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Should I replace my 30 year old boiler?
I moved into my house 1 year ago. It has 3500 sq ft of heated space using baseboard radiators. There are high ceilings, many big windows, skylights, etc. Insulation is present. There is a 30 year old 160k Burnham boiler. It looks pretty good (i.e. pretty clean), but there is some rust along the bottom and where pipes go in and also it does leak water out of the pipe that runs along the side and points down, near the expansion tank (is that the pressure relief valve pipe?). Overall no issues last winter other than the leak.
I also plan to wall it in and finish that area of the basement off, meaning to keep an old fashioned boiler I'd need to add some kind of outdoor air exchange from what I understand.
So, between fixing the leak and the air exchange I figure it'll probably cost me at least $2000 to keep this boiler. I've heard 30 years can be the lifespan of these, but then I've also heard they can last for 60 years.
For sake of comparison I got a quote for a condensing high efficiency boiler (100k btu) with an indirect water heater (my current standard one is about 5 years old) and it is a substantial amount. I'm in Massachusetts and i think there's a couple thousand in rebates for it.
I've got 3 young kids, so I prefer not to deal with emergencies, but at the same time I don't want to waste a significant amount of money. Also I've loved the lack of maintenance the old fashioned boilers require vs what I hear about these new ones. If my current one most likely only has a few years left, I'd rather replace it now, but if odds are good that it could last 15 years I'd definitely keep it.
So, what would you do. Am I rolling the dice and taking on big risk by keeping it and investing the money to fix the leak and add the air exchange? Or are odds good that it could last another 15 years so it's a wise choice?