Green Homes sell faster & for more money!
Did you know green homes, those that have been retrofitted or designed for maximum energy efficiency with features such as Energy Star appliances, on-demand hot water tanks and solar panels sell faster and for higher dollar than non-energy saving homes?
For example, in Seattle, new homes certified green sold for 22 percent more per square foot and spent 12 percent less time on the market, according to the ECert report by GreenWorks Realty, which analyzed data from the Northwest MLS of new homes sold from September 2007-February 2010. Green homes also made up 6 percent of the entire market!
Going green turns your most significant investment into a more powerful asset.
In today's real estate market, homes need to standout from the competition to get the attention of potential buyers. Nearly nine out of ten home buyers say that heating and cooling costs were "very important" to "somewhat important" in choosing a home to purchase, according to the National Association of REALTORS®. New-home buyers placed higher value on environmentally friendly features than those who purchased existing homes.
Green homes in the Ottawa real estate market is a growing trend. Home owners are beginning to realize the benefits of upgrading their home to green features, not only for their own energy savings, but also for a stronger resale value.
Learn more about how we help clients sell and buy green homes
Here are 3 reasons why Green Homes are worth more than their non energy efficient counterparts.
1. Perception of overall higher quality
According to a 2012 study by McGraw-Hill both new home buyers, home builders and re-modellers who build green perceive green buildings to be higher quality than conventional buildings. Consumers are increasingly value-driven and are placing green homes, in order to lower their energy use and save money, high on their house search criteria.
2. Lower Operating Costs
Buyers increasingly recognize that green homes have lower bills due to higher building performance. As energy costs increase, every incremental dollar that we use to heat, cool and light our homes is extra money lost forever. Green homes have well-insulated ceilings, walls and energy efficient lighting. Factors such as weather stripping, energy efficient light bulbs (LED's or CFL's), efficient thermostats, high-efficiency water heaters and HVAC systems, and low-flow fixtures can add up to thousands in savings per year.
Greening a home can be expensive, but the cost varies drastically depending on the type of improvements. Thanks to Provincial and Federal incentives for renewable energy or energy efficiency, some of initial costs can be lowered. There are also Energy Efficient Mortgages, or EEM's to curtail the cost of installing green features. EEM's allow home owners and buyers to get extra money that is rolled into their primary mortgage to pay for energy efficient upgrades.
3. Certified Green Home Premium
Green certified homes sell for more dollar than non-certified counterparts. Here are the numbers: The Earth Advantage study found that green certified homes in the Seattle metro area sold at a price premium of 9.6 percent when compared to non-certified counterparts. In the Portland metro area, certified homes sold a a price premium ranging between 3-5 percent. In addition, the certified homes stayed on the market for 18 days less than non-certified homes. A similar study by UC Berkeley and UCLA found that home labelled by LEED, Energy Star or another third party rating system sold for a premium of 9 percent over comparable non-green certified homes.