Green Home Features Boost Your Property’s Value in 2023
Go Back To Previous PageNew York plans to be carbon neutral by 2050, with lawmakers recently passing the Climate Leadership and Community Protection Act. The latter requires the state to reduce greenhouse emissions to 85% below 1990 by 2050. And one of its biggest targets is housing. Green buildings with optimal insulation, Green Home Features, green energy installations, and systems exchanging indoor and outdoor air are planned in areas like Queens. Renovating existing homes is also crucial to achieving the 2050 targets. Homeowners considering making green renovations should take note.
They should start implementing Green Home design Features soon to sell their homes at a good value.
There are several financial opportunities to benefit from:- Lower utility bills. Energy and water-saving design and technology have allowed for significantly lower utility bills in green homes. Sustainable homes can reduce monthly bills (in kilowatt-hours) by up to 20%-30%. Improving energy efficiency will save you money by lowering yourelectricity bill.
- Higher resale value. More people are factoring environmental impacts into their purchasing decisions. The increasing demand for eco-friendly homes coupled with today’s limited (but growing) supply indicates that your clients can sell their green homes for much more than they paid.
- Lower maintenance costs. Sustainable homes are designed to last for generations and are made from more durable than traditional building materials.
Studies indicate that green homes sell faster and at higher prices, fetching around 10% more than energy-guzzling homes. What features can you consider working on, and how much could they save you or your tenants if you rent your home?
Green Home Features: Insulation and Sealing
One essential sustainability-centered renovation you can make is ensuring your home is well insulated. Currently trending in green home design are
the passive house principles first developed in Germany. Therefore, under this system, buildings are almost airtight.
This gives interiors a steady climate that saves homeowners around 15% on heating and cooling costs in areas like Queens. Lastly, the Environmental Protection Agency calculates that heating and cooling comprise around 11% of a home’s total energy costs.
Installing Solar Panels and Solar system
Solar panels make an excellent investment if you live in an independent home or villa. The price of installing solar panels has dropped by over 60% over the past ten years. Solar leases for solar photovoltaics also became popular with the boom of investment tax credits. Lastly, installation costs dropped significantly.
Lastly, homes with solar panels sell 20% faster than those without.
Today’s solar homes usually come with innovative apps and internal sensors, allowing you to enjoy the benefits of whole-home automation. You could save up to 23% on energy costs annually through clever programming and a personal solar energy system.
Investing in Water Savings
You can undertake many projects (both small and large) to save water. Therefore, doing so can make having additional features (such as a garden) more affordable. If you have bought your home as an investment, take note. A garden can add up to 16% of the value of your property.
Projects to reduce the amount of water wasted include:
- building a rainwater tank,
- repairing leaking pipes,
- installing a rain barrel,
- using a drip irrigation system to water your garden and
- purchasing a low-flow toilet.
It’s only a matter of time before New Yorkers are expected to do their share to lower the state’s carbon footprint. Suppose you are ready for a green renovation, crunch numbers, and prioritize the work you must complete. Taking on a small project to add natural lighting to your property can significantly impact you.
Some of the most important ways to boost your home’s value and do your share for the environment include installing solar panels and building a rainwater tank to maintain a garden at a much lower cost. You should also ensure your home is airtight to save significant heating and cooling of your interiors.
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
