Eco reno might boost your property’s value!
Have you considered giving your property an eco reno? Well, maybe you should.
Energy-efficient homes generally attract premium prices and sell faster than non-eco listings.
That’s according to the 2022 Domain Sustainability in Property Report, which found an energy-efficient house in the median range sells for $125,000 more (+17.1%) on average than a non-sustainable house.
Dr Nicola Powell, Domain’s chief of research and economics, says more and more sellers are addressing the demand for eco-friendly homes, as online listings with popular eco features attract 8.7% more views on average.
“More than half of all for sale listings in all states and territories contain energy-efficient keywords,” she says.
In fact, we’ve listed the top three eco features popular in-house listing searches right now:
1. Solar power: Australia has no shortage of sunshine. And there’s no shortage of demand for houses with solar panels either. A 2020 Origin Energy survey showed 77% of Australians view houses with solar panels as being more valuable. And 55% of renters said they would consider paying increased rent for solar panels.
2. Water tanks: if you have a sizable garden or lawn, a sustainable irrigation system can help keep your water bill down. Make use of the rainy season by collecting water in tanks. When the dry season hits, you’ll be prepared with free, nutrient-dense rainwater to lavish on your garden.
3. Insulation and glazing: window glazing, and insulation can help stop your heating and cooling efforts from leaching out. You’ll also reduce the summer heat and winter chill invading your home.
You’ve probably heard interest rates are on the rise and property prices are on the way down.
So why not feed two birds with one seed; by refinancing to unlock equity and giving your home an energy-efficient makeover at the same time.
Depending on your situation, many lenders now offer green loans to help homeowners install environmentally sound features – and the good news is that lenders usually offer lower interest rates on green loans in an effort to encourage sustainability.
If all of this seems confusing, don’t fret! Our QPF Property Specialists are equipped to assist in navigating loans, equity, and refinancing for your eco reno.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.