It’s easy to get carried away with home improvements. You start dreaming of a new kitchen or an updated bathroom, and before you know it, that’s where your budget is going.
With such a competitive real estate market here on Long Island, it’s important to remember what truly adds value to a home. There are undoubtedly upgrades you can choose that will bring value to you by being more functional and aesthetically pleasing. However, if there are basic things in your home that go unaddressed, your home’s value will not be what you might think.
The surest way to increase the value of your home when you live there, and if you ever decide to sell, is with energy efficiency improvements. These upgrades will improve your day to day comfort with greater savings, while also appealing to potential buyers and helping you see a return on your investment.
The Effect of Energy Efficiency on Home Value
Bills pile up quickly. On top of paying for groceries and anything the kids may need, you pay for your mortgage, insurance, and wireless bill. What if you could eliminate some of those expenses by paying less each month for your energy bills?
While the notion of lower bills surely appeals to you, it is also something that new home buyers are looking for. This is precisely why energy efficiency is so important in a home, in fact, the majority of home buyers rate energy efficiency as the top unmet housing concern, above updated kitchens and storage space. Considering the following statistics:
- Energy efficiency would cause about 81% of home buyers to choose one home over another.
- Average home buyers are willing to pay an additional $7,095 for a house that shows lowered energy bills of $1,000 per year.
- Energy efficient homes tend to sell an average of 18 days faster than their counterparts.
It’s official — if you want to appeal to buyers when you decide to sell, as well as lower your bills and live in a more comfortable home — it’s time to invest in energy efficiency upgrades.
Home Improvements for Added Comfort, Savings & Value
Understanding what improvements your home could benefit from starts with an energy audit. This assessment will offer conclusive insights into why your home is uncomfortable and inefficient. For example, most homes in Suffolk & Nassau County are not properly air sealed and insulated. Due to a lack of air sealing and insufficient insulation, problems like being too hot and too cold with constant drafts and high energy bills become the norm. Another common issue is outdated HVAC systems and oil heating.
Making these improvements will not only ensure comfort and savings, but they will also add value. In fact, a recent report from Remodeling magazine found that air sealing and attic insulation had an average 116% return on investment! Air conditioning and heating account for about 43% of your energy bills, so upgrading your HVAC units to new, energy-efficient models will go a long way towards savings. Finally, although oil prices haven’t risen quite as much in the past year, they will spike again. The best way to save and future-proof your home is by converting from oil to natural gas.
Making these upgrades will increase energy efficiency. This adds immense value by lowering your bills and increasing your year-round comfort. In addition, these energy efficiency improvements will add value to your home and make it more appealing to buyers, if you ever decide to sell.