What home features would you spend more money on?
When I was shopping for my home, property size, location and condition ranked among my top concerns. Proximity to transit was another big draw. But what other features are worth shelling out a bit more for?
According to a recent poll, Ontarians are willing to dig a little deeper into their wallets for homes that are energy efficient, environmentally friendly and will retain their value.
These features relate in some way to masonry — which can help regulate indoor temperatures, is long-lasting and can be manufactured locally with recyclable materials — which is not surprising, considering that the Leger Marketing survey was conducted on behalf of MasonryWorx, a provincial association of brick, bloc and stone manufacturers.
But the results are still interesting, because there are many other factors at play for homeowners evaluating the energy efficiency, value and green cred of a property — including things like location, insulation and heating, electrical and water systems.
Obviously the ability for the home to retain, or increase, its value is important to many homebuyers, but would you be willing to pay more for an energy efficient, green home?
While these two features were a nice bonus in my home hunt, they didn't rank high on my priority list. But, maybe that's because I'm with the majority of younger buyers — according to the survey results, about 41 per cent of buyers between the ages of 18 and 34 were willing to pay more for energy efficiency.
People aged 35 to 54 were the most likely to pay more for energy efficient homes, only slightly above the younger group with 42 per cent, and those over 55 were the least likely, at 34 per cent.
The survey also found regional differences, with homebuyers in southwestern Ontario most willing to pay more for energy efficiency, at 50 per cent, followed by those living in Northern Ontario, at 48 per cent.
What do you think? Where do energy efficiency, eco-friendliness and the ability to retain value rank on your list of priorities?