How Much Value do new Appliances add?
As I mentioned before, we need to replace our stove. The stove we currently have is ancient, and works half the time. The burners are going out and sometimes I’ll put a pot of water on for tea and realize half an hour later that the kettle hasn’t started whistling. It’s annoying. Mr. Money is a chef, and wants to replace it with a gas range with a convection oven. There are a couple problems with this: one, convection ovens are expensive!; and two, we currently have an electric stove so we’d have to run a gas line to the stove and add a hood vent.
I asked a heating and cooling specialist today about how much it would cost to do both of those things. He said that it would probably be $600 maximum. However, he would have to look at it to give me a more accurate quote. I told Mr. Money that, and he didn’t seem like it was a big deal. He was expecting it to cost more money than that. I told him he’d have to also consider the cost of the actual stove too. The prices for a new gas range are anywhere from about $799-$1699. As far as I’m concerned we have a couple options when it comes to replacing our stove.
We can replace the existing electric stove with a new electric stove. I don’t know how long we’ll actually live in this house, so I don’t feel like dropping a ton of money on new appliances. However, I do think that our house would sell faster if we had all matching appliances in the kitchen.
We can replace the existing stove with a new gas stove. Of course, we’d have to pay to have the gas line installed as well as the hood vent, but Mr. Money thinks we’ll get the money back when we sell the house. I am skeptical. I can’t see where we would, but I could be totally wrong.
Do new appliances really add that much value? My personal opinion is that they probably would help the house sell faster, but we may not necessarily be able to recoup the money that we spend to replace them. I don’t know if I want to shell out a bunch of money on a brand new gas range.
Part of me wishes that when we bought the appliances, we had just gone with plain white or black instead of stainless steel. I think we’ve spent too much money on the appliances, but I can’t go back and change it so I might as well live with it. Also, it was harder to learn how to clean stainless steel but it seems as though I’ve got that figured out now. I am hoping that when the time comes, our stainless steel isn’t inundated with fingerprints!
Do you think you can recoup the money from new appliances when you sell a house? What would you do?