Did you know that the market for residential eco-friendly properties is expected to be worth nearly $151 billion by 2023. It has been growing over 23% a year, which is a figure that is expected to be sustained for the near future.
Many experts recognize the direction towards eco-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.
Renters and people in general are becoming more environmentally-conscious, which is now slowly but surely changing the real estate industry. Nowadays a mortgage advisor would need to take the sustainability of a property into consideration.
Real estate developers and investors are now working towards green construction and green living. But you might be wondering where to start looking.
Below is a short list of strategies that real estate investors can follow if they are interested in finding more eco-friendly properties. They are applicable whether you are looking for eco-friendly residential properties or commercial ones.
Tips on How to Find Eco-Friendly Properties
#1. Look within a green city.
With more and more communities going green, local governments are also adapting. In New York City they just signed a law for 2024 to drastically reduce energy use and carbon emissions. This law will require buildings that are at least six stories high with at least 50 units to reduce their carbon emissions by 40% by 2030.
Changes like this will drastically convert an urban city to have a smaller carbon footprint. At the same time, occupants and citizens can be more informed about becoming environmentally-friendly. This way, investors can look for properties or buildings within a green city for better chances of finding eco-friendly properties.
#2. Renovate with eco-friendly innovations.
Another option is to plan renovations on existing properties to make them more sustainable. This is most appropriate for old buildings that need restoration and still have parts that are not safe for human use anymore.
Eco-friendly innovations include proper air conditioning and heat control technology, more efficient HVAC systems, energy-efficient appliances, bicycle facilities, among others. In the long run, an eco-friendly property will reduce the costs for water and energy because of high levels of energy efficiency. People who value sustainability will surely go for properties that have these features over the ones that don’t.
A new trend nowadays is “tiny homes” which are the perfect eco-friendly home for minimalist people who don’t need an entire house. Tiny homes can be stationary or on-the-go, but either way, they are more sustainable and affordable compared to any traditional property.
#3. Go for nontoxic materials.
Another facet of eco-friendly real estate is the use of nontoxic materials. If you get a chance to redevelop or furbish a property, opt for nontoxic materials for all sorts of things around the house such as furniture, mattresses, bedsheets, kitchenware, and so on. Using organic and sustainably-sourced materials is a big step towards sustainability and it even ensures safety for whoever will use that property.
We are finding more and more information about how chemicals and synthetics in our everyday items can be damaging, so buying organic and nontoxic materials is the better option.
#4. Choose solar energy.
Solar power is the best way to provide safe renewable energy. Long-lasting clean energy is one of the best ways to be more eco-friendly.
While buying solar panels can be expensive, it’s actually one of the best investments you can make for any piece of property. It will save you up to thousands of dollars in the long run!
With more and more people caring about the environment, we can see there are many changes happening around us. These four simple tips will surely help an eco-friendly real estate investor find a more sustainable property.