Green Appraisers

When people buy a home the bank usually requires an independent appraisal. Unfortunately the current appraisers don’t take into consideration green building. A classic example in Brooklyn is a back yard with concrete is valued the same as a back yard with extensive landscaping.

Obviously the one with extensive landscaping is more valuable to most people, but such aesthetic elements are hard to put a price to. So the appraiser sticks to things like number of bedrooms, baths, square footage, etc. Whether zero VOC paint was used is absolutely not part of the equation.

But as more people wake up to the importance of green building, economics is slowly following suit.

Here is a green training or certification program for RE appraisers from The Appraisal Institute. They list people who have completed a course (and give Info on the training program). The program is still in its infancy but still there are appraisers in the NY area who have taken the certification.

As a side note, since appraisers and lenders work hand in hand, I found 3 green lenders that may use appraisers who “get it” or help make some connections:

1. Green Street Lending (Oregon);
2. Laconia Savings Bank (NH);
3. UMPQUA Bank (also Oregon).