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Real Estate & Property Law

: Closing Real Estate in Chicago

"Ozone Man" and Buying Real Estate

By Peter Olson, Esq.

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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.

Full post as published by Closing Real Estate in Chicago on January 29, 2008 (boomark / email).