In today’s society, an economically viable purchase is equally important as an environmentally sustainable one. People are more cautious about environmentally hazardous products and services now more than ever, and are selecting products to purchase, including houses, that are retrofitted to conserve energy, or are able to be upgraded with energy saving materials.
One of the benefits of the recovering housing market is that builders are constructing new homes to supply the growing demand. Many of these new homes are classified as “green homes,” in that they are built with environmentally friendly materials that keep energy within the structure without wasting it into the atmosphere.
But green homes are more than just environmentally friendly. According to researchers at the University of North Carolina, homeowners who save money on utility bills are more likely to make mortgage payments on time and avoid defaults. The study, as reported on LowestRates.com, compared the rate of mortgage defaults within older homes, and newer models classified as Energy Star properties. The study results indicate that buying a “green” home will help keep more “green” in your wallet, and the research team took their research results to lawmakers in Washington to help reform the mortgage application process.
If you are in the market for a new home, there are plenty of green properties under construction across the country. Energy consumption rates suggest people who live in environmentally sustainable properties do save money on utilities, which is money that can be used to meet other financial commitments.
Mortgage providers and credit firms recognize the connection between lower utility rates and manageable mortgage payments. One of the goals of the North Carolina researchers is to convince mortgage groups in Washington that people who buy energy efficient homes deserve to pay less on their mortgages. While this means you will likely pay more money upfront for the home since environmentally sustainable properties are worth more, you will save more money over the long term. Lawmakers are seemingly receptive to the idea.
The housing recovery is good news for the economy, but as more people recognize the value of buying greener homes, the recovery will also help Americans become more environmentally responsible citizens.