Today’s homebuyers are more aware of the benefits that come with having an energy-efficient home. In fact, it is not uncommon for them to be willing to pay more for homes that have energy-efficient features. In 2015, a study that was authored by Adomatis showed that homes with upgraded energy-efficient features saw an increase in price from 2 to 5 percent along the east coast.
Before making upgrades to your home it never hurts to have a quick energy assessment done to evaluate how much energy your home is currently using. To find an assessor in your area visit the Department of Energy website. An assessor will be able to advise you on what services your home would benefit from.
After you know what needs improvement, make changes that fit your budget and provide you with a quick return. Then choose those upgrades that are more costly and that you feel are worth the investment. There are tax credits and even financing available for many upgrades.
These energy efficient upgrades will help boost your home’s value.
Adding insulation in the attic provides a return on investment of 116% according to the 2016 Cost vs. Value report from popular Remodeling magazine. The average cost of the job was $1,268 and provided a return a year later a home resale value of $1,482. Not only does it increase your home’s value it reduces your annual heating and cooling costs by up to $200 a year.
The appliances in your home consume about 15% of your home’s energy use according to the Department of Energy. Installing energy efficient appliances can boost your home’s value and save you money. For instance, an Energy Star certified clothes dryer could save you as much as $245 over the life of its use. If you are upgrading to new appliances pay attention to their kilowatt-hour usage compared to what you currently have.
The heating and cooling systems in your home make up on average 40% of your energy bill. To replace your home’s entire HVAC system would be costly. However, if your home’s air conditioning unit is over 12 years of age replacing it could save you 30% alone on your cooling costs.
Depending on the age of your home and the quality of the windows in your home it may be beneficial to have them replaced. However, this is a costly upgrade and will take you a very long time to recoup your pay off according to Consumer Reports. If you’re not planning on staying in your home for an extended period of time this may be an upgrade to skip.
When you are finished making upgrades to your home to make it more energy-efficient and you decide it’s time to sell let your real estate agent know about all the upgrades you have done.
If you are looking to buy or sell your home along the shore The Ferzoco Group is here to help. Contact us here, or give us a call directly at (609) 399-5454. We are here to help you with all your real estate needs.