As the old saying goes: ask any Realtor what factor matters the most when it comes to assessing a home’s resale value, and they’ll typically respond with “location, location, location!”
However, in recent years savvy home buyers have added another critical piece to the assessment puzzle: a home inspection. That’s because they know — either from personal experience or by surfing an endless array of websites that are filled with tales of home-buying woe — that a comprehensive home inspection is the only way to establish whether a property will become a delightful dream home or an expensive and prolonged nightmare.
In light of the above, home sellers need to be proactive and do more than just stage their home so that it is warm, welcoming, and beautiful (some Realtors even suggest spraying rooms with cookie-scented air freshener!). They also need to make sure that their home is “ready for its close-up” — because it’s not a matter of whether interested potential buyers will do an inspection, but when.
Obviously, there are different things that sellers need to focus on, such as roofing, insulation, flooring, HVAC systems, and so on. However, there is a critical pre-list checklist item that some sellers overlook, but which costs them dearly: not upgrading their old electrical wiring.
Understanding Old Electrical Wiring
Old electrical wiring is not to be taken lightly. Older wiring systems, such as knob and tube wiring, cloth wiring, and aluminum wiring, were used in decades past and are now considered outdated. Each of these wiring systems poses its own set of concerns and risks, some of which are related to fire hazards, home safety, home insurance, and more.
If your home features any of these outdated wiring systems, your safest bet is to have it assessed and discuss your options for replacement from skilled, licensed professionals.
Effects of Old Wiring on Home Resale Value
There are two fundamental reasons why old electrical wiring can decrease a home’s resale value — and in some cases, to a dramatic extent.
The first reason why old electrical wiring can decrease a home’s resale value is that buyers typically overestimate how much money it will cost them to upgrade electrical wiring. For example, if it would actually cost a licensed electrical contractor in Ontario $10,000 to replace knob and tube wiring, many buyers would estimate the cost at $15,000, $20,000, or sometimes even more. It’s not that buyers are trying to make a profit (i.e. lower their offer by $20,000, replace the knob and tube wiring for $10,000, and have an extra $10,000 in their pocket). Rather, buyers don’t want to take any chances that they might come across something unexpected. Basically, they want some insurance “just in case,” and that’s where the padded cost enters the picture.
The second reason why old electrical wiring can decrease a home’s resale value is that it can lead to a home staying on the market longer — and in some cases far longer — than other comparable homes in the market (obviously comparable except for the electrical wiring). The longer a home stays on the market, the less likely it is to receive a competitive offer. Generally, buyers become wary and suspicious of homes that do not sell relatively quickly.
Upgrading Electrical Wiring: Adding Value to Your Home
If you’re planning to sell your home in the near future — or if you want to be in a position to rapidly list your home if the need or opportunity arises — then upgrading your old electrical wiring should definitely be on your immediate priority list. It will not only help you sell your home sell faster and easier, but it should translate into higher offers — and maybe even a lucrative bidding war!
Selling a House with Old Wiring: Challenges and Solutions
Don’t get caught in a situation where the risks and dangers of having old electrical wiring deter prospective buyers from bidding on your property. They may avoid buying it or make a lower offer to offset the cost of rewiring. They may also ask you to replace the old wiring before finalizing their deal.
Instead, your safest bet is to be proactive and upgrade your electrical wiring prior to listing your home.
Methods and Costs of Upgrading Wiring in an Older House
At Langstaff & Sloan, we believe your safest option is to upgrade your outdated wiring for safety and efficiency in your home. Further, if you’re planning to sell your home, prioritize upgrading the old electrical wiring to help sell it quickly, easily, and at a higher value.
You can get the process started by connecting with us for an assessment of your existing wiring. Our skilled, experienced team will assess the wiring in your home to identify the upgrades needed and holes required to fish wires. You can rely on our team to take ownership and patch all the holes created during the rewiring process.
The cost and timeline for upgrading wiring will vary depending on the scope of each project. However, we’re happy to provide you with a written itemized quote as well as an anticipated timeline. Connect with us to discuss the details specific to your project and the necessary permits and regulatory compliance for electrical system upgrades.
Benefits of Replacing Old Electrical Wiring in a Home
Beyond increasing your home’s value, replacing old electrical wiring presents additional benefits for your home and family, including:
- Peace of mind in knowing that your home is running on a safe, modern electrical system that’s equipped to meet the needs of your household.
- Improved safety and reduced risk of fire hazards with a modern wiring system that takes advantage of cutting-edge, fire-safe materials rated with high-temperature variants.
