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Updated about 8 years ago, 09/28/2016
Insulating Crawl Space
Depends. How long do you think is left on the furnace? I think it would be beneficial not only for the furnace, but I'm a fan of tidying up the crawl space as most in my area are quite nasty. What is the condition of the crawl space now - is it a tall crawl with easy access or is it pretty small? Is it nasty down there? I have done this to every crawl I've had to prevent nasty oders, seal the space up, and make it easier if we ever have to do work down there (plumbing, etc).
My solution to insulate is to level it out, lay a thick plastic barrier on the ground, tape up all the seams, tape/chalk it to the foundation walls/piers to seal, and then insulate the foundation walls themselves. It's hard work, I've done it myself on one property and I have a buddy who does this for a living who did it for me on another. Any crawl I get I do this.
David O Thanks for the feedback. I would say I have at least another five years on the thing. The crawl space is otherwise very clean and has a cement floor. Height is about three feet I'd say, standard for the area. I'm sure this would negate the need for a vapor barrier? I too have a friend who's done a few of these jobs on the side and offered to do the work. Am I looking at just having the walls of the foundation/ceiling hung with insulation?
I would not bother doing anything since the building and furnace has functioned fine so far as is. As long as tenants are paying utilities and the crawl space has no moisture or mold issues there is no reason to change. Waste of time and money to do unnecessary work.
Sounds like it's in pretty good shape, I would leave as is. Most of the crawls in my area are very nasty which is why I usually have to do the above.
Andrew Schwartz