Tuesday, January 29, 2008

"Ozone Man" and Buying Real Estate

Saw this piece about buying "green" houses. The article has many good tips but what stood out was the guidance that the pricing is nearly at a point where the "green" homes are the better value...

Five years ago, anyone who wanted to build an environmentally-friendly home could expect to pay a premium of 11% to 25%, depending on just how green they wanted to go. Now, they'd pay just 3% to 5%, says Jim Amorin, vice president for the Appraisal Institute, a professional trade organization. Those extra costs can easily be offset by the long-term savings on electric and other utility bills these homes offer. Just using an energy-efficient furnace or boiler could save you $570 annually, according to the Department of Energy.

Another selling point: While the average U.S. home lost 5.7% of its value in 2007, eco-friendly homes have held their value, even appreciating in price. Come sale time, a green property typically appraises for 10% to 15% higher than comparable conventional homes, depending on region and which upgrades were made, says Amorin.

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