This week, the Canadian Centre for Policy Alternatives released a study on the probability of a real estate market correction coming. This would imply a 10 to 30% drop in your home’s value. This drop will damage younger homeowners more seriously because of their propensity to take on more debt.
Younger people also have more of their net worth tied up in their homes. A 20% correction could hit a young person to the tune of $60,000. However, young people have an advantage: time.
You can protect his home’s value by proper maintenance and by installing HVAC equipment that both upgrade the value of your home and reduce energy costs. If your HVAC system is more than 10 years old, it’s at risk for failure. Replacing it now – before it fails – can allow you the benefit of ample time for researching your HVAC options.
In Canada, the most efficient systems typically use natural gas. Your system might not need replacing but a simple component upgrade. For example, upgrading your furnace could be enough to save you up to 15% on energy costs due to the furnace.