Do “Green Items” Increase Home Value?
I often read articles claiming that the solar panels or “green elements” of the value of your home will increase. What about the windmills and other ideas “green”. Here’s my take on this stuff as insulated walls, windmills, solar panels and everything that is considered “green.”
Nothing and I mean nothing will increase the value of the house unless the market is willing to pay for it.
You see, according to Northpoint Mortgage there have been studies showing solar panels or wind turbines increasing the value of your home by 3% or 5%, but these are taken from a book or study elsewhere in the country. Real estate is local and can not move and there are a lot of moving parts in a real estate transaction that is much more important in determining the value of homes “green”.
The evaluator should examine the most important data to determine the market value and should be able to find homes with similar objects to compare. As long as the MLS system offers online for positions such improvements and there are enough homes on the market to use for comparable homes, “green houses” are never given much value.
Here’s the problem with the use of such material or any type of “green” elements to build his house. First, the market is simply not acceptable for these types of specialized construction methods. They usually cost you more money to install. When an appraiser goes in search of the true comparable sales to support these improvements, there will be enough market data to support a price increase or adjustment in most cases because of the absolute lack of data.
The real reason to install “green” elements at home is to save energy in the long run, increase the value of your home.
When an expert considers all comparable sales in the area, that there 15 similar homes in your area. And when I mean like, this is in reference to the location, lot size, square footage, number of bedrooms other important services that developers can study evaluator. By sheer luck, one of the realtors talking about ICF walls or solar panels, which are able to search and find this house in the region. What are the chances that the house will offer some sort of material, design and size of the square as a lot? Let me help you with the answer, almost zero.
So here are some solutions to this problem
Create an entire promotion housing “green” and make sure it is large enough to really make an impact in the community. And when I say “green” I mean, ICF walls, solar panels on the rooftops, wind turbines in the development and in the yard around the world, houses built for good passive collection windows and active energy . This will allow real estate agents and appraisers look at houses of this type of development and really determine whether to increase the value or if there is a real impact and if the market will pay for these improvements.
Make sure each system MLS across the country is the correct identification of products “green” and put them in the MLS for real estate agents and appraisers can use these data to determine whether the market is willing to pay for it kind of thing.
Until this happens across the country or in your hometown, there is a small possibility that green elements have a major impact on increasing the value of your home.