These days, many property owners are choosing to invest in eco-friendly upgrades and improvements to cut down on the cost of bills and do their bit for the environment. However, one of the less-considered advantages of eco-friendly homes is that, with the right approach, they can also attract a higher sales price.
In fact, according to an Australian Bureau of Statistics study, it’s estimated that for every star that a house increases in energy efficiency (on a 10-star basis) it also increases 3 percent in value.
Take a look at our top tips for making your home eco-friendly while increasing its value at the same time.
Install solar panels
Most of Australia is lucky enough to receive plenty of sunshine, which means solar panels are an efficient way of powering up your house and providing hot water. It’s estimated that homes powered by solar power increase in value by almost $6,000 per kilowatt of solar power. This indicates a rise of over $29,000 in the retail value of the home for a 5kW installation.
Give your green thumb a workout
A Perth-based Landscape and Urban Planning research paper found that a broad-leafed tree located on a street in front of a home increases the median property price by about $16,889. Similarly, a case study by Brisbane City Council found “leafy streets, with 50 percent or more tree cover, added up to $29,000 (5.4 per cent) above the median house sale price”.
With that in mind, planting trees, shrubs and greenery around your home not only helps air quality and your local environment but can also help you bring in the bucks when it’s time to sell.
Install a rainwater tank
Water collected from rainwater tanks has a wide range of uses around the home, including watering the garden, toilet flushing, clothes washing, and even drinking and cooking if treated properly. In other words, a rainwater tank makes your property more self-sufficient and your water bills lower, both of which are attractive prospects to many buyers when the time comes to sell your home.
A significant amount of energy wastage occurs when hot or cool air escapes through gaps and cracks in windows. Aside from looking good, new windows will make your home more energy efficient, which means more affordable household running costs, a more environmentally conscious property, and a property that more buyers are interested in.
Thinking about selling your home? Get in touch with an Upside agent for a free no-obligation property appraisal.