I've mentioned before that thinking green in real estate is becoming increasingly important. More than ever people are considering their impact on the environment. I read recently that it's even having an impact on the wedding market with couples wanting sustainable weddings. So it's not really surprising then to realize it's having an impact on real estate in several ways. Buyers are demanding more green features, which means sellers are looking at greening their homes in their renovations, and developers are considering green issues when establishing new properties.
When you consider the emphasis being placed on green everything at the moment, it makes sense that this translates to real estate. Buyers now are considering future generations too – not only are they concerned about their own footprint on the planet, but they're looking at what future buyers will want, and if the trend continues, the greener a home, the more in demand it is likely to be. When the government is getting on board with various rebates and incentives, it can also make good financial sense.
Many green initiatives save money in the long run, which is something else likely to be on the mind of the future buyer. Although interest rates may be low currently, the cost of living does nothing but increase. That seems unlikely to change, and as resources become scarcer, costs of items we currently take for granted are likely to escalate. And if your home is greener and more efficient and cheaper to run than the almost identical one down the street, you can guarantee yours is going to look like a much better investment for the future buyer.
Many who are renovating are currently putting money towards energy efficient upgrades rather than the spa bath or in-home theatre system. In this way, green renovations can actually make a difference in real estate values. I may not know all that much about being green, but one thing I do know a lot about is real estate, so when the two collide due to market demand, I know it has to be a smart move to get on board.