Did you know that the market for environmentally friendly residential properties should be worth nearly $ 151 billion by 2023. It has grown by more than 23% per year, a figure that is expected to hold for the near future.
Many experts recognize the orientation towards environmentally friendly real estate practices. The future of real estate is moving towards increased sustainability and eco-friendly properties. Most industries are adopting greener solutions to reduce their carbon footprint.
Tenants and people in general are increasingly concerned about the environment, which is slowly but surely changing the real estate industry. Nowadays a mortgage advisor should take into account the durability of a property.
Real estate developers and investors are now turning to green construction and green living. But you might be wondering where to start.
Below is a short list of strategies real estate investors can follow if they want to find more eco-friendly properties. They are applicable whether you are looking for environmentally friendly residential or commercial properties.
Tips for finding eco-friendly properties
# 1. Look in a green city.
With more and more communities going green, local governments are also adapting. In New York, they have just signed a law for 2024 aimed at drastically reducing energy consumption and carbon emissions. This law will require buildings of at least six stories with at least 50 units to reduce their carbon emissions by 40% by 2030.
Changes like this will radically convert an urban city to have a lower carbon footprint. At the same time, occupants and citizens can be better informed on how to become environmentally friendly. This way, investors can search for properties or buildings in a green city for a better chance of finding eco-friendly properties.
# 2. Renovate with eco-responsible innovations.
Another option is to plan renovations on existing properties to make them more durable. This is more suitable for old buildings which need restoration and which still have parts which are no longer safe for human use.
Green innovations include appropriate air conditioning and heat control technology, more efficient HVAC systems, energy efficient appliances, bicycle facilities, among others. In the long run, an environmentally friendly property will reduce water and energy costs due to high levels of energy efficiency. People who value durability will surely opt for properties that have these characteristics over those that do not.
A new trend these days is “tiny houses,” which are the perfect eco-home for minimalist people who don’t need an entire house. Small homes can be stationary or mobile, but in any case, they are more durable and affordable than any traditional property.
# 3. Choose non-toxic materials.
Another facet of eco-friendly real estate is the use of non-toxic materials. If you have the opportunity to remodel or furnish a property, opt for non-toxic materials for all kinds of things around the house such as furniture, mattresses, linens, cooking utensils, etc. Using organic and sustainably sourced materials is a big step towards sustainability and even ensures the safety of anyone who will use this property.
We are finding more and more information about how chemicals and synthetics in our everyday items can be harmful, so buying organic and non-toxic materials is the best option.
# 4. Choose solar power.
Solar power is the best way to provide safe renewable energy. Clean, sustainable energy is one of the best ways to be more environmentally friendly.
While buying solar panels can get expensive, it’s actually one of the best investments you can make for any property. This will save you up to thousands of dollars in the long run!
With more and more people caring about the environment, we can see that a lot of changes are happening around us. These four simple tips will surely help an eco-friendly real estate investor find a more sustainable property.