Green real estate doesn’t mean you have to break the bank to buy top of the line green gadgets that aren't affordable. In fact, going green will put money back in your pocket!
Check out these tools and programs available right here in Victoria to encourage sustainable real estate solutions. If you have any questions give us a call:
1. Energy Mortgage
An energy mortgage is a mortgage that credits a home's energy efficiency in the home loan. For an energy efficient home, for example, it could mean giving the home buyer the ability to buy a higher quality home because of the lower monthly costs of heating and cooling the home. For homes in which the energy efficiency can be improved, this concept allows the money saved in monthly utility bills to finance energy improvements making the home more eco-friendly.
Increases Purchasing Power
Simply put, you could qualify for a higher mortgage because you’re paying less in utility bills every month. A recent analysis by the Environmental Protection Agency (EPA) confirmed that energy efficient mortgages can have a dramatic impact on increasing the opportunities for home ownership. The analysis found that an average of 6.8% more families would be able to qualify for a mortgage through an energy efficient mortgage.
There are Two Types of Energy Mortgages:
- Energy Improvement Mortgage - Finances the energy upgrades of an existing home in the mortgage loan using monthly energy savings.
- Energy Efficient Mortgage - Uses the energy savings from a new energy efficient home to increase your home buying power.
2. CMHC
Help the Planet, Help Your Wallet- Make the eco-friendly choice!
CMHC has added environmentally friendly features to the Mortgage Loan Insurance it offers. If you use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient, a 10% refund on the Mortgage Loan Insurance premium may be available. You could also have the added flexibility of an extended amortization (up to a maximum of 35 years) without a premium surcharge.
Simply put, if your down payment is less than 20% then you pay CMHC premiums when you get your mortgage. If you buy an energy efficient property then CMHC will cut you a check for a portion of that back.
3. Insurance
Build Green Coverage
Every home can be rated on a scale of 0 to 100. A rating of 0 represents a home with major air leaks, no insulation and high energy consumption. A rating of 100 represents a house that is air tight, well insulated and requires no purchased energy. For a brand new house a rating of 80 or higher is considered excellent. In the unfortunate event of a major loss to your house, the new Green House Program will rebuild your home to this rating.
Simply put, if you get this option for $30 a year BCAA will pay to rebuild your house to an EnerGuide rating of 80 in the event of a total or major loss. Also any appliances damaged as a result of a claim (regardless of the extent of the claim) will be replaced with energy efficient ones.
Green Rewards
Receive $10 in savings for every ENERGY STAR® qualified furnace or qualified major appliance you install as well as any energy-efficient hot water heaters or toilets you have. You can redeem these savings up to a maximum of $50 on your BCAA home insurance policy. This one time discount can be applied to any policy upon renewal as long as the appliances have been purchased in the last 12 months.
For more information get in contact!!
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