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Energy Efficient Mortgages (EEMs) were formally introduced by the Federal Housing Administration in 1995 to help consumers save money on utility bills by enabling them to finance the cost of energy-efficiency features for their new or existing homes as part of their FHA-insured home purchase or refinanced mortgage. The U.S. Department of Energy maintains that an EEM is one of the most beneficial programs consumers can use to capitalize on in today’s real estate market.
You can participate without the need to qualify for additional financing because cost-effective energy improvements result in lower utility bills—making more funds available for mortgage payments. You can upgrade windows and doors, install active and passive solar technologies, insulate an attic, replace older heating and cooling systems and fix or replace chimneys, etc.
The maximum cost of improvements you can add to your mortgage is either 5% of the property’s value (not to exceed $8,000) or $4,000, whichever is greater based on your property’s value. FHA requires that you make at least a 3.5% cash investment on your property based on the sale price. The total mortgage amount is based on your home’s value plus the projected cost of energy-efficient improvements.
Experts believe that an EEM can add an additional 15% of a home’s appraised value to the principal of a new loan or refinance, often at no additional cost, no compromise in the loan-to-value ratio for the borrower and perhaps a better rate. Benefits will vary and your lender will be your best source on what benefits you may obtain. Energy efficiency becomes an attractive selling point when you place the property on the market.
You may apply for an EEM with any HUD-approved lender, such as a bank, credit union or mortgage company. Click here for more information on EEMs.
HOME IMPROVEMENT TIPS
A Green Lawn Gets Positive Attention
Home buyers pay as much attention to the exterior of a home as the inside. They want to envision their kids playing in the yard, friends coming over for barbecues and lazy afternoons laying on the lawn.
Sure, bring in flowers, trim the bushes and paint the deck. But don’t forget the lawn. It’s important to get it in shape before showing your home.
Consistent care is key. Failure to invest in long-term turf care can cause a number of problems with your lawn. Give your grass the fertilizing and seasonal treatments it deserves:
In the spring, keep the grass high—removing more than a third of the total blade height when mowing can remove the food-producing parts of the blades resulting in a brown lawn.
Leave clippings on the lawn to help recycle important nutrients. However, if it has been awhile since you last mowed the lawn and you have an overabundance of grass clippings, rake them away so they don't suffocate the growing grass beneath.
Water deeply (down to a depth of 6 inches) and less frequently rather than lightly and more often.
If your lawn dulls in color or begins to wilt, then your lawn needs water.
Grass also acts like a natural air conditioner that cools the air as it releases water vapor through its blades. In Colorado's semi-arid climate, the air temperature over a lawn is noticeably cooler compared to the air temperature over the driveway or street.
Lawns are a safer surface for children to play on and provide the cool comfort we desire on hot days. Those are selling points that can help any home sale.
HOME IMPROVEMENT TIPS
Don’t Drench Your Home Sale by Ignoring Plumbing Issues
A plumbing checkup should be among your top priorities when preparing your home for sale. Potential buyers will flush toilets, turn on faucets and inspect showerheads. More seasoned “experts” will look under the cabinets for leaks and check for water spots. And home inspectors will check everything. The last thing you want is to drench a buyer’s enthusiasm because you didn’t fix a simple plumbing issue.
Major plumbing renovations may be huge selling points, but many homeowners can get as much credit by simply fixing leaks and changing out a few faucets. If you can’t make repairs yourself invest in a reputable plumber.
There are some simple things you can do before allowing prospective buyers into your home:
Make sure you have adequate water pressure.
Hire a local housecleaning company to remove difficult stains on porcelain.
Check as much of your plumbing as possible for corrosion or rust.
If you do nothing else, fix any leaks—they will surely be an instant deterrent for buyers. If your house has more than one story, a smart buyer will look at ceilings for water stains from leaking pipes. And of course, paint the ceiling following repairs.
Make sure that all faucet knobs are easy to turn and that sinks and tubs drain easily.
Updated fixtures catch the eye of prospective buyers. A relatively small investment for new faucets can really pay off.
No buyer wants problems. So take care of a few simple plumbing issues and prevent your sale from going down the drain.
HOMESELLING TIPS
Home Selling from Start to Finish
Even if you’ve sold a house before, it can be a daunting process. It involves many steps from selecting a sales professional and marketing the home, to negotiating with buyers and funding. Selling a home needn’t be intimidating:
List your property with a real estate professional.
Establish an appropriate price and time frame.
Develop and implement a marketing strategy.
Get your home in show condition.
An offer is submitted.
Negotiation leads to an offer.
Buyers submit a loan application and home inspections are scheduled.
The loan is approved and closing begins.
Time to move!
Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.
