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Energy Star Home
A property appraiser such as Abbe Edelman considers the entire home and its features when making a property appraisal. Some greener options may not increase the home’s value as much as make it more marketable. But there are many greener options that can actually increase the amount the NJ home appraises for. The current trend in housing improvements and construction is to use options which increase the home’s energy efficiency. This alone can mean a substantial savings on each month’s utility bills. This can really add up over a year’s time. But many home remodeling projects can work to the benefit of the homeowner who is getting their home ready for resale too. Making a home “greener” may increase the value of the home, and make it more appealing to those who are considering making a purchase.
Will Greening Up My Home Increase the Home’s Value?
A recent study conducted by a property appraiser stated that there were many benefits to increasing the home’s energy efficiency, one of which is an overall increase of the home’s value. The study was a very extensive one and it found that general energy upgrades can increase the value of a home somewhere between 5.5 and 9%. One home in particular that was studied made several changes which included the addition of low-flow water fixtures, insulating and air sealing the attic and walls, added weather stripping and upgraded the pump on their swimming pool. These green options increase the value of the home about $45,000 which was an increase of about 6% overall. The family also realized some health benefits from these upgrades; along with over $2000 in savings on energy costs each year.
It is understandable that an energy efficient home is going to have a higher value on the market. This increase in value is due to the lowered operating costs and improved comfort levels that come with an energy efficient home. Tenants and homebuyers alike are going to be more interested in a home that has reduced utility expenses, better quality of living and environmental sustainability.
Ways to Increase energy efficiency and Home Value
Adequate Insulation
There are several ways to make a home more energy efficient. Providing adequate insulation in the walls and attic are essential to maintaining air control in the home. When a home is properly insulated there will be less air exchange with outside air which allows inside temperatures to be more easily maintained. This will help keep heating and cooling costs down to a minimum and help keep the house more comfortable for occupants.
Upgraded or Replacement Windows
Over the last few years windows have changed a lot. Decades ago they were single paned and allowed for a lot of air exchange. They would also have plenty of condensation on them which hampered the scenic view of the outdoors and caused water damage to sills and woodwork. Energy efficient windows have more panes and are better insulated now to prevent condensation. Upgrading to modern window replacements can save between 7 and 25% on utility bills for the average house. They can also increase the value of the home when it is placed back on the market.
Low-Flow Fixtures
Bathrooms can use a lot of excessive amounts of water. By replacing fixtures with low-flow options a lot of water can be conserved. Shower heads and faucets are designed so that they use significantly less water without compromising on quality. Toilets are also newly designed so that only the amount of water necessary to properly flush it is used. This can cut down on water bills and is a great effort at water conservation.
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