As we approach the Fourth of July weekend, I once again must sound my alarm for those renters on the fence about buying to finally declare your independence from the tyranny of your landlords! Why subsidize their lifestyle when you can be building equity in your own home ?  In many parts of the country markets are showing signs of stabilization and mortgage rates are at historic lows.  Of course interest rates are only part of the equation, but if you are confident that your income is secure, or if your source of income does not care where you live, there are a lot of places where the cost of housing has been dropping long term.
And for those who already own a home, consider declaring independence from the tyranny of your utility companies! The financial and environmental benefits of sustainable retrofits for the existing housing will only increase as energy costs rise.  The Home Star Energy Retrofit Act offers tax credits to homeowner’s for energy efficient upgrades. If you are replacing windows, doors, HVAC systems, or insulation improvements, all work must be completed by qualified contractors and you can get 50% tax credit for up to $ 3,000. You can also can get a 50% rebate, up to $250 for caulking windows and adding insulation yourself.
This week’s Real Estate Insight:
Believe it or not, sometimes it isn’t all about Real Estate; Fireworks and parades are happening all across the state this weekend. On the third, 3, Bristol hosts the Drum & Bugle Corps Competition, featuring top musicians from the United States and Canada, a prelude to the Big Fourth of July Parade.  Founded in 1785, Bristol’s festivities are the oldest continuous Independence Day celebration in America. Also on the Fourth, Chepachet hosts the Ancient and Horribles Parade, where no Politian is safe from spoofing,   and if you are seeking the Rockets’ Red Glare,  the Paw Sox are hosting fireworks above McCoy Stadium in Pawtucket following the July 2 and 3rd games.

 Someday the term green will be obsolete and everything will just be done with sustainability in mind, but today, out of the 5,922 single family homes on the market in MLS  only one of those,  18 Boylston Ave in Providence,  will be LEED  (Leadership in Energy & Environmental Design) certified Platinum by the US Green Building Council.

 This week, I had Chris West, from William Kite Architects and Dave Kessler from Native Structures on to talk about this remarkable new home and let me tell you, if you had to assemble a sustainable building “Dream Team”, these two would be on it . In 2008 Christine won the Providence Sustainable Housing Competition with her design for an affordable green model house that is available to builders with incentives to redevelop lots throughout Providence and Dave’s Company, Native Structures designs builds and remodels with sustainability in mind.

The LEED Green Building Rating System^TM provides a nationally recognized certification system for environmentally sustainable construction and focuses in five areas when evaluating a project, sustainable site development, water savings, energy efficiency, materials selection, and indoor environmental quality.  Developers have to register projects for evaluation, and accredited professionals then grade the project giving points for each approved design feature utilized. Structures can be accredited at four levels:  Certified (40-49 points), Silver (50-69 points), Gold (60-79 points) and Platinum (80 points and above). There are 100 possible base points, and 18 Boylston hopes to achieve a 98 when completed.

This Week’s Real Estate Insight:

The environmental impact of buildings is often underestimated, while the perceived costs of green buildings are usually overestimated.  A recent survey by the World Business Council for Sustainable Development finds the true average cost difference of about 5 percent for green construction.