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I have also spoken to numerous millennials, home owners and parents and found that they would be more than happy pay just that little bit more to save in the long run. For example, buyers are more than willing to pay more for homes with solar panels, tenants are also more than happy to pay significantly more rents for homes that can save money in the long run especially for longer tenancies and help the environment at the same time. Millennial buyers value energy efficiency and renewable or reclaimed materials such as glass, wood and bamboo.

There is no doubt that new home buyers especially owner occupiers today see automation and smart homes as a huge selling point. Owner occupiers are looking for convenience and homes that a can be controlled at a touch of a button.

Investors are also looking at ways to saving money. Sellers, developers and builders who are aware of this tend to attract higher selling prices. Thanks to the advancement in technology and increased environmental and climate awareness, homes can be smart and sustainable as well as modern and functional with relatively low-cost barrier of entry.

Should you be thinking of putting your house or investment property on the market, you may want to consider these cost effective yet simple upgrades to your home to make them smart and sustainable. Here are the top 5 things you could consider.

1. Conservation of water

There are some very cost effective ways to save water such as using water efficient appliances and fittings particularly in the bathrooms. A water pressure limiting device or a showerhead can really help save lots of water in the long run. If there is an opportunity to collect rainwater, a rainwater thank is great for watering gardens and water for toilets.

2. Solar power energy

There are some great government incentives now to install solar power for energy and electricity. You may not want to install extensive solar panels to power up the whole house, but this could be very useful as an addition and could prove economical especially for heating.

According to the 2015 Green Building Economic Impact Study, by 2018, green residential construction is estimated to be a $100 billion industry. This is great news for those who already own homes with sustainable features such as solar panels—especially if they’re looking to sell.

3. Hot water heating

A good natural gas water system could be great but this means that if you have a hot water tank, you will have to keep that heated constantly and could potentially take up a lot of energy. A good electric heat pump water system now works just as well if not better than a hot water tank as it heats up water instantly and only heats what you use and need. A developer I spoke now installs advanced hot water systems that are individual to the units so there is no need to for expensive hot water boiler system on the roof.

4. Natural lighting and LED lights

Home owners today as more inclined to have spaces that are better lit and have better ambience lighting. A simple change to fixtures and fitting could significantly brighten your home and make it look bigger and more inviting. A skylight could be added and window treatment is a good way to add natural light to the home. A good addition to having down lights or a change of your halogen bulbs to LED lights can really add appeal.

5. Outdoor living as indoor living spaces

One way to maximise the total usable area is to create outdoor living areas that connect with the indoor. A great way if to install permanently covered outdoor play area and entertainment areas that serves as a favourable lifestyle choice connecting indoor and the outdoors.

Sustainable and environmentally friendly homes are expected to represent a significant proportion of the housing market in the near future and already most residential construction are including sustainable building elements such as energy efficient appliances, hardware, hot water systems, windows, insulation and lighting.

Smart home technology is also an important factor for homebuyers and investors. More and more people are installing for themselves smart home automation devices, and buyers are generally more likely to buy homes with pre-installed smart home technology. Millennials and savvy homebuyers are also very likely to make smart home technology a priority. They are now used to controlling everything with a touch of a button and prefer homes that are more bespoke to their lifestyle choices.

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Walkability is a measure how walker-friendly a location is. A location that encourages daily walking offers benefits across four important areas—health, environment, wealth, and social/communities.

Health

Research in the US has found that residents of walker-friendly neighbourhoods weigh on average 2 to 5 kilograms less than residents of congested locations. This is hardly surprising given that cities with good public transport and easy access to amenities promote our health and wellbeing.

The Heart Foundation recommends regular activity as one of the most effective ways to safeguard the health of your heart. Walking is the preferred choice of physical activity for many Australians. The Foundation has put together a Neighbourhood Walkability Checklist for residents to survey local walking environments and provide useful feedback to local councils in terms of walker friendliness, comfort and safety, and convenience and connectedness.

The Heart Foundation’s checklist (diagram below) can be downloaded as a PDF file by googling “neighbourhood walkability checklist”, and used as a guide to evaluate potential locations. More information can be found on the Heart Foundation website.

Cities with good public transport and access to amenities promote the wellbeing of citizens. For example, Amsterdam is the most bicycle-friendly capital city in the world and a centre of bicycle culture worldwide, with more than 400 kilometres of bicycle lanes. Its residents cycle 2 million kilometres daily—an average of 1.2 kilometres per person per day.

The Queensland Roads Department recommends “riding to work, school, uni or college, or taking your bike on short neighbourhood trips” in an effort to clock up 30 minutes of moderate-intensity physical activity each day.

The Environment

In terms of the environment, 82% of carbon dioxide emissions are from the burning of fossil fuels. Walking and cycling are zero pollution modes of personal mobility and is good for the health, wealth and the environment.

Wealth

Cars and its associated costs eg insurance, registration, petrol, service and maintenance form one of the largest household expenses in Australia. Transport (15%) is second only to food (18%) as the largest item of household expenditure in Australia. The family car costs up to 55 cents per kilometre to run. In comparison, the cost of buying and maintaining a bicycle is around 1% of the cost of buying and maintaining a car.

Communities

Long daily commutes to work reduce time spent in family and community outings. This has an impact on a person’s overall social connections and wellbeing. Engaging in community activities creates greater sense of belonging in a neighbourhood and fosters good neighbourliness with crime watch, Christmas street parties and other community activities.

What it means to home buyers

Walkability can be seen as a criteria for finding that ‘sweet spot’ for home buyers across the board.

A useful rule of thumb in finding your walkability sweet spot is whether the property is within 30-50 minutes’ walk to a train station. Train corridors cut across large swathes of prime real estate, with many apartments built next to train lines. Noise can be a factor for some folks but most people quickly get used to the chugging sound of the occasional passing train.

In the bigger Australian cities, new dwellings are required by law to install double-glazing and full insulation.

Walk Score (https://www.walkscore.com) is another useful resource for evaluating the proximity of community and commercial facilities in a location. Overall, Sydney scores well in this area, with an average of four restaurants, bars and cafes within a five-minute walk for Sydneysiders. If you find a location with a score of 90-100, you can consider it a walkers’ paradise and will not require a car for daily errands.

Another key walkability factor is the proximity of good schools. According to the Domain School Zones Report, across Sydney’s ten fastest growing school catchments areas, property prices can increase up to 20%.

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