January was not a good month for people who were interested in the idea of an ecologically friendly mortgage. Not only were there many reports released questioning the viability of many of the eco mortgages currently available on the market, but surveys around the world also showed that buyers aren’t really that interested in ecological concerns when considering purchasing a piece of property.
Considering the dominance that the environment has enjoyed in many of the western political circles over the last few years, these reports were very discouraging to the eco effect.
However, in a recent report released by the Times Online, it appears as if green mortgages have just scored a victory over their conventional opponents. The paper recently gave an assignment to design a sustainable dwelling that could accommodate the average urban family to three different eco-architects. The only stipulations on this assignment were budgetary ones, as the main goal of the assignment was to judge whether eco homes could be built on a budget similar to those of conventional homes that dominate the worldwide property markets.
By and large, the three eco-architects were able to get the job done with a decent amount of money to spare.
The first was a house designed to be a 1,500 square foot home by architect Dan Burr. This home, when finished had a property value of GBP 250,000. Another home, coming in at 1,800 square feet and designed by Justin Bere, had a price tag attached to it of GBP 400,000. Finally, a 2,500 square foot home designed by Catherine Burd clocked in at GBP 600,000. All in all, these prices are very comparable to property rates for similar non-eco homes in the area.
So what does this prove? For the most part, eco homes can be just as cost effective as their conventional counterparts. In fact, with these price tags being put on the price of eco homes, it can even be argued that eco homes for the same initial investment might have a greater return over time due to long term energy savings.