Is A "Green" Home In Your Future?

Whether it's global warming or recycling initiatives at the local level, the environment continues to make the news on an ever-increasing basis. Environmental issues have been impacting the real estate market and those of us engaged in this profession see this on a daily basis. Issues such as mould, furnace oil tanks and other issues have necessitated special clauses in purchase agreements. In addition, buyers looking at area properties are increasingly focused on heating, cooling and electrical systems with many shunning homes with features that are "perceived" as higher cost energy users such as electric baseboard heating.
A study recently completed by Royal LePage found that 72% of Canadians intend to look towards "green-improved" properties when selecting their next residence. Further, 63% of these would-be buyers suggested they would pay more for an environmentally friendly home. Of those surveyed, 62% confirmed they would pay between $5,000 to $20,000 more for green features in a home while 8% of respondents claimed they would pay in excess of $20,000 for a home deemed to have desirable environmentally friendly features. Many of these features such as geothermal heating can actually save homeowners money in the long run. Not surprising coming from Canada's wealthiest province, was that the Royal LePage poll found Ontario residents (60%) were the least likely to pay more for an eco-friendly home.
Green homes are not just those that cost less to operate. They also include features and finishes that represent to the buyer, a healthy environment inwhich to live. For example, hardwood floors have replaced wall-to-wall carpeting both for their looks as well as their cleanliness. Organic building materials have started to gain wider recognition and not just amongst the traditional tree hugger set suggesting that an evironmenally mindset is not just a passing trend. It is becoming widely embraced across all levels of society and is here to stay.
From a gender standpoint, 31% of women are going green for their health versus just 18% of the men surveyed. From the economic standpoint, men (41%) cite the potential cost savings as their motivation to consider making a change as compared to 23% of women.
If you wish to read the full Royal LePage report click on the link below:

http://www.royallepage.ca/CMSTemplates/AboutUs/Company/CompanyTemplate.aspx?id=1656