The three-page Appraisal Institute form should guarantee at the minimum that an
\nappraiser will take notice of a home’s energy improvements and seek to come up
\nwith a value adjustment for local market conditions.<\/p>\n
Here’s some good news for homeowners who’ve installed energy-saving features
\nbut haven’t been sure appraisers will credit them with higher valuations: Thanks
\nto a new industry-issued appraisal addendum, the odds have improved that such
\nupgrades get the fairer market value they’re due.<\/p>\n
The Appraisal Institute, the country’s largest and most influential association in
\nits field, published the long-awaited addendum late last month. It’s designed to
\nbe attached to any standard appraisal report covering a property with
\nsignificant green features. Owners, sellers, buyers, refinancers and realty
\nagents don’t have to wait for an appraiser to use it. They can download it at no
\ncost and ask that it be made part of the appraisal submitted to the lender.<\/p>\n
<\/p>\n
The new addendum won’t guarantee you that the appraiser will raise your
\nproperty value by the tens of thousands of dollars you spent on your solar panel
\narray, high-efficiency windows or geothermal system. But it should guarantee at
\nthe minimum that he or she will take notice of the energy improvements and seek
\nto come up with a value adjustment for your local market conditions.<\/p>\n
The three-page form is a response to growing concerns that although the Obama recognition to those often costly improvements.<\/p>\n The inevitable result: Owners are frustrated at what they consider lowball For example, appraisers complain that some realty listings claim that the The institute’s addendum runs the gamut of improvements and ratings, and goes Of special significance to owners who have had their houses audited or rated Any certifications such as LEED (Leadership in Energy and Environmental Appraisers using the new addendum should now be better equipped to identify Appraisers who have training in green valuations can also use one or more The addendum<\/a> is available at the Appraisal <\/p>\n Source: Latimes.com 10\/9\/11<\/p>\n By Kenneth R. Harney<\/p>\n","protected":false},"excerpt":{"rendered":" The three-page Appraisal Institute form should guarantee at the minimum that an appraiser will take notice of a home’s energy improvements and seek to come up with a value adjustment for local market conditions. Here’s some good news for homeowners who’ve installed energy-saving features but haven’t been sure appraisers will credit them with higher valuations: […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[244,247,225,249,75,230,239,1114,252,240,188],"class_list":["post-1006","post","type-post","status-publish","format-standard","hentry","category-real-estate-news-tips","tag-hollywood-hills-homes","tag-hollywood-hills-properties","tag-hollywood-hills-realtor","tag-hollywood-hills-realtors","tag-julie-kryukova","tag-west-hollywood-condos-for-sale","tag-west-hollywood-expert","tag-west-hollywood-properties","tag-west-hollywood-real-estate-expert","tag-west-hollywood-realtor","tag-west-hollywood-realtors"],"_links":{"self":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts\/1006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/comments?post=1006"}],"version-history":[{"count":0,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts\/1006\/revisions"}],"wp:attachment":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/media?parent=1006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/categories?post=1006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/tags?post=1006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nadministration and many state governments and utilities are pushing homeowners
\nto invest in energy-conserving components, standard appraisal forms \u2014 including
\nthose used by financing giants Fannie Mae<\/a> and Freddie Mac<\/a> \u2014 are not set up to give adequate<\/p>\n
\nvaluations. Refinancers can’t get the loan amounts they seek because the
\nappraisal report doesn’t factor in the monthly utility savings they’re getting
\nfrom their solar panels. Appraisers, for their part, say local real estate
\nlisting documents often don’t spell out in detail all the energy-efficiency
\nimprovements or they get the facts wrong.<\/p>\n
\nhouse is an “Energy Star Home” when in fact there’s nothing more than a few
\nEnergy Star appliances installed in the kitchen. The Energy Star Home
\ndesignation is a much higher standard: It requires qualifying under a
\ncomprehensive set of criteria for the lighting, windows, water heating and
\nhigh-efficiency appliances, among others.<\/p>\n
\nwell beyond energy efficiency. Though it has basic sections covering insulation,
\nwindows, lighting, heating, air conditioning and solar, it also covers
\nsustainability features such as the presence of water-saving or reclamation
\nsystems, landscaping that lowers either water or energy use, and even the
\npresence \u2014 or lack \u2014 of public transportation nearby that might help lower fuel
\nusage.<\/p>\n
\nfor green features and energy efficiency, the addendum asks for detailed
\ninformation on the rating or auditing entity, the dates of the rating, average
\nutility costs in the area and estimated monthly savings based on the rating
\nitself.<\/p>\n
\nDesign) must be attached to the report along with information on any changes
\nmade by the owners to the property since the certification. If the house has
\nsolar installations, the addendum asks for such details as the age of the
\npanels, the energy production in kilowatt hours for each array, and other
\ninformation relating to the energy savings attributable to the solar
\nfeatures.<\/p>\n
\naccurate, recent “comparable” sales in the area \u2014 a key part of coming up with a
\nvaluation, according to Joseph C. Magdziarz, 2011 president of the institute. In
\nother words, if you have a highly efficient, audited house with extensive
\nenergy-saving features as demonstrated by the addendum, an appraiser should look
\nfor prices of houses that sold recently with and without energy-efficiency
\nfeatures for indications of your home’s true market value.<\/p>\n
\ntechniques that essentially capitalize the documented monthly savings on utility
\nbills into a specific value adjustment appropriate for the local market. Sandra
\nK. Adomatis, an appraiser in Punta Gorda, Fla., who teaches green appraisal
\ncourses and is a nationally recognized expert, said the higher the utility
\ncharges in a jurisdiction, generally the higher the value gain from solar panels
\nand other energy-saving installations. For instance, in a relatively
\nhigh-utility-cost state such as California, said Adomatis, the value increment
\nfrom the same improvements might be double that in a relatively low-cost state
\nsuch as Florida.<\/p>\n
\nInstitute site, at http:\/\/www.appraisalinstitute.org<\/a><\/p>\n