Concerns about climate change have been steadily increasing during the past decade, which is why sustainability has become one of the main tactics to consider to tackle this issue. This concern also reaches the real estate market, and investing in making your house as sustainable as possible can have benefits both in the short and the long term.
A Growing Trend
More and more buyers want to leave the smallest carbon footprint possible. This is one of the many drivers of sustainable houses becoming an important trend during 2021. Plus, millennials specifically are very concerned about the environment, and they are currently the largest house-buying group, with many of them looking for their first home. In addition, millennials are highly motivated by purchases that they feel align with their ethics, something that is also seen in Gen Z, which will be home-buyers soon enough.
Sustainability is more than a fad, it is quickly becoming a lifestyle for many people. By investing in making your home a more sustainable one, you will be looking out for the environment and the future value of your property if you one day choose to sell it.
Benefits of Buying or Selling a Sustainable Property
Investing in sustainable property will have many benefits for you. By installing items such as solar panels and water recyclers, you will be able to sell your sustainable house fast when the time comes. If you are currently looking to buy a house, then going for one with sustainable features is the perfect way to ensure you will have a high-value property.
Also, if you decide to turn your traditional home into a sustainable one, you will be automatically increasing the value of the property. While this initial investment is likely to be a hefty one, it’s undoubtedly worth it when you think about it in the long term. It has been estimated that sustainable homes go for almost 4% more than their counterparts. This gives you an undeniable advantage in the real estate market.
Another aspect to consider is that the world is always changing and that this is a time of technological revolution. By adapting to these changes early enough, you will be able to make the most of them and even set some trends in your neighborhood.
Also, you get to add to the worldwide initiative of taking better care of the environment, with the hopes of avoiding disastrous events in the future caused by climate change. Something positive to consider is that providers of sustainable items are becoming more widespread, which also helps in decreasing the initial costs of turning a standard property into a sustainable one.
Energy Sustainability
There are also short-term and medium-term advantages to buying or investing in a sustainable home. The use of solar panels and appliances using alternative sources of energy will help you reduce your energy consumption levels. This can translate into a lower electricity bill at the end of each month. Your total energy consumption can decrease by 33%!
In addition, having a more efficient water consumption will also have an impact on your utility expenses. You will also have fewer maintenance costs overall, which is a great benefit to consider.
Also, including energy-efficient HVAC systems will allow you to save quite a bit on your energy expenses as well while you take care of the environment. As if this wasn’t enough, you can become eligible for rebates provided by the government at the local, state, and national levels. Overall, your maintenance costs can decrease by 22%.
Rental Benefits
Being able to rent your sustainable home is a great way to recover your investment. The fact that it’s sustainable will be an added attractive feature for possible tenants. In addition, you should keep in mind that the lower management costs will help you save considerable money and time.
Also, you can make small changes to being with, such as changing the types of light bulbs you are using before going all the way and installing solar panels. This is a great way to pace yourself and go through the process progressively.
If you own multiple properties, then adapting them to sustainable standards one by one is likely to be the best way to go. This is because of the magnitude of the investment. However, you are even more likely to get a return on your investment when multiple properties are involved.
Also, earning a green building certification can be equal to big savings. This has been a tactic used by property owners in different cities, retrofitting older buildings to meet these standards.
Future Perspectives
It is expected that additional tax reductions will be offered to owners of sustainable homes in the near future. This is because the growing concern about climate change has opened the conversation and it has provided a platform to propose different measures to lower the carbon footprint. Tax reductions are one of the offers a national government can propose to make the use of alternative energy a more attractive option for its citizens and residents.
