There are currently no standards when it comes to home valuation and energy features, but “going green” and saving money on energy consumption is something that Buyers need to consider. It is very easy for home buyers to concentrate solely on the monthly house payment when in reality there are many other costs associated with home ownership. Consider the following example. It doesn’t include costs like insurance or maintenance, but it illustrates an important point:
What does this mean for Home Buyers?
Simply put, when purchasing a home that has $150 in monthly energy and water costs instead of a home with $300 in energy and water costs, a prospective buyer gets an additional $33,403 in purchasing power from energy savings!
Is it really possible to save $150 per month on energy and water in every home? That depends. Homes that do not currently have double-paned windows or an energy-efficient furnace could easily be upgraded to save $150 per month. Homes that were built with modern construction techniques and little to no landscape may have fewer features that would benefit from energy-saving upgrades, and finding $150 in savings may be more difficult.
Regardless, it is an important factor to a purchase decision, that is commonly overlooked.