According to the National Association of Realtors, parents gifting money to their children to help purchase a first home is a common experience. Gifting money is a type of down payment assistance that can help them realize their dreams of homeownership.
5 benefits of an efficient home
An energy-efficient home is a home that is comfortable, healthy, and safe. Whether constructing a new efficient home or making improvements on an older structure, making the switch to more efficient technologies will benefit you and your family.
Here are the seven benefits of an efficient home:
Reduced utility costs
One of the main reasons homeowners invest in an efficient home is the promise of reduced utility costs. By installing efficient systems that are designed to use fewer resources, homeowners can save a percentage each month. According to ENERGY STAR, an efficient washing machine uses 20% less water and 35% less electricity.
You can search for rebates and special offers in your area via resources like ENERGY STAR to help you save on certified products.
Lower environmental impact
A lower environmental impact is one of the main reasons homeowner’s make the switch to a more efficient home. Some advantages of a lower environmental impact include:
- Reduced greenhouse gasses
- Reduced water use
- Contributing to better air quality
Tax deductions and credits
When you make your home efficient, there are tax deductions and credits that you can take advantage of. The residential energy property credit “allows for a credit equal to the applicable percent of the cost of qualified property.”
There are some aspects of your home, like your roof, that may not qualify for the credit due to their construction materials. Talk to your tax professional for more information and how you can qualify.
Excellent selling points
If you choose to sell your efficient home in the future, its efficiency will be a great selling point—especially if it has been kept up-to-date. When selling your efficient home, remember to include a list of all upgrades, their installation date, and date of last maintenance.
Make your home efficient with an energy-efficient mortgage
When purchasing a home with the goal of being energy-efficient, energy-efficient mortgage are available. These mortgages help borrowers purchase or refinance a home that is already energy-efficient or finance energy-efficient improvements to an existing home.
To get an energy-efficient mortgage, you will need to get a home energy rating system rater to conduct an energy assessment to determine if the home is energy efficient and where improvements can be made.