NY Metro FHA Appraiser for LEED/Green Residence

[EdNewman]

This might be a long shot, but I figure I would give it a shot. I recently completed a complete reconstruction on my home. It was done to a very high level of fit and finish and with great attention to green building and hurricane resistant constructino (waterfront property). I plan to refinance this summer but am trying to find a FHA approved appraiser that understands "green". I spoke to one gentleman who my mortgage broker usualy works with and when I started saying zero-voc paint; variable speed, scroll compresser heat pump and spray foam and recycled denim insulation and he said... huh? When I mentioned I put in Sub-Zero 700 series integrated refidgerators, he asked what that was... "one of those hidden ones like in a mansion?" Any suggestions on where to find a Long Island or NYC based appriaser that would understand this stuff and put a fair value on the home?

Ed Newman

 

[mike32716]

Your best bet Ed is to document the energy usage in your house and compare it to a typical non-green house like yours. This savings can be directly translated to value. While I aplaud your green initiative the value of earth friendly materials may or may not contribute to a higher value. The fact is there is little market data to show the difference between green materials and traditional materials, the exception being energy savings for which an additional value can be calculated. These calculations have been done for years with Energy Star homes.

 

[Cigar]

Ed:

You could try these people and see if they know of an appraiser familiar with this, new territory is always tough when dealing with hide-bound rules.

 

[Tony V]

This might be a long shot, but I figure I would give it a shot. I recently completed a complete reconstruction on my home. It was done to a very high level of fit and finish and with great attention to green building and hurricane resistant constructino (waterfront property). I plan to refinance this summer but am trying to find a FHA approved appraiser that understands "green". I spoke to one gentleman who my mortgage broker usualy works with and when I started saying zero-voc paint; variable speed, scroll compresser heat pump and spray foam and recycled denim insulation and he said... huh? When I mentioned I put in Sub-Zero 700 series integrated refidgerators, he asked what that was... "one of those hidden ones like in a mansion?" Any suggestions on where to find a Long Island or NYC based appriaser that would understand this stuff and put a fair value on the home?

Ed Newman

Ed,

Although the initiatives that you took to build a Green House are commendable, Mike is right when he said ""The fact is there is little market data to show the difference between green materials and traditional materials, the exception being energy savings for which an additional value can be calculated. """

Green Homes of this magnitude are relatively new on Long Island. Depending upon where the property is and the data information available will determine how the market reacts to these types of improvements. The combination of waterfront and Green makes this appear to be a rather complex appraisal.
If you like, contact me at resurf @ optonline.net (remove the spaces).


Tony V

 

[gilch]

Over Improvement ?

 

[Tony V]

Over Improvement ?

Depends upon where it is built and when it was built...

Some townships and villages are requiring and/or pushing hard toward GREEN for new construction....building codes are constantly changing...

a couple of years ago when my Brother in law added a second story they had to install ""Hurricane Straps"" and the dwelling was in the central portion of Long Island....