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Green Home Valuation Gets a Boost

Posted by Green Builder Staff

Dec 9, 2015 1:04:33 PM

Will green homes finally get the appraisal values they deserve?


The Appraisal Institute and the Building Codes Assistance Project just released guidance related to valuation of green and energy-efficient homes.

“It’s a document that is long past due,” says Cati O’Keefe, Green Builder Media’s editorial director. “Home buyers have consistently demonstrated an interest in green homes because they offer lower utility bills, higher indoor air quality and comfort, and because it is the right thing to do for the planet. Now that they know their investment will also be valued accurately, it will make choosing green even easier.” New homes built to the 2012 or 2015 IECC [International Energy Conservation Code] are high-performing, and the appraisals should reflect that, notes Maureen Guttman, president of the Building Codes Assistance Project. “This letter gives the industry step-by-step guidance to help make that happen,” she says.

Appraised Value & Energy Efficiency: Getting It Right provides important information for all parties involved in the purchase or sale of a home that has green or energy-efficient features.

The guide:

  • offers ways builders can help the buyer assure a competent appraiser is selected
  • assists buyers in learning about the loan and appraisal process and working with the lender
  • offers information for lenders about hiring the right appraiser for the assignment.

Of particular importance, the guide has tips to promote the hiring of appraisers who are qualified to accurately assign a dollar value to energy-efficient features of homes. In fact, the Appraisal Institute offers an online list of qualified appraisers in the Appraisal Institute’s Valuation of Sustainable Buildings Professional Development Program Registry.

“Many home buyers don’t realize that they can reject an appraisal and request a new one if the appraiser does not have the experience or qualifications to accurately value an energy-efficient home,” O’Keefe reminds. “The fact that this guide is written with the home buyer in mind will help educate them on their right to an accurate valuation of their green home.”

© 2016, Green Builder Media. All rights reserved. This article is the exclusive property of Green Builder Media. If you would like to reprint this content, you are free to extract a short excerpt (no more than 1/4th of the total article), as long as you 1. credit the author, and 2. include a live link back to the original post on our site. Please contact a member of our editorial staff if you need more information.

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