Do Green Improvements Improve The Resale Value Of Your Home?
Most of us see our homes not just as a place to live and grow, but as a value, an investment. Many homeowners attend to that idea of investment by making various kinds of improvements or modifications to the home with the hopes that it will yield a higher resale value for the home; and lately, with so much emphasis in the culture placed on green living, many homeowners are starting to make green improvements to their homes with the hopes that, like many other improvements, these green amendments will improve the resale value of the home. But, are they right? Will green improvements really improve the resale value of your home? Let?s take a look.
For many years, the industry-standard model for home improvements that most-positively affect your home?s resale value were the bathrooms and the kitchen. The idea that spending money on improving the kitchen and bathrooms will yield higher resale values is still widely utilized by homeowners as well as builders for the simple fact that it is mostly true. Most successful home improvements (and by successful we mean improvements that lead to ROI) are built around the concept of utility and functionality rather than decoration or aesthetics; a kitchen with good cabinets, cooking space and appliances are much more likely to succeed than installing a 2-story fountain or tiling the entirety of the bathroom in salmon-colored tiles flown in from Greece or Italy. This is because while everyone?s aesthetics are different, we all have the same utilitarian needs, and it?s those features that cater to those needs that push the value of a house.
This idea of utility improvements can work very well for certain green improvements as green improvements are almost always about utility instead of aesthetics. Installing low-flow toilets, for example, is a great home improvement as it?s an improvement in one of your target rooms and one that can save big bucks on the energy bill over time. Moreover, many green improvements can positively affect your home?s resale value if they have the potential to lower costs (after the purchase, of course) down the road. That said, some of the best green improvements you can make include installing energy-efficient windows and doors or making sure the home is properly insulated. As we?re still in the midst of an economic depression, many home buyers are likely going to be much more amenable and interested in just about any aspect of the home that could save money?without requiring too much of a lifestyle change (for instance, outdoor, rainwater showers?while economical?are very unlikely to generate much interest on the market).
Unfortunately, as green home improvements and LEED certification are a newer phenomenon, and at a time when real estate is low to begin with, much of the data is lacking on just how successful green improvements can be to resale values. According to the Washington Post, a study conducted by the Earth Advantage Institute in Portland, Oregon found that new homes with energy certifications sold for 8 percent higher than those homes without the certification and older homes who?ve met the certification requirements sold for 30-percent higher (articles.washingtonpost.com). Even though the data is from a small section of the country, those numbers should be inspiring to those looking to do some green improvements on their home, the data taken as a synecdoche of where the rest of the country might be going.
Installing photovoltaic solar panels can be an expensive improvement, but with the amount of government subsidies, many of the PV installations added value to the house at approximately 97 percent of the improvement?s costs. While certainly not a small endeavor, that recoupment should be very enticing to homeowners. Similarly, replacing water heaters with tank-less heaters can save on water and energy but can also require new gas lines, which, depending on the size of the house, can be just as expensive as a traditional water heater.
When planning your green improvements, consider projects that will lower utility expenses without breaking the bank. You might also want to make your decisions based around the market area of your home. Don?t risk bringing up the value of your house too much if the surrounding properties?aren?t?of a similar persuasion. Green improvements to doors, windows and plumbing are relatively cheaper and will usually have positive results in resale terms; you?ll have to decide for yourself, or by consulting with a realtor, to determine if your house warrants some of the more expensive improvements.
Source: http://www.greenwerkspro.com/do-green-improvements-improve-the-resale-value-of-your-home/
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