The Basics of Buying a Green Home
Is there a Green Mortgage?
Yes! Unfortunately, only 3 lenders currently offer this new kind of loan, with less than 25% of mortgage brokers aware that green mortgages even exist. The borrower won’t have to pay for this new incentive, as the lenders are starting to offer more competitive rates. Title companies are starting to offer a donation on settlement statements to environmentally friendly organizations. Green mortgages are becoming a new trend as our world becomes more aware of its changing environment.
Finding a Green Home
Where can you find a brand new Green Home? Simply take a look around Western North Carolina. It has everything from green built real estate developments to energy efficient condos in downtown Asheville. There are also eco-friendly real estate developments outside of Asheville in small towns like Black Mountain, Marshall and Leicester, NC.
Or, if trying to stay locally in your area, ask your real estate agent for information on green builders.
Green homes incorporate intelligent design, the latest green technology, construction and maintenance elements to help drastically reduce the negative impact on the environment and improve the living conditions on the inside of the home. Less allergies, asthma and mold problems. The options are limitless!
Reaping the Rewards
Owning a Green Home can certainly be rewarding in the long run.
Check out Energy Star for more information about keeping your home green. Their many tips point out which energy is being wasted and where and how to avoid it. The on line site offers great advice on how to live green and how to continue to build green.
Also, The government offers great incentives and rebates for green homeowners. Did we mention Tax Breaks? Even utility companies now offer Wind Power to make an even smaller environmental footprint.
The Green, Green Mortgages At Home
A ‘green mortgage’ is a mortgage that is favorable to the environment. This means that lenders will plant a certain number of trees per loan; the idea being to offset its carbon footprint. They may also make a donation, on behalf of the borrower, to environmental causes, or the lender can offer funding to green property developments. Green mortgages are sometimes, although not exclusively, offered on houses that are in someway ethical or sustainable. Also most green mortgage lenders will not work with businesses that are known to pollute the environment.
Currently there are only three lenders that offer a full green mortgage package, with less than 20% of mortgage brokers aware that green mortgages even exist. But that’s not to say that you will be paying for the privilege of having a green mortgage, as already lenders are offering competitive rates.
Green mortgages are slowly becoming more popular as the public become more environmentally aware and some commentators expect ethical, sustainable and green mortgages will one day be the common form of home loan.
Home owners are also becoming aware of the benefits of making their home more ethical. Energy, and subsequently money, can be saved by simply having a well insulated roof. Recently it has been announced that the government plans to relax its planning laws top make it easier for home owners to add solar panels to their properties.
Next year will see the compulsory introduction of EPC’s (Energy Performance Certificates). Lenders and energy companies will be able to offer lump sums to home owners to make their properties more energy efficient. This coincides with the introduction of HIP’s (Home Information Packs) that all sellers will have to provide; property will also be given an A-G rating on how energy efficient they are. Homeowners who receive a low energy efficient rating on will be able to act and improve their properties score.