With terms like “sustainability” and “eco-conscious” becoming buzzwords, it might seem like everyone is “going green.” If you’re a potential first-time home buyer who cares about the environment, you might be wondering how to tell if the homes you’re considering are eco-friendly.
While many houses are marketed as “green,” that term may mean a lot of different things to different people. Here’s some tips for assessing the true eco-value of the homes you’re considering:
Energy Efficiency
Conventional electrical systems rely on the burning of fossil fuels to generate the energy we use in our homes. That means the more energy we pull for heating or lighting, the more fossil fuels are used, which releases more greenhouse gasses into the atmosphere.
As the US Department of Energy explained, homes with energy-efficient features like LED light bulbs, double-paned windows and insulated exterior doors will help you to lower your energy usage. These features can also add value to the home and may be worth paying extra for as they can save you money on energy costs over time. When touring a home or visiting an open house, be sure to look for these elements.
The Energy Department also noted an environmentally responsible home will have quality insulation. Homes with air leaks will use 5 to 30 percent more energy each year than comparable homes that are properly sealed. Ask to look at the insulation in the attic and check the seals around doors, windows and heating and cooling equipment. Remember, you can always make these upgrades later, and it may be a negotiating point to bring up with the seller.
Renewable
Energy Systems
Solar panels and wind turbines are a great way to lower your environmental footprint and, according to the National Association of Realtors, they may even boost the value of a home. If you want to go green, you may be attracted to homes that already have these systems in place. Just be sure you read the fine print. The NAR cautioned if the current homeowner is leasing the solar panels or wind turbines, you will likely be required to take over the contract when you buy the house. This may require some additional costs or credit qualifications.
Ask for an Expert Opinion
If you’re really serious about sustainability, be sure you know how to cut through the marketing lingo and get to the facts. As Inman real estate news reported, just because a seller is listing their home as “green” doesn’t make it so. However, many real estate agents are trained in recognizing and evaluating green home features such as water efficiency systems, solar panels or wind turbines, or even the building materials used to construct the house.
If these features are important to you but you’re not sure what their fair market value is, work with an agent trained in appraising green features. They’ll help you work with the seller to negotiate a fair price and ensure the home is as eco-friendly as it claims to be.
At The Federal Savings Bank, we understand the value of owning your own home. As you navigate the home-buying process, contact our knowledgeable mortgage bankers, who are here to guide you through every step on the way.
By Michael Adler
Michael Adler is a Senior VP at The Federal Savings Bank and recently opened up the bank’s new Teaneck office. His office is located at 206 W. Englewood Avenue. He can be reached at 201-225-9301 or via email at: [email protected]. You can look him up at: www.thefederalsavingsbank.com/meyeradler – NMLS#28172.
