Blog: Can Green Updates Help a Home's Resale Value?
Can Green Updates Help a Home's Resale Value?
"Green Homes" is a topic on everyone's mind these days. Vancouver is considered one of the greenest cities in North America. But how far a home owner is willing to go for a "green home" is really a personal choice. However, lower energy bills of a property is always an attracitve feature at this economic uncertain time. At minimum, make sure your doors and windows are not drafty.
Q. Can green updates increase the value of my home? If so, what are the most cost-effective options?
A. “If you do just one thing, it’s probably not going to add value,” said Jeffrey Schleider, managing director of Miron Properties, a real estate company specializing in green properties, in New York.
That said, he added, “there are some investments where you won’t see a return on your investment, because they’re too expensive relative to the value they add.” So he advises starting with easy low-cost changes that target energy savings, clean water and clean air.
To cut energy consumption, he recommends motion-sensor switches in bathrooms and closets that will automatically turn lights on and off when people come and go. Basic models often cost under $20 at hardware stores.
To improve water quality, he suggests installing an under-counter filtration unit by a company like GE or Kohler, for filtered water at the kitchen sink.
Ellen Hanson, a New York interior designer who focuses on sustainability, echoed Mr. Schleider’s advice about using low- or no-V.O.C. paint.
She also suggests adding Energy Star-certified kitchen appliances, low-flow bathroom faucets and showerheads, and dual-flush toilets to the list of possible upgrades.
All these items save energy and water, she said, while giving your home a fresh new look.
Mr. Schleider also stresses the importance of marketing these upgrades, pointing out that they could give sellers an edge on the competition.