Should I replace my boiler - being made redundant

seebee73

We have an old boiler and immersion tank in our house. We know we have more or less outgrown the house and will probably look to move in the next 2 years. We have two small children and hot water on tap without the need to wait for the immersion would be fantastic.
Given the state of the housing market and the fact that I have just been told I am being made redundant should we go ahead and spend £2500 replacing the boiler and getting rid of the tank. Do the potential savings on energy bills as well as any improved saleability of the house and the added comfort we would experience in the meantime by replacing the boiler adds up. We already have the plumber booked and I am stuck trying to decide if I should cancel. We have no debts other than the mortgage (although not an awful lot of equity)
I will only get a very paltry (statutory) redundancy payout so there is no windfall of any kind. We saved up to get this done

Canucklehead

Good evening: If you ensure the boiler has an annual service and if it hasn't caused you any major problems to date hold on to your money. There are other measures you can take to reduce your utility bills...see the Energy Saving Trust website for advice.

HTH

Canucklehead

phill99

C is right. There is a saying : 'if it ain't broke, don't fix it'. A new boiler is unlikely to add to the value of the house when you come to sell it although it may make it more saleable. If you spend £2.5k on a boiler and you are likely only to be there for another 2 years, you certainly won't get that money back in energy savings in just 2 years. If the boiler has completely failed and is so old that parts are no longer available for it, then you dopn't really have a choice but to replace it. But if parts are available and you have a good heating engineer that can keep it repaired and serviced for a couple of years, then maybe that is your best option. £2.5k is a lot of money to spend when faced with losing your job. That money may come in useful. Alternatively, when you have a new job, then spend the money on a new boiler. At least then you will have an income and not be reliant on your savings.

seebee73

The immersion tank which is in the 2nd bedroom inside a very rickety old wardrobe would be gone and that room (which is the room my children share) could become a much nicer room and peraps also more saleable?... I know we won't make back the money in terms of reduced bills or even necessarily on the "value" of the house

bookduck

Yeh, a nicer room but £2500 nicer and you probably won't save £2500 in bills either?

Most people buy houses for location, price and the atmosphere. If there is another house next door with the same decorations etc as yours up for sale too then it may sway the purchaser.

If the element goes, then get the element replaced rather than a new boiler.

Also if you have a new boiler, you may needs extra piping installed including more holes and redecorating, possible a new kitchen, or cabinets?

Good luck job hunting!