We all know the old adage: “money
doesn't grow on trees.” But there are times when this is untrue;
that is to say, there are situations in which trees are—however
indirectly—a source of money for you. Conversely, there are
situations in which they are a drain on your money. Trees are one of
the most often overlooked aspects of home ownership, and yet they
have a significant impact on the finances involved therein.
When money (sort of) grows on trees:
Energy consumption: planting shade
providing trees on your property not only shields you from nosy
neighbours, but from the sun's burning heat as well. This translates
into savings in your energy costs, as your air conditioner will not
need to work as hard to maintain a cool temperature in the house.
Property value: one factor that raises
the value of any given property is the presence of mature trees. In
some instances, healthy trees can actually add 10% to the value of a
property. If you didn't know this at the time you purchased your
house, you may have unknowingly been investing in trees. This is a
fine investment to make, as their benefits are numerous, but now that
you know how much of your property's value is linked to the trees
it's home to, it gives you pause to think: just as you would protect
your home from damage with insurance, you should be protecting its
extensions—particularly the ones that give it value—from damage
as well. Obviously this will require some investigation: you'll need
to figure out if your trees are, in fact, valuable, and just how much
they are worth. You can do this by having them appraised (an arborist
or a real estate agent would be qualified to do this, though the real
estate agent's assessment would hold more weight). Once you know the
value of the trees, see your insurance provider to find out how you
can protect yourself against the financial loss associated with
damage to those trees.
When trees are a money sink:
Property damage: if you have a sick
tree on your property, and if it loses a branch—or even collapses
altogether, the likelihood that it will damage a part of your home or
other articles sitting on your property is quite high...and
unfortunately, your insurance policy will not likely cover that
damage. Nor will it cover you if your tree causes damage to a
neighbour's property. Prevention is key here: monitor your trees
closely and regularly. Trim branches so that you reduce the risk of
them growing too heavy, and subsequently breaking. Keep a close watch
for sickness too. Once a tree gets sick, its physical integrity is
really compromised, so you should remove it as soon as you can.
Knowing these things about trees, use
them to your advantage. If you have just moved into a new home and
plan to stay a while, consider planting trees to increase the future
value of your home. Research native species to increase your chances
of success in growing healthy trees. You'll be glad you did.
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