Wednesday, August 18, 2010

Q&A: Do eco homes have higher property values?

Q. I heard that going green is all the rage and can add value to my house - how much more money can I expect to get if it has all the right eco bells and whistles?

A. How long is a piece of recycled string? Answering questions about property value is complex. While prospective buyers could be willing to pay more for a property that uses energy wisely, just how much more depends on price range, location and features. After all, that harbour view could add a few million dollars but installing one energy efficient light bulb may not add one cent. A report by the Australian Bureau of Statistics studied sale prices and eco star ratings in the Australian Capital Territory - it found that for a house worth $365,000, increasing the rating by half a star would add, on average, nearly $4500 to its price. With electricity prices in NSW expected to increase by a whopping 64 per cent over the next three years, improving your property value is just one more motivation to take up eco renovating. Everything from shower roses to solar panels can alter a property's carbon footprint, so it's worth starting somewhere.
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Pictures: CoteMaison

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