Tag: green home

Improve Energy Efficiency and Add Value to Your Home

A green home sells faster and for more money than homes without energy-efficient designations according to Freddie Mac research. It was found that homes with high energy-efficiency ratings sold for 2.7% more on average compared to homes that did not.

You can invest in upgrades that will improve energy efficiency while adding value to your home. Here are a few examples of upgrades that will lower your energy bills and increase the value of your home.

Double-Pane Windows: When the heating and cooling system doesn’t have to work as hard to keep a consistent indoor temperature, there will be an obvious decrease in energy costs. Upgrade to double-pane windows, regardless of the type, and you will see some pretty significant energy savings. Energy Star-rated windows help maintain a consistent temperature inside your home year-round. And when it’s time to sell, window upgrades are a value-added selling point with buyers.

Spray Foam Insulation: Installing new spray foam insulation in a home that was already insulated or in a more contemporary house will see a 10 to 15 percent reduction in its cooling and heating costs. Adding more insulation to the attic is “one of the easiest things homeowners can do to improve the energy efficiency of their homes.

Use Energy Star Appliances: Another easy way that homeowners can improve their home’s energy efficiency is to replace all appliances with newer, more energy-efficient models. These will save you 10% to 50% of the energy required, and much more if you are replacing an old appliance.

Energy Star is a government-backed program for identifying products and appliances that meet certain energy efficiency standards. It was established in 1992 by the US Environmental Protection Agency as a way to promote products designed to use less energy and reduce recurring costs for consumers.

Upgrading your appliances is a way to increase value to your home and make it more appealing, as most buyers don’t want dated, unsanitary, malfunctioning appliances.

New Garage Door: A garage with poor energy efficiency can have a spillover effect on the rest of your home, particularly if the garage is attached to your home. Replacing your garage door will help your entire house stay cool in the summer and warm in the winter. Since a new door allows air conditioning and heating systems to work more effectively, it could reduce electricity waste and lower your energy bill.

The garage door is part of the curb appeal of your home – one of the first features buyers notice. An old, faded and damaged one can create a negative vision. Updating your garage door is one of the best home improvement return on investments.

The Bottom Line: A good realtor will know that a large part of selling your energy saving home will be to educate the buyer of all the benefits and values an energy efficient home brings. Your updated home will be a huge asset especially as the housing market evolves.

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Millennials and Real Estate

sold sign with realtor

The millennial generation has emerged as a dominant force in the housing market. They are looking for homes that are turnkey with very little work needed.  Forbes listed this group to be the top 10 real estate trends to watch out for in 2018. What are they looking for?

Green Home – Millennials want to do their part to conserve natural resources.  Recent studies have found that they are the most willing to pay extra for an energy efficient home. These homes will be designed to conserve energy, water, and gas and have the smallest impact on the environment. Features might include double hung windows, efficient air and heating systems, low-flow toilets, even bamboo flooring.

Tiny Home – Millennials prefer experiences over “things” and don’t want a lot of maintenance.  They are learning to live within their means and to pay off school loans by adapting to a pared-down lifestyle. Living a minimalistic lifestyle will reduce their carbon footprint, and lessen the amount of useless junk that so many other generations hold on to.

Three Bedroom Home – This and two bathrooms is the most preferred, and 1,000 square feet is the minimum. They want a home in the suburbs that will accommodate a family if they are married with thoughts of a future within a safe neighborhood and good schools. They want privacy, fenced smaller low maintenance yards and trees.

Investment Home – Millennials are looking for homes they can buy and rent out to generate income.  Flipping homes after renovating is another motivation. These homes may need repair but are in the best neighborhoods. They believe that investing in real estate is less risk, has tax benefits and has the potential for higher returns than the stock market.

Where are they buying homes? Past generations were taught to go where the jobs were regardless of the quality of life to be found in any given city. Millennials want to live in places they love, expecting employers will find them there.

How are they finding their homes? 91 percent use online resources to start the housing search, and 70 percent will then work with a traditional real estate agent.  Quality photos will be key to marketing a home.

Millennials are just starting to shape the housing market.  Their incomes will increase as they age and more change will come. The real estate industry needs to understand them, follow the trends, be innovative and proactive to convince them to buy a home.

 

 

 

 

 

 

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