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3 Reasons Why Energy Effiency Matters When Buying a Home

Purchasing a home is a major investment that shouldn’t be an impulse buy. There are many factors to consider when determining whether or not a home is really one you should buy. You want a home likely to offer a significant return on your investment, not one destined to consistently drain your bank account from a lack of energy efficiency, which should always be considered before signing on the dotted line.

Energy Efficiency Lowers Utility Costs

If a home has an older furnace or a hot water heater that’s at the end of its life cycle, utility costs are likely to be higher. This is just one example of energy efficiency issues that could add to utility expenses. By opting for a home that’s already fairly energy efficient, you’re likely to enjoy lower utility expenses, savings that can easily add up over time. Utility costs in a home can also be affected by:

  • Leaking faucets and pipes
  • Improper or worn weatherstripping
  • Lack of sufficient insulation
  • Misaligned doors and windows

Inefficient Homes are More Difficult to Sell Later

Should you decide to sell your next home at some point in the future, a lack of energy efficiency could dissuade potential buyers or substantially reduce that home’s resale value. According to a National Association of Home Builders survey, many potential buyers place energy efficiency at the top of their list of preferences. Many buyers are willing to pay as much as $7,000 or more for a home that will reduce energy costs by $1,000 annually, according to another NAHB survey.

Energy Efficiency Means Fewer Future Investments

In general, newer homes are more energy efficient than older ones and likely to require fewer future investments. While most upgrades and improvements can take place over a gradual period of time, a home that’s going to eventually need a new this or that is likely to require substantial investments in the future, and probably a few urgent repairs here and there. The average cost to replace a roof, for instance, is $12,000, with total expenses dependent on the size of the roof and the materials used.

If you feel there are inadequacies in a home inspection report you may receive or energy efficiency isn’t fully addressed, consider requesting a new inspection that places an emphasis on factors such as weatherstripping and the condition of a home’s heating and cooling system. Click here to learn more about saving on your energy.

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