Do you know who makes up the largest demographic of home buyers today? At 35 percent, buyers 35 years and younger continue to be the largest generational group of home buyers with a median age of 30 years old. Sixty-seven percent of buyers 35 years and younger were first-time buyers. Did you know that the largest generation of home buyers today love green home upgrades?
Fannie Mae has already reported that millennials are buying homes at a significantly faster pace. Therefore, we should drop the stereotype that certain demographics are not considering buying in today’s market.
Furthermore, the article goes on to say:
Now, as the housing market continues to recover, more Millennials are moving into home-ownership. Some oft-cited reasons for the possible delays are commonly believed to be onerous student debt levels and a preference to renting.
Market Your Home To Who Is Buying It
There are lots of studies out there that show the value in being more mindful of an “energy efficient home”. This study actually found that 94 percent of home-buyers want energy-star rated appliances, 91 percent want an energy-star rating for the home and 89 percent want energy-star rated windows. Green home upgrades make a real impact on buyers who are looking at your property.
I have talked about typical home improvements in this blog, but what if you were more focused on a specific market? We all know that a kitchen remodel and other improvements can become very expensive and time consuming. Are those cosmetic things important to every buyer?
Lots of home buyers today like when they can actually see value in what you are offering. Instead of saying “but this kitchen has granite counter tops!” Why not find ways to say, ” we have spent [insert $] and have seen our savings per year around [insert $]”. Simple green home upgrades will not break the bank, but can make a lasting impression.
What is a good way to show this? Think about making your next remodel a green home upgrade. Not only do you appeal to a large portion of today’s home buyers, but it often means a small change in your remodel plans. For example, when you are picking new appliances, just make sure to find the energy efficient ones.
EASY tips and tricks to save energy and money.
-Switch to High-efficiency air conditioners to reduce energy by 20% to 50%.
-Install a smart thermostat and save 15%. This could be up to $180/yr.
-Install Ceiling fans in rooms you want to cool down. It cost 1 cent/day and can make a room 3-8 degrees cooler
-Switch your computer off when not using it ($20-$40 a year)
-Seal air leaks to save $300/yr on heating and cooling costs
-Changing the entry door and windows will improve both energy and look of your home. This source says that doors and windows can have 86% and 71% return on investment. I say that is a good deal for a cosmetic and energy saving upgrade.
Bigger Green Home Upgrades
If you have a bigger budget, think about the structure of your home and the insulation. HomeAdvisor reports an insulation project can average about $1,358. While foundation repairs and roofs can be a lot higher. But your buyers will feel safe knowing that lots of work was done on the house, and not just adding tile to a bathroom.
Thinking about solar? Homes that own their solar systems have been reported to sell at a premimum of $15,000. That is money in your pocket and in the pocket of the buyer.
TLDR ( too long didn’t read)
I think its common to see buyers viewing home upgrades as a way to help give back to society. Its well know they are more aware and concerned about the environment. As you know, these issues are more common in older homes. If you have an older home, think about energy saving ways to upgrade your home. This could include.
- Energy friendly appliances
- Smarter thermostats
- Solar Panels
In conclusion, if you can show a potential buyer the the real life advantage of your work, I think that would be an amazing marketing advantage. You can sell a house that will eventually “pay for itself”. I think its a great idea not many are taking advantage of.