Green real estate is a result of Canadians—and Richmond Hillians!—placing sustainability high on our agendas. We want ecologically-sound, sustainable everything—including homes. Enter green real estate.
Green real estate is an on-trend element that can add value to your home—both while you’re still living in it (through lower energy bills), and when you go to sell your home.
Green Real Estate and Homes—How Much Value Can ‘Greening’ your Home Build?
The value-add of ‘greening’ your home comes in the sustainability of its building and renovation materials and in the home’s level of energy efficiency. It includes things like cork or bamboo flooring and energy-efficient appliances.
Calculating the value of the green elements (or future green upgrades) in your home needs to be done on a home-by-home basis, as the type and magnitude of the green elements will differ greatly. This is simply because some green upgrades hold more value than others. For example, installing a tankless water heater adds more energy efficiency than an Energy Star dishwasher. For an assessment of the value of your ‘greened’ home—call the Wan Team…Richmond Hill’s eco-friendly real estate team.
If you really, really want to know some numbers and percentages….OK. The Earth Advantage Institute in Oregon (sorry guys—there’s little to no Canadian data available, yet) found that new homes with certifications in sustainability and energy efficiency sold for, on average, 8% more than their eco-unfriendly counterparts. Existing homes that had earned those same certificates sold for up to 30% more, likely due to the fact that there are fewer older homes on the market with eco certifications. The institute conducted this study based on raw MLS data.
The study referenced above is a relatively generic survey based on raw data, and therefore isn’t hard and fast official results from MLS (as there aren’t any)—but it’s a good jumping off point. And it shows one very important thing—energy-efficient homes are worth more. Up here in cold Richmond Hill energy savings has an even greater value due to our cold winter and muggy summers.
If you’d like some home-greening recommendations—based on the Richmond Hill homes market…or for an assessment of your home’s eco-friendliness…call The Wan Team today!