most of today’s buyers are interested in living a greener lifestyle, as well as saving money on energy costs. If a buyer walks into a kitchen and the appliances are outdated, they see that as a negative because they know they’re going to have to replace the appliance in the future (along with paying high energy costs).
However, if they see new EnergyStar appliances, your house will appeal to them so much more because they will have shiny new appliances that aren’t going to break in a few years and won’t cost them an arm and leg when they pay the electric bill.
It goes without saying, but the age of your appliances will have an impact on how well they work. If your appliance is more than 12 years old and isn’t functioning as well as it did when it was brand new, it’s time to buy a new one.
You can check out this life-expectancy chart for appliances to get a better idea of how long your appliances will last.
Cost to Repair
When an appliance breaks down, your first thought may be to get it repaired. However, if the cost to repair the appliance is more than the appliance is worth, then that’s just wasting money. Likewise, if you have to rely on quick fixes or you’ve made multiple calls to the repairman for the same appliance… It’s time to buy a new one.
Signs of Malfunction
Regardless of how old an appliance is, if it is showing signs of malfunction (your refrigerator makes a loud noise from time to time, you have to manually light one of the gas burners on your range, or your dryer takes longer to dry clothes than it used to), then it’s a sign that your appliance is on the way out.
Appliances Can Affect Your Home’s Value
Home appraisers usually won’t give your appliances a lot of value when assessing your home, they will check to make sure they’re in good working order. If they aren’t, that will be relayed to the buyer’s lender, which could mean their loan won’t be approved. Although insights for 2022 indicate cash buyers are still out in full swing, you don’t want to run into any hiccups with buyers needing financing all because your appliances aren’t up to snuff.
If you need to buy new appliances, make sure they match. They should be in the same finish, brand, and age. They should also complement the overall style of the home. While mismatched appliances aren’t a deal-breaker, it could be the very thing that tips a buyer who’s on the fence about your home, into looking elsewhere.