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Are Eco-Friendly Features Helping to Sell Homes?
A home which provides eco-friendly features can sell well in today's market. Geothermal systems, solar panels, Energy Star-rated appliances and LEED certification go far when selling a home. Home builders and sellers of upgraded homes that provide 'green' features spend a fair amount but whether a prospective buyer cares about it depends on many factors. Learn what the factors are and how to position a home with 'green' features for the marketplace.
Feature, Fixture or Finish
Prospective homeowners look for features to touch, feel and show off to friends and family. Spa-like bath, media room or a chef's kitchen all have buying power. A buyer may not necessarily pay extra when it comes to home improvements that cannot be seen (such as the roof, boiler or new plumbing). Green features fall somewhere in the middle. A buyer may pay extra for 'cool features' such as an energy-saving thermostat which can be controlled from a mobile phone but will not necessarily pay extra for reclaimed hardwood and unique air filtration systems.
Savings
A consumer will not spend a huge chunk of money on a home but if a green home means savings, short term or down the road, buyers usually listen. Resale value such as a high-tech thermostat or remodeled kitchen can present a great scenario for buyers who receive value from the feature while also having built-in equity.
Green vs. No Green
Most buyers will make a cost-benefit analysis with new constructions. With extra cost must come extra value to the consumer in the form of an immediate tax credit or other benefit to make the purchase worthwhile. The cost of a new system which provides such benefits and requires zero out of pocket cost has great curb appeal. A buyer is able to realize savings in lower energy bills and savings over the long term but not everyone wants to pay for green features, regardless of savings. Overall, buyers who plan to be in the home a shorter time have less to benefit from the cost savings than those who plan to stay long term. A future buyer likely will not pay extra, especially in a down market.
Growing Market
Some new buyers are concerned for the environment and want to give back, financial features of a home notwithstanding. Whether or not the features are cool is not significant as an environmentally friendly focused buyer will pay extra anyways.
Green features are becoming a mainstay in the housing market. Today's consumer likes to see some of the features when shopping to consider environmental impact alongside cost savings. This, weighed against particular real estate decisions, can ultimately add up with personal considerations such as location, floor plan, number of bedrooms and, of course, green features. All of the above add up to choices worth prioritizing when searching the market for that perfect home.
Get more advice on ways you can get started on creating an Eco-Friendly home.
Contact one of our agents today.
