Should I replace majors before refi?

[Steve Richardson]

We are preparing for a cash out refi. 3 of our majors (furnace,a/c, hot water heater) are all beyond their life expectancy, however, they are all currently functioning. Should we go ahead and replace them before the refi to add value or should we just let them run until they die? If we opt to replace them all I was thinking about just financing the purchase and paying it off over a longer time period. This should also reduce the likelihood of getting an emergency call from a tenant in the near future. The other part of me wants to use the items until they die and then replace them. All thoughts are greatly appreciated!

(Update: furnace and a/c are from 1993 or 1998. It’s difficult to make out)