Go Green and Get More House For Your Money
We have talked about how eco-friendly home design can cut your long-term operational costs. Lately, more homebuyers are learning that “going green” can get more house, too!
Eco-friendly home loans, also known as “green mortgage programs,” will truly enable the borrower to get a bigger loan or a lower interest rate in most cases. Columnist David Myers recently fielded a question from a reader inquiring about such programs. Myers’ answer:
There are three ways a homebuyer can get a “green loan”. One way is to buy a new home that was designed energy efficient. Even if it means extra upfront cost, that cost can probably covered by the larger loan and will quickly be recovered through monthly energy and utilities savings.
Alternatively, a person may buy an older home that has undergone an energy efficient makeover. A buyer may also choose to redo their home themselves, restructuring their home loan terms in the process through a refinance. There are tons of ways to “green” your home, from choosing more energy-efficient appliances and plumbing fixtures to installing fluorescent bulbs. Of course, serious green home renovations would include projects like replacing all your old windows with the low-E variety.
There are a few extra hoops to jump through with the green loan programs, which have actually been around for years. However, all things green are hot property at the moment, so lenders are actively promoting their eco-friendly offerings. Look for incentives and perks to accompany the already-good deals. And you score some highly marketable real estate while helping the earth - what’s not to love?
December 11th, 2007 at 5:59 pm
[…] For those who have missed the Larry King special, missed the plethora of other media coverage, or who have generally been living under a rock, Brad Pitt is in New Orleans. He is spearheading the ‘Make It Right’ campaign to build 150 affordable, eco-friendly homes in New Orleans’ Lower 9th Ward, the area hit hardest by Hurricane Katrina. The effort is similar to one Pitt launched in August in partnership with the Global Green environmental organization. He points out the long-term money-saving power of “green” construction. […]
June 6th, 2008 at 10:32 pm
[…] For those who have missed the Larry King special, missed the plethora of other media coverage, or who have generally been living under a rock, Brad Pitt is in New Orleans. He is spearheading the ‘Make It Right’ campaign to build 150 affordable, eco-friendly homes in New Orleans’ Lower 9th Ward, the area hit hardest by Hurricane Katrina. The effort is similar to one Pitt launched in August in partnership with the Global Green environmental organization. He points out the long-term money-saving power of “green” construction. […]