- Energy efficiency and the ability to further modernize your home during a rewiring project by adding more outlets and/or lighting.
Cloth Wiring: Costs and Considerations for Replacement
Cloth-covered electrical wires were widely used from the 1940s to the early 1960s. They were replaced around the mid-1960s. Due to significant risks, this type of residential wiring was replaced with a more modern, safer plastic-coated wiring. The major risk associated with cloth-covered wiring was its temperature rating. In addition, it did not contain a bonding conductor. In modern electrical systems, proper grounding and bonding prevent electric shocks and other hazards from occurring.
You can contact us to discuss the replacement for cloth-covered electrical wires in your home. Our team is experienced in this area; we can replace your outdated wiring and recommend ESA grounding and bonding services. Simply reach out to us to learn about your options for safely replacing your cloth electrical wires today.
Upgrade Your Old Electrical Wiring by Calling Langstaff & Sloan
When the safety and value of your home is at stake, you’ll want one of the most trusted electrical contractors on the job. Our team brings excellence and quality service to the table, along with professional workmanship and safety at the forefront of every job. Further, our courteous electricians will treat your home with respect.
Get started by reaching out to us; our electricians will conduct a thorough assessment of your home’s wiring to identify any safety issues or potential hazards. Next, they will provide you with a detailed plan to address your home’s individual needs and meet the requirements of current building codes.
To learn more, contact Langstaff & Sloan today at 647.492.8193. Discover why we are one of the most trusted and respected electrical contractors in Ontario.
FAQs About Electrical Wiring
What constitutes old electrical wiring in a home?
Cloth wiring, knob and tube, and aluminum wiring are typically known as types of old electrical wiring. Modern alternatives are available that are safer and more reliable for the needs of today’s modern homes. If you suspect your home has outdated wiring, connect with us to discuss upgrading wiring in an older house.
How does old wiring impact home resale value?
Before listing your home for sale, prioritize upgrading its old wiring system. Old wiring can impact home resale value in two ways. First, buyers typically overestimate the replacement cost for electrical wiring in an old home. Second, it can lead to a home staying longer on the market.
Can I sell a house with old electrical wiring?
Yes, but you may encounter roadblocks that’ll affect your home’s resale value. If you are planning on selling a house with old wiring, you’ll be making a smart investment by upgrading the wiring in advance. This can help sell your home faster, easier, and at a higher value.
Will updating electrical wiring increase my home’s value?
If you’re wondering, “Does rewiring a house add value?” the answer is yes. Old wiring system can deter buyers from purchasing your home and that increase its time spent on the market. So, getting your electrical wiring updated, prior to listing your home on the market, will add value to your property.
How much does it cost to replace cloth wiring?
The cost for each project may vary, depending on the size of your home, the amount of old home electrical wiring that needs to be replaced, and the number of holes required to fish wires. You can connect with us to request a written, detailed quote that itemizes all the costs to replace cloth wiring.
Are there specific risks associated with old electrical wiring?
Unfortunately, the answer is yes. There are risks posed by each type of old electrical wiring in a house. If you’re looking for more details about a specific type of wiring, you can review additional information and risks associated with knob and tube wiring, cloth wiring, and aluminum wiring.
Is it advisable to upgrade old electrical wiring before selling a house?
Yes, upgrading old electrical wiring needs be on your to-do list. Upgrading your wiring in advance can help you sell your home more quickly, easily and with at Langstaff & Sloan. higher offers. If you’re ready to take the first steps towards upgrading old electrical wiring, connect with us at Langstaff & Sloan.
How does rewiring a house contribute to home safety and efficiency?
There are a range of concerns associated with each type of outdated wiring that poses serious safety concerns for your home and family. Safer, modern alternatives are available that are designed to meet the needs of today’s households. Contact us to request an assessment of the wiring in your home and discuss next steps.
What steps can homeowners take to identify and address old electrical wiring issues?
You can contact our licensed electrical contractors at Langstaff & Sloan to identify and address old electrical wiring issues in your home. Improper alterations by unskilled individuals can create additional risks. So, we strongly encourage you to leave it to our team and assure that your home will be in the hands of trusted professionals.
Are there government incentives or rebates available for upgrading old electrical systems?
It’s best to connect with us at Langstaff & Sloan to discuss any applicable rebates or incentives. We’re happy to share our expertise and insight with you on the aluminum wiring, cloth writing, and knob and tube wiring replacement cost as well as any applicable rebates or incentives.