Home Insulation Adds Real-Estate Value To A Property
With so much money being spent on home renovations, upgrading, and remodeling, it’s often easy to overlook what adds esthetic value to a property, and what adds real estate value. Based on industry statistics, homeowners do renovations for a variety of reasons: updating of surfaces and finishes; improving lifestyle features and comfort; and remodeling just for a change.
Clearly, kitchen and bathroom renovations top the list of home improvement projects. However, new industry statistics are pointing to renovations with higher return-on-investments. Although far less sexy, home insulation and air sealing will deliver much better bang-for-the-buck. Good insulation improves home comfort, lowers energy bills, and boosts real estate value.
Amongst realtors, builders, and renovators, most agree that home insulation ranks high in terms of cost recovery when compared with other home improvement projects. In fact, some statistics (like “cost versus value” reports) actually show that insulation upgrades to a typical attic have one of the highest returns-on-investment, adding value when a home is sold within a year.
Today, more and more homebuyers are focused on home energy efficiency when deciding on a purchase. They understand that beyond seasonal home comfort, heating and cooling costs are lower when a home is properly insulated. Indeed, high performance insulation in the attic makes for a far less drafty home and better-balanced HVAC operation throughout the entire house.
Added real estate value can mean different things to different people. While for some, an updated bathroom might be an attractive selling feature, others would consider a new roof with quality insulation to be most important. Needless to say, in some of today’s super-hot real estate markets the price of a house may have little to do with features and more to do with supply and demand.
When it comes to energy efficiency and insulation, the important thing for many homebuyers is the longer-term savings on winter heating and summer cooling. This can make a big difference in terms of monthly costs, and for some, this is a priority when shopping for a home. On the flip side, a home that is poorly insulated can result in high-energy costs that were never planned for.
In the very near future, a home energy rating will be required when selling a home. Naturally, the home with a high rating (defined by an energy label) will be far more attractive for a prospective homebuyer. It will mean that the home was audited and assessed, with a credible rating based on overall energy efficiency. A highly rated home will likely sell at a better price than others.
With ever-increasing utility costs, homes that are energy efficient are going to be in high demand when being sold. The energy label will confirm that the home is well sealed, and with insulation that meets specific performance levels. For homebuyers who consider energy efficiency a high priority, this new real estate landscape will be welcome when it’s time to buy a home.
In the Greater Toronto Area, homeowners can rely on EcoStar Insulation for a range of insulation products and solutions. For more information, call toll free 1-866-789-1536, or visit the company website at www.ecostarinsulation.ca