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Will Energy Efficient Home Upgrades Increase My Home Value?
Many homeowners have heard of The City of Sacramento and surrounding municipalities getting involved in the green energy revolution. Now more than ever, homeowners have financing programs and incentives to bring their homes up to date with water efficiency, energy efficiency and renewable energy.
Granite countertops and pretty lawns still attract the eyes of home buyers. The difference is that those willing to pay more to get the best are now looking beyond what’s visible. Features such as a low-flow toilet, dual-pane windows, water efficient showers, or a high-efficiency HVAC system may not sound as exciting as mirrored walk-in closets, but they’re the kind of home upgrades that you may want to invest in if your target buyer is someone seeking a future-ready property.
Increase your ROI by going green
Still, it is true that at the moment, the ROI of green home features can be hard to exactly figure out. Unlike conventional renovations that can already have established formulas on how to directly calculate how much value they add, green features are still relatively new and so their effect on the value of a property is still being studied.
Thus, if you’re a homeowner or home seller asking, “Will energy efficient home upgrades increase my home value?” You may want to check out the latest research of Remodeling magazine, wherein they answer that question with: Yes, if it’s the right upgrade. According to their 2016 Cost vs. Value Report, upgrading to fiberglass attic insulation is an energy efficiency measure that delivers 166 percent return on investment — a finding that many experts say is a good indicator that well-chosen energy upgrades can indeed provide increased home value.
Moreover, you also may want to get more information from another study which was carried out by the National Association of Realtors (NAR). NAR’s Remodeling Impact Survey identified the following returns that homeowners can expect from energy upgrades: cost savings (from lowered utility bills and other expenses relating to power use), added comfort, joy and improved health.
These two reports can be useful for home sellers wanting to understand (or help their buyers understand) the measurable returns of energy efficient home upgrades.
Green upgrades lead to significant cost savings in the form of reduced power bills and less frequent need for appliances or system repairs and replacement, since energy upgrades allow units to operate smoothly and prevent unit overwork. For best results, it’s helpful to carry out an energy audit before making any upgrade.
Joy may be hard to measure, but that’s another reported and scored return of investing in energy features. Projects that “spark joy” (to borrow from organizational guru Marie Kondo) are always worth investing in, because the returns can be priceless — being joyful leads to higher productivity, mental clarity, motivation and improved health and well-being.
Making home renovations that aim for higher energy efficiency likewise leads to improved comfort in your living spaces. An energy efficient HVAC system, for instance, ensures indoor air and surface temperature, humidity and other interior environment factors are easy to control and manage to provide your home just the right levels of safety, comfort, privacy and health for the years to come.
As Realtors and Contractors, Jeffers Resource Group is able to guide you through the home selling process while acting as your managing contractor. To learn more, give is a call or fill out our contact form and we will schedule a time to evaluate your home.