Eco-friendly and energy efficient upgrades aren’t just good for the earth—they’re also good for your wallet! While tried-and-true value-boosters like updated kitchens and bathrooms and new flooring still boost your price, energy-efficient additions are in, and people are willing to pay extra for them.
While replacing your windows can be a little pricy—ranging from a few thousand dollars to over $20,000 based on the number and quality of windows you choose—your savings will more than pay for it. According to a recent Cost vs. Value report from Remodeling, replacing 10 of your windows with vinyl upgrades can add almost $11,000 to your resale value.
Along with windows, replacing your door can be a much more affordable choice, but it won’t net as high of a return.
Solar Hot Water Heater
Solar hot water heaters are an energy-efficient alternative to a regular hot water heater and can decrease your water heating bills anywhere from 50% to 80%.
Many times when buyers are seriously looking at a home, they’ll ask the owners for recent utility bills. Handing over a bill that’s less than half the cost of what’s expected not only gives you a huge leg up on the competition, but it also makes your home more valuable.
Replacing your insulation is one of the more affordable options for upgrades, coming in at just over $1,000. But when you’re reselling? New insulation—in just your attic alone—provides a 116% return on investment.
Other insulation options include your walls and basement, and these options will also up your home’s value and save money on heating and cooling bills.
Obviously, solar panels are going to be one of the most expensive eco-friendly upgrades. A decent portion of the profit from solar panels comes after they’ve been installed for a few years, so it might be an update you make early on in home-owning.
If you do opt to install, the average added profit for a medium-sized home with panels is just under $30,000. Plus, homes with solar panels typically sell 20% faster than those without. Of course, if electricity prices rise or are already high where you live, then you can expect that number to be a little bigger.
Smart tech in the home is one of the most popular current trends. In fact, 70% of millennials—AKA one of the largest home-buying demographics this year—say that they specifically look for homes with smart technology.
When it comes to being eco-friendly and energy-efficient, smart technology offers a few options. Smart thermostats can help regulate your home’s temperature and save your money on bills. Smart lighting can turn on and off based on when you’re at home or in certain rooms. Best of all? These are some of the most affordable upgrades, but will make your home rise above the competition.
Ready to List Your Main Line Home?
Now that you know what it takes to boost your home’s listing price, it’s time to get ready to sell. Explore some of the resources my team has to offer sellers around the Main Line, and give us a call when you’re ready to get started!