General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago, 07/20/2019
HVAC system is leaking coolant
My HVAC system is leaking coolant in the property I'm currently living in, but will be renting out next year. The unit is a "luxury" condo associated with a country club-- generally an "A" property. Several other units in our building are rented by doctors in residency at the local hospitals. I'm planning on owning this property for at least 5 years because I know it will cash flow and the area is getting very popular because the building is on a lake. The HVAC guy gave me a few options:
1) Bare Bones $5000 - It will keep the place cool for roughly 8 years
2) "Old Reliable" $7,500 - It cools, and is known for 15+ year life and a 10 year warranty
3) Bells & Whistles $10,000 - High efficiency (we won't pay the electricity on this place), Variable speed comfort (it basically can adjust how much air it blows so that your house is at a constant temperature), can be connected with the "smart home" system so I can change the temperature or lock/unlock the door from my smartphone, have security cameras, connect the smoke detector etc. Smart home is $1000 more to install.
Should I spring for the Bells & Whistles (would a tenant even pay for that)? Is it worth it to upgrade from bare bones to something reliable? Or should I just get the one that cools the place and replace if I still have the place in 8 years?
Any advice here would help!