One of the areas of property maintenance that many people are put off by is the cost of plumbing. If it is not the cost of fixing or maintaining your plumbing system that is a costly endeavor, then installing a new system altogether can also be a worrying thought when you consider the expense involved. However, if you look at improving your plumbing system as a positive financial investment and just how much value it can add to your property, then the costs involved may not be so off-putting.
A Quick Bit About Me
Before I continue. You will read about the fact that I have several properties. Just because I have all these properties may sound like I am rolling in cash. I’ll be honest, I am not. Mostly everything I have and most of the upgrades on houses and office buildings I have managed to do using finance from the bank. This is because my day to day job, which is my own business does not pay so well at the moment.
I am just like most other people – looking for angles in life where I can make that little bit extra. I have had to move home quite a few times, but it has been worth it because the money I have made through upgrades to the properties I live in have bumped up my yearly salary and allowed me to reduce my finance plans until the next time I decide to take on a new project in which I will then approach the finance companies with my portfolio and they seem happy to lend.
Installing a Brand-New Plumbing System
Installing a brand-new plumbing system can raise the value of your property by as much $10,000 in many cases. In my case I upgraded the entire pipe system leading to my house as well as upgraded my bathroom and kitchen. On top of this, I replaced my hot water boiler.
All in all, I spent around $20,000, but my house value went up for $440,000 to $500,000. Eventually I sold at $490,000. I made a huge $50,000 profit.
You can spend maybe half that amount and get a decent return on your investment as long as you hire the right experts that can advise you. I am lucky because this is not the first time, I have bought, upgraded and sold, so I have learned from past experiences. During that time, I have also built a team of contractors that I can trust whenever I need work carried out on my business or residential properties.
Even if you are not planning on selling any time soon putting a new plumbing system in place, when it does eventually come to that time you want to sell, you have the receipts and proof that your plumbing system is up to date with a modern system in place.
- This means the new owners will have little to spend on maintenance
- Modern systems are much cheaper to maintain
Overall, these costs savings will be included in an appraiser’s valuation of your property.
Here are some tips from Little Pommie Plumber Cockburn, who is a professional plumber giving you some basic advice on the options you have to improve the value of your property by hiring the services of a professional plumber.
What other areas of my property can use plumbing services to increase its value?
If you are installing a new bathroom or kitchen, then this is the ideal time to hire the services of a plumber. As the old kitchen or bathroom will be ripped out for renovation, this is the perfect time to upgrade the pipes below the ground or at least look for ways to improve the system that leads to the inflow and outflow of water to these rooms.
Adding a new kitchen or bathroom will add its own value to the property. On top of this, if you can show that you have additionally upgraded the plumbing system, additional value will be added on top of this. We all know that whatever cash you invest, there is a percentage of profit that will be added on top when it comes to selling your property.
What if you are selling your house and don’t have time to upgrade the plumbing system?
Of course, there will always be those that are in a hurry to sell their property. The idea of investing in a new plumbing system is not something that is feasible in many cases. In this case, you should still look for the services of a plumber for several reasons.
Firstly, having a plumber assess your entire plumbing system means that any areas that may need maintenance can be dealt with immediately. Secondly, this gives a bonified documentation that you have had a professional plumber come in and ensure the property’s plumbing system is up to date.
As you can make out from this blog, the investment in simply maintain your plumbing system compared to installing a brand-new system may not give you as much as a hike in property price, but either way or which, you are giving an appraiser valuing your property reasons to increase its market value. You may have also realized that the more you spend, the higher the returns, but we understand that everyone’s situation is different.
However, you decide to invest in your plumbing system, the bottom line is that you should always keep the paperwork associated with the plumbing work carried out because the more work you have done on your plumbing system, the higher the value of your house will be.
For further reading check out: 10 Ways To Add Value To Your Property.