Refinancing question (house)

[joshua_arndt]

I bought my house just over 2 years ago, and at the time a got a decent interest rate but now i'm able to get an even better interest rate and drop my payment consideribly, so i'm doing this requardless, but my heating and cooling system is about 32 years old, just as old as the house, the outside a/c condensor is about 8-9 years old. It works fine for now, but i would imagine a brand new system would work even more effiecent, not to mention its only a matter of time till the system breaks for good.

My question is would it be worth-while to refinance and take out extra money to cover the expence of the new system? Probally only going to be roughly 3-5 grand at most to replace the whole system. Would this be a worth-while purchase?

 

[bigmeadersGTP]

As someone who just had to replace a 40 year old furnace on the coldest night of the year, YES, do it now...it only breaks when you need it the most...

 

[JoelW98GTP]

I know of an old saying. It goes as follows....

"If it ain't broke, don't fix it." - Genius

8-9 years out of an HVAC system is typical. They can last 20-25 years. Or they can last less than 2 like mine did when I built my new house. It had a 10 year warranty on it. Cost me $450 to recharge the system because it blew a $.20 o-ring. Warranty didn't cover the freon. Leave it alone until it needs attention. Don't borrow the extra money cause you might get in a bind and need the extra cash laying around, then blow it, then have to refinance again to actually fix it IF it goes bad. JMHO.

 

[joshua_arndt]

The only reason i was thinking of taking cash out now cause i'm about to refinace anyways, and i'd like to not have to blow a good portion of my savigns on a new HVAC system. When ever i have my system serviced and checked out every season they guy is always amazed that the system is still working as decent as it does.

The other reason I thought of fixing it now is because there is a good chance I could be getting orders in the next year or so, and figured an old system would turn people away when i try to sell my house. Doesnt bother me because it works fine right now and I keep up on the maintence end of it.

 

[DevilsOwn]

Josh, I changed out my system in my house earlier this year. My unit was 26 years old. I had a 3ton unit and the sucker you could smell gas coming from it in the winter. And during the summer it could not keep the house cool. It just ran all day long when it was 95+

I put in a american standard 15 seer 3.5 ton package unit. I think i spent 5,500 on it and i get the goverment rebate on it which i think will be 1,400ish back. Which works out to being within 100 dollars of what people where quoting me for goodman brand that was goign to be a 13 seer Remember i have a package unit so it cost me more.

And the final question you want to know... My bills are still the same... but I can make it 60 in the house if i want to when its 100+ outside. New unit looks alot nicer good for me since you can see it from the street. Honesty if your worried about your bills and wanting to save some money put in some cellious in your attic. I noticed a differnce when i put it over the main portion of my house. Never did it in my back bedroom because i knew i was going to add the utility room and redo the bathroom. Didn't want to crawl in it. But serious you will spend way less money and will make a dent. I will even help ya.

 

[joshua_arndt]

Josh, I changed out my system in my house earlier this year. My unit was 26 years old. I had a 3ton unit and the sucker you could smell gas coming from it in the winter. And during the summer it could not keep the house cool. It just ran all day long when it was 95+

I put in a american standard 15 seer 3.5 ton package unit. I think i spent 5,500 on it and i get the goverment rebate on it which i think will be 1,400ish back. Which works out to being within 100 dollars of what people where quoting me for goodman brand that was goign to be a 13 seer Remember i have a package unit so it cost me more.

And the final question you want to know... My bills are still the same... but I can make it 60 in the house if i want to when its 100+ outside. New unit looks alot nicer good for me since you can see it from the street. Honesty if your worried about your bills and wanting to save some money put in some cellious in your attic. I noticed a differnce when i put it over the main portion of my house. Never did it in my back bedroom because i knew i was going to add the utility room and redo the bathroom. Didn't want to crawl in it. But serious you will spend way less money and will make a dent. I will even help ya.

Would it be better for re-sale in the future if i do get orders out of here having new system? or is it just the fact of having a decent running system all that matters? I should probally put more cellious in my attic cause they did mention that it wasnt deep enough when i moved in. My eletric bill for the whole house isnt bad when its actually running in the summer. The only problem i ever really had when it couldnt keep up was during my wedding when i had a house full.

 

[Bio248]

i have the furnace that is original to the house built in 1941 in my place. i cant wait to get it out and replace it with a nice efficient unit that has central air.

 

[JoelW98GTP]

Would it be better for re-sale in the future if i do get orders out of here having new system? or is it just the fact of having a decent running system all that matters? I should probally put more cellious in my attic cause they did mention that it wasnt deep enough when i moved in. My eletric bill for the whole house isnt bad when its actually running in the summer. The only problem i ever really had when it couldnt keep up was during my wedding when i had a house full.

Of course it would be better resale with a new HVAC system. Not sure how the overall condition of your house is, but new stuff like windows, roof, HVAC, siding, etc is always a plus. Just all depends on the market in the area if you would get a good return on the investment. If your house is worth about $40K, adding a $5K HVAC system would be an 8% investment which is a decent amount of money. If your house is worth $200K, thats only 2% of the value of the house.