For many people in the real estate market, green is the new black. And by that I mean that green living and having eco-friendly features in a home has become a priority. According to a Nielsen global online study, nearly 75% of millennials say they are willing to pay extra for sustainable offerings. As millennials are buying homes with the stronger economy, that is an important statistic. So how can you add in environmentally-friendly features in order to increase your home value and also be more appealing to home buyers?
Solar panels can be a way to do both. Solar panels are expensive, often ranging from $10,000 to $15,000 for installation. But, as solar production continues to rise and folks learn about the benefits (both cost-wise and green living), this feature will become more in demand and be more appealing. If you’re selling your home and have solar panels, be sure to have that as one of the features your real estate agent highlights. It’s expensive to install, but once it is, it can save future homeowners money. The financial savings alone is a key selling point, but having a home that doesn’t contribute as significantly to a carbon footprint is another.
Updated windows and doors are other features that both increase the value of a home, save the homeowner money, and promote green living. New windows are not cheap and, like solar panels, cost thousands of dollars. One estimate from a few years ago said that spending $10,000 on new windows can bump up the asking price by about $8,500. That’s a still less than a 100% ROI, but you will also save on your monthly bills. Newer windows will retain the temperature controlled air at a better rate, reducing the stress on an HVAC system.
Having a smart thermostat (and other smart features) may not increase the value of your home, but it will increase the appeal. Additionally, it will save you money over time and reduce the amount of energy you use, reducing your carbon footprint. Smart thermostats can help regulate the temperature in your home and can be programed to automatically adjust at certain times of the day. When leaving for an extended period, the can increase or decrease the temperature as needed (and depending on the season) so that the HVAC system does not have to work needlessly. Many realtors say that this may not increase the home’s value, but it might be another “wow” factor. Realtors say that smart features are widely desired and are becoming something that people are asking for at higher rates than ever.
As the trend of green living and being eco-friendly continues to rise, so will the demand for these types of home features. Millennials in particular are asking for and seeking eco-friendly home aspects and they are willing to spend more for them. Installing these features will make your home more appealing, may add some value, and will help you reduce your carbon footprint.
