When you purchase a house you have dreams of moving in and making it your own. Some buyers look for “move in ready” homes. My husband and I tend to look for “renovation ready” homes. Some might call us crazy, but I prefer the word creative. Living through a renovation is not for everyone, that’s for sure, but we enjoy the challenge of taking a house that needs some love and making it a home that we love.
Our new home isn’t what I would call a “fixer” because it has all of walls and floors in tact (for now until we start ripping it apart LOL), has a kitchen and appliances and upon first look, it looks pretty good. But upon further inspection, there were many things about this house that needed some serious repair, not just updating.
Being a Realtor I can honestly tell you that getting inspections during the escrow process is one of the most important parts of the escrow. You want to really know what you are purchasing, so there are less surprises after you close escrow. For many buyer discovering “problems” like a failed HVAC (Heating and Air) and a roof that needs to be replaced may be a deterrent, but for my family and I it was a welcome piece of information that allowed us to negotiate a lower price. Now we get to do the repairs on our own, how we want to have them done, with the upgrades that we want for us! Most of the time a seller will want to repair an issue for the least expensive option possible, because well, they’re not going to be benefiting from the expense after the sale. But as a buyer it can benefit you to take on those repairs yourself after the home is yours since you are the one who will be living with those repairs. For some this is a scary option, but for us it’s an exciting challenge.
Ok, Realtor hat off, homeowner hat back on. So during our inspections we discovered that not only did we need a new roof, but the Heating and Air unit was completely shot, as in did not work AT ALL (and it’s summer people, it’s HOT), the garage doors did not open and the water heater was also not working. Remember I said this house isn’t a fixer? You’re probably laughing at me now.
We got keys to the house last Wednesday (YAY!!!) and on Friday the renovations began! First task, to replace the “not so hot” water heater. First of all let me tangent for a moment, it’s not called a “hot water heater” people, it’s simply a water heater, because you don’t need to heat hot water. Ok, tangent over. The house came with the standard old tank water heater that was original to the home, well past it’s lifespan. We decided to look into Tankless Water Heater options. I’m a researcher, some might call me indecisive, but either way I definitely gather a lot of information before I make decisions. Let me save you some research time if you’re contemplating between a standard tank water heater and a tankless water heater and share my findings with you. Basically, they both heat water, that’s a given I guess, but in very different ways. Tank water heaters keep water hot in the tank and tankless heaters heat water as it’s needed. There seems to be the assumption that tankless water heaters are more cost effective because you are not paying to keep the water hot all of the time. It’s true, it is going to save you some money monthly on your energy bills to run a tankless water heater. However, the cost to have a tankless water heater installed will generally run you 2 to 3 times the amount it will to have a standard tank heater installed. That is because the plumber may have to upgrade or install electrical to new tankless unit and may also have to refit your gas lines (if you have gas or propane) to the tankless unit. On top of that, you have to purchase the water heater and the tankless water heaters are generally more expensive than the tank heaters. Tankless heaters are supposed to have a longer life span than the tank heaters, so there’s that, but tankless heaters may also require more maintenance. Bottom line, it’s not necessarily “cost effective” to have a tankless water heater as the money you’ll spend up front will pretty much make the money you’ll save over the life of the water heater a wash.
With all of the options and pricing considered, we opted for a tankless water heater. For us it was just preference thing (my husbands preference really), but now we have a shiny fancy new WORKING water heater! Total cost for us was around $3600 for the new tankless water heater and installation. Isn’t it purdy?!
Not only did we get a working water heater installed Friday, but we also had both garage doors repaired. Woot woot! I can park in my garage now! I know, I know, this is exciting stuff people. But, this is real life renovation, “not so hot” water heaters and all.