Buying a home is one of the biggest investments you’ll make in your lifetime. Thus, most homeowners are looking for ways to build up home equity and increase their property’s value over time.
The rate at which your home’s value increases will depend on several factors including its location and the local demand. That said, you can also contribute to your home’s value by making the necessary upgrades and changes that boost its appeal, helping it fetch a higher selling price.
One such upgrade you can do is to install a water tank system. This article shares the relationship between installing a water tank and your home’s value.
Understanding What A Water Tank Is
Water tanks are simply tanks that store water. There are several types of water tanks today, available in various colours, sizes, shapes, configurations, and materials. You can find small ones that can fit a pickup truck. And some manufacturers have options available for tank delivery, as well as installation, due to the large sizes of the tanks.
Water tanks have a range of uses in residential, industrial, and commercial applications.
- Water for drinking and cooking (as long as the system features a filtration process)
- Emergency uses (for instance, putting out fires)
- Flushing the toilet
- Washing clothes
- Watering your garden and landscape
Do Water Tanks Increase Your Property’s Value?
The short answer? Yes. Installing a water tank in your home can increase its overall value by providing numerous functionalities and benefits that make your home more desirable and appealing to the eyes of potential buyers.
That said, each property is different. In general, the exact increase in your property’s value will depend on several factors. These include:
- Location of your home
- The size of the water tank
- Cost of water tank installation in your area
- The age of the water tank
- Tank replacement value
- System configuration, whether the water is suitable for human consumption
How Water Tanks Increase Your Property’s Value
As mentioned before, water tanks can increase your property’s value by providing several benefits. Below, we listed these benefits of water tanks that can make your property look more interesting and attractive.
- It Helps You Save On Water Bill Costs
One of the main reasons why a water tank is highly desirable for homebuyers and increases the selling value of your home is that it helps in saving on your monthly water bills. With the increasing cost of living, homebuyers and homeowners alike want a home that can provide them with significant cost savings.
In general, water tanks collect rainwater or water from an underground well, which is completely free. So, instead of sourcing from your local water supply and paying for the water you use, you can use these free water sources for your everyday needs.
This helps reduce or completely eliminate your reliance on your local water supply, provided that you also install a water filtration system that ensures water quality. Thus, it helps you save on water bills. And while the cost of a water tank and installation may be expensive upfront, it will surely pay for itself in the long term.
- It Allows You To Enjoy Eco-Friendly Living
As people become more aware about their negative impact on the environment, sustainable upgrades such as water tanks can make your home more attractive to eco-conscious buyers.
Water is a valuable resource; however, it is limited. Protecting it is crucial to reducing your negative impact on the environment. By installing water tanks, you can contribute to the conservation of water and help reduce water demand from your local water provider.
Also, it allows you to use fewer resources while leveraging water that’s freely available to you–the rain. In fact, a water tank allows you to collect 1 L of water for every 1 mm of rain falling on 1 sqm of surface area that would otherwise get wasted and drained to the ground.
- It Ensures An Uninterrupted Water Supply
One of the biggest benefits of adding a water tank to your property is that it ensures an uninterrupted water supply.
As mentioned, water is a limited resource. As such, some areas, especially in poorer countries, are experiencing water service interruptions and water shortages. Climate change and natural disasters that damage local water reservoirs only make it worse, causing governments to impose restrictions on water supply.
However, installing a water tank means you don’t have to worry about water service interruptions. Depending on your tank’s size and configuration, as well as your consumption, you can have access to water for days until the interruption is resolved.
As one of the most essential resources in your life, you must have an uninterrupted supply of water. And adding a high-quality water tank can help support your home’s daily water needs.
Whether you’re planning to sell your home in the near future or you simply want to build home equity, equipping your home with a water tank can provide numerous benefits, all of which contribute to a more appealing property, thereby increasing its overall value.