How Green Updates Add Value to Your Real Estate
Is going green worth the time and energy? At Modernize, we certainly think so, and homebuyers agree. According to The Washington Post, home appraisers have compared the prices of sold homes with green updates versus typical, non-updated homes. The environmentally-friendly homes fetched an extra “$10,343 to $53,000, or an average premium of 3.46 percent. Some premiums on individual houses ranged as high as 6 percent to 7.7 percent, and were enhanced when properties had photovoltaic solar arrays to slash electricity costs.” To bring you some inspiration to go green, we’ve compiled a short guide on what in particular adds value to your real estate.
The Little Things
Though you might not immediately notice these indoor adjustments, they’ll make a huge impact on saving money on energy in the long run. Homebuyers won’t be able to resist the practical and thoughtful appeal of these green interior improvements.
● Change the faucets to low-flow, which will help conserve a whopping 75% of water use.
● Make sure the windows are airtight, and seal them all around with caulk. If your windows are particularly old, consider updating them with energy performance windows.
● Add insulation to the attic or anywhere that air is escaping. You can even have a professional come look at the home and do an energy audit to discover any problem areas.
● Update traditional lighting to energy-saving LEDs.
● Use recycled material whenever possible when installing floors or putting in countertops. This can include terrazzo tile and reclaimed hardwood.
The Bigger Adjustments
Larger changes made to the outside of the home can increase value while shining as a clear indicator to prospective buyers that they’re looking at a particularly savvy home.
The yard is a great place to “go green” by actually taking away some green. People don’t want to spend money while wasting water. Researching what plants would ideally live in the location of the land is a logical step, but not something that many people do. Xeriscaping—adding drought-resistant plants along with areas for rainwater run-off—will help any “black thumbs” to keep their yards looking attractive.
Solar panels may seem like a big initial investment, but many states offer rebates on installation, as well as buy-backs on extra, unused generated energy. Sunny states in particular have seen a huge surge in solar use—California alone has enough solar energy installed to power nearly 3 million homes! Homebuyers will remember the properties with solar panels, especially since these will help them save money and become more mindful of how much energy they actually use—solar panels are the crown on the environmentally minded home.
More Than Just Monetary
Green home improvements are obviously worth the effort in terms of making one’s real estate investment pay off financially, but that’s not all that the changes are good for. The environmental impact of owning a green home is a long-term gift to our future, and a reminder to consider to how we treat the our planet.