Many people are afraid to go green when it comes to their homes because they feel like they might go broke after all the renovations. However, doing so will just add value to the property and can substantially compete when it is time for listing.
According to Washington Post, installing environment friendly tools in the home can actually increase its market value to tens of thousands of dollars or even more, especially in the Washington state. In a study conducted by national appraisal experts, the additional amount prospective buyers are willing to pay for homes with green improvement was calculated.
The study showed that many buyers are willing to shell out between $10,343 and $53,000 for properties, which are more environment friendly. This result shows a 3.46 percent average premium. For a few individual houses, the premiums went as high as 6 to 7.7 percent. It is even higher if the home is packed with photovoltaic solar arrays that reduce the amount paid for electricity.
Backing this finding up is an account by RIS Media. The report reveals that green homes have become a big support to the suffering residential market and is significant in its recovery. The commentary further reveals that more builders are constructing green homes. These builders said that more and more people are interested in going the green path.
The study by Dodge Data & Analytics also suggests that green homes popularity will increase in the future along with the strengthened use of renewable technologies.
In the Washington Post report, a couple who had purchased a green home was interviewed and the man said he and his wife were not even looking to buy an environment-friendly property. They, however, got intrigued with the possibility of using solar panels to save on electric bills. When they examined closely into the green features of the home they were looking at, the more they got sold to the idea.