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When a “Green” Rehab Can Be Profitable

Guest post by: C.J Lauria

Article Overview: Over the years standards in building have improved significantly. The whole concept of insulation in walls and attic was virtually unheard of 40 years ago. Thus, houses constructed prior to that era were much less efficient than their newer counterparts. Windows have become far superior over the standard applications dating from the 1970s and before.

When a “Green” Rehab Can Be Profitable

In this age of “green” everything, conservation is in the forefront of so many industries today. Among these is energy efficiency. In your real estate investing, there is a definite value to each energy efficient improvement you may make to a property. Let’s, however, examine the subject from a purely business standpoint with an eye on optimizing your rehab budget. After all, if you can’t operate profitably, you may not be able to operate at all. Over the years standards in building have improved significantly. The whole concept of insulation in walls and attic was virtually unheard of 40 years ago. Thus, houses constructed prior to that era were much less efficient than their newer counterparts. Windows have become far superior over the standard applications dating from the 1970s and before.

The concept of retrofitting windows on an investment property represents an expenditure of $1000’s and should be carefully weighed in light of a couple of factors. First, consider the neighborhood. If your property is part of a subdivision where the neighborhood was constructed all in roughly the same year, it is likely that your neighbors have been retrofitting their windows already. Your house may simply need to be brought up to the standard of the neighboring homes in order to be considered a comparable offering for sale. If the neighborhood has not yet gotten to that point, you may be faced with an “over-improvement” scenario that, as we have discussed before, can be a grave mistake for the real estate investment professional.

Secondly, it could very well be to your advantage financially to seek the “green” route on your property rehab. Thanks to the Housing and Economic Recovery Act, which created the Neighborhood Stabilization Program, many municipalities now have the opportunity to support certain green rehabilitation strategies. See if such a program exists in your local community. It may be fiscally wise to explore your “greener” options. Being the first one on the block to retrofit for new energy-efficient windows, insulation or other strategies may still prove a profitable proposition. Check and see what the green rehab specs are in your area. You can also go to greencommunitiesonline site(.org) for more information on this.

This is just another example of what a truly experienced real estate mentor can do for you. Don’t think that buying another set of REI books or CDs will be the “magic bullet” for your real estate investing business. Following genuine mentorship can very well cut years off of the natural learning curve and start making you money quicker by avoiding some of the common pitfalls of a new business. Stay tuned for more of my free tips.

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Article Tags: real estate home business, Real Estate Investing business plan, Real Estate Investing tips, real estate investment, real estate investment experts, real estate mentor



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