Today’s home market is changing at a rapid rate. Not only are interest rates a state of constant flux, but the factors that draw in potential buyers are also changing. In the modern marketplace, two words inevitably pique the interest of those looking for a new home: green and sustainable.
The rise in interest in sustainably designed or renovated homes is a slow burn that has garnered increasing excitement in recent years. Although many buyers and homeowners alike have been interested in upgrades to make homes more environmentally friendly for years, most of those updates didn’t become mainstream until fairly recently. Today, any homeowner looking to sell their home can boost the market value by making a handful of remodels directed at a sustainability-minded potential buyer.
Determining the right renovations and upgrades that are going to attract sustainability-minded buyers can be tricky though. Certain changes to the home will have a bigger bang for their buck in the eyes of some potential buyers, while some upgrades may have a much more profound impact on a sustainability rating than others. Given all of the potential renovations to make your home a bit greener, it is imperative to gain a greater understanding of the upgrades that are truly going to make a difference to buyers, the environment, and your wallet.
What are Potential Buyers Looking For?
Right now, the sky's the limit on what can be done to improve the sustainability of a home. However, not all of them are looking for a full-blown eco-home; rather, many are looking for a handful of upgrades that will help them get ahead of the curve and feel better about their carbon footprint.
Energy star rated appliances are one of the most straightforward upgrades that can be made to any home. Appliances with an energy star rating use energy more efficiently, generally lowering electricity bills and indirectly benefiting the environment — it is a win-win home improvement! For those looking to sell, energy star label appliances are an even better choice, as 88% of households recognize the label and nearly half strive to purchase their own when replacing their next appliance. Dozens of appliances could be upgraded to improve their energy efficiency such as:
Washers and dryers;
Refrigerators;
Dishwashers;
Ovens;
Televisions;
Pool pumps;
Ceiling fans;
Furnaces or other heat sources;
Air conditions or other cooling sources.
Another great way to improve the overall sustainability of your home is to update the heating and cooling system. There are several different ways to do this based on your budget. For instance, one easy upgrade is installing a programmable thermostat. These devices allow homeowners to control the temperature of their home either from a smart device or by preprogramming the thermostat before leaving home. They can also reduce the workload placed on an HVAC system, making it last longer without major repairs. Ultimately, this can save a lot of energy by limiting the amount of energy used to heat or cool a home when no one is there.
Additional options or alternatives to installing a programmable thermostat include upgrades like replacing old windows and doors, where an estimated 30% of home energy is lost. Likewise, upgrades like adding additional insulation in attics, basements, or crawl spaces greatly boost the efficiency of heating and cooling management in the home.
As part of a home renovation, another consideration might be adjusting some of the color schemes in certain rooms. Unfortunately, many paints for homes contain VOCs, which are harmful chemicals that can cause long-term health issues to both humans and the environment. The good news is that there are no or low VOC paint options that are much more sustainability-minded.
A Renovation Budget that Benefits Everyone
Just because more buyers are looking for a ‘green’ home option, doesn’t necessarily mean that you should dive straight into all of the sustainability updates that you can. Granted, it would be wonderful to completely renovate a home to be as sustainable as possible, but there is also a budget to consider. It is valuable to assess which renovations are going to do the best for the lowest cost.
The first step to determining which renovations you are going to take on involves laying out your renovation budget. You need to set a limit on what you are going to spend and be strict about not going over it. Depending on the limits of your budget, you may be able to narrow in on one or two sustainability-driven renovations that also increase the value of your home.
After that, do your research on what upgrades would make the largest sustainability impact on your home and in a potential buyer’s eyes. For instance, you might be thinking about wiring upgrades to allow for an at-home electric vehicle charging station. Depending upon the age of your home and the level of charger you intend to install, this could be a relatively simple upgrade with huge benefits to the home’s value or a very expensive update with limited benefits.
Making and Enacting a Renovation Plan
You may quickly find that you have to pick and choose which upgrades you are going to focus on. Be thoughtful with this. Something like installing a programmable thermostat may be much cheaper than replacing old windows, but the windows may ultimately improve the value of your home more. Both options will improve the ability to regulate heating and cooling in the home and save energy, so determining which is the best for your selling timeframe, budget, and ultimate sustainability goals is critical.
Making your old home more sustainable can happen in any number of ways from minor upgrades to the types of lightbulbs used in all the lights to major projects such as installing solar panels. The crux of making sustainable upgrades to your home is finding the right balance between big sustainability boosts, renovations that will attract sustainability-minded buyers, and staying within your budget. It can be a real challenge to accomplish all of these things but one that is most certainly worth stepping up to achieve.
