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It’s hard to predict the future of real estate, but we can say right now, "going green" isn't going away. With house prices at an all-time high, it may seem like affordable prices may never appear again. Sometimes it can feel like nothing is a sure thing when it comes to home buying.
But as demand for features like stainless steel or hardwood floors fluctuates with trends, studies have shown that the demand for energy-efficient and environmentally friendly homes has held steady.
But you can rely on one thing for sure: environmental sustainability will likely continue to be a hallmark of good property ownership and management. Want to know why? Take a look below.
Going Green Is What Tenants Want
To have a successful real estate venture, you have to know what people want and how to deliver it. In today’s competitive market, tenants and renters are increasingly concerned about their impact on the environment.
A 2020 survey found that things like energy-efficient windows, doors, and siding were high priorities for home buyers and renters. The Survey also said that landscaping for energy conservation was important.
Many tenants look for additional green amenities, such as recycling and composting options. Many tenants also look for energy-saving appliances like dishwashers, laundry machines, and toilets. What’s even more popular are eco amenities that provide extra comfort, like bamboo floors, or solar-heated walkways.
If going green long-term is important to them, it needs to be important to you!
It can save money
Some "going green" initiates can be costly upfront, but in the long run, they save big on energy bills. Electricity bills are often the biggest cost for home and property owners. Even reducing this by a quarter means a big payout in the end. You can also add things like energy-saving appliances or insulated windows to help this cost, too.
There are also big rebates on installing solar panels and low energy-efficient measures. Many states offer rebates for solar energy installation. Other states will buy back your unused electricity, too, meaning you can add that straight to the bank or use the payback as a credit.
Often green homes save money on maintenance and upkeep, too. Many eco-friendly construction products make your home more durable and long-lasting.
It can benefit your properties
Renters aren’t the only ones demanding green initiatives; property owners and managers can see, on a daily basis, how it reduces their overall operating costs and increases their bottom line. Over time, the demand for green features has continued to grow.
Any features that help set you apart from others on the market help too. Many buyers currently looking for these additions to your home while they’re looking. These features can set you apart and help increase market prices. Ultimately, any eco-features will help increase your property value as more individuals look for eco-features.
It can help you sleep at night
If you’re worried about the impact your properties are having on the environment, fear no more. "Going green" initiatives ensure you’re doing everything in your power to minimize your carbon footprint. That can help you feel better about what you’re doing and your overall impact on the environment. After all, what’s better than feeling good and doing good.
Want to know more about adding “going green” features to your properties? Contact Smart Rain today! We can help you get the ball running on your eco-renovations and help keep another important aspect on your property, your lawn, green and eco-compliant, too! Visit our website to learn more.
