Ultimately, many people get an energy audit to learn how they can save on their gas and electric bills, but when you are planning to sell your house, those might not just be the reasons for getting one.
Meaghan O'Neill, whose article about energy audit was posted in Aol Real Estate, said that an energy-efficient house is an attractive house. Craig Donofrio, in his advice which appeared in Realtor.com, mentions that in a few areas, energy audits have become a requirement before one can sell. Donofrio also describes that getting an energy audit means hiring a professional to thoroughly check the house for energy leaks. This may cost between $200 and $400, depending on the size of the home.
O'Neill lists down six ways by which an energy audit can boost one's property value.
1. It shows you where to put the money
Availing a home energy analysis, such as the Home Energy Rating System Index, will provide a detailed report about energy problems and fixes. With the results in hand, you will then know where to put your budget for home improvements, thus making your home more attractive to prospective buyers.
2. It lowers utility bills
Once you know where to make cost-effective fixes, you can identify the return on investment on those upgrades, whether they are large or small. Sealing a fireplace, for instance, may be key to reducing your monthly energy bills.
3. It gives a competitive advantage
Just to illustrate, House No. 1 has an energy bill of $1,000 per year, while House No. 2 has $3,000. By applying simple math, over the course of 10 years, it can be gleaned that House No. 2 would cost $20,000 more. Which, then, is more appealing to buyers and worth a higher sales price?
4. It Increases the purchasing power of potential buyers
O'Neill added that energy-efficient homes can actually leverage a homebuyer's purchasing power by applying for an energy mortgage. According to her, these mortgages work in two ways: A homebuyer adds a sum, say $4,000 to a mortgage loan for energy-efficient upgrades. Even if the monthly payments are higher, the new energy savings will offset them. Also, buyers may qualify for a bigger loan if they can show that the lower energy costs are able to offset what they'd spend on a higher monthly mortgage payment.
5. It boosts your market value
The Residential Energy Services Network (RESNET) says the market value of a home increases by $20 for every $1 decrease in its annual energy costs. In California, another study showed that the value of a home increased by nine percent, or $34,800 for the average home, if it has energy labelling.
6. It improves indoor environments
Energy-efficient homes improves the quality of indoor air and home emissions. With a cleaner HVAC system, fewer allergens and pollutants enter the home. Moreover, homes that cool and heat rooms effectively provide comfort.
