Buying a home is a task in itself, especially during the current seller’s market. Guild Mortgage has teamed up with The Home Depot to give buyers the opportunity to save on new energy-efficient appliances by rolling them into their home loans. Homeowners will not only get new appliances but save on utility costs as well.
“We know utility costs can be a big expense for homeowners and replacing old, outdated appliances add to those costs. With GreenSmart Advantage we can help our clients start off right, with energy cost savings that can last throughout the life of their loan. Beyond the cost savings, this program gives homeowners peace of mind that comes from knowing they’ll have brand new, energy-efficient appliances that are better for the environment,” Mary Ann McGarry, CEO of Guild Mortgage said.
The GreenSmart Advantage program allows home buyers to take 5% of a home’s appraised value and roll it into their mortgage if they purchase energy or water-efficient appliances. These can include refrigerators, dishwashers, smart thermostats, washing machines, and dryers.
Appliances and utility bills can be surprising expenses to homeowners. A recent survey from Bankrate reports that four out of ten Americans have only $1,000 for unexpected home expenses. Using this program helps a borrower put themselves in a better position financially.
“Part of the idea is that, with this program, that’s one less thing they have to worry about. You get a new refrigerator, a new washer and dryer, a dishwasher. You’re not going to be as concerned about those types of things breaking and then you have to go replace them and the cost you would incur with that,” Erin Watts, Vice President of Product Strategy at Guild Mortgage said.
Zillow did a study that concluded that homes with eco-friendly features sell faster for more money than those homes without eco-friendly features. In part of the study homes listed with electric vehicle charges and drought-resistant landscaping sell nine days faster. The National Association of Realtors sees a great value in promoting energy efficiency in listings.
“With the residential property market, in particular, homebuyers have expressed increased interest in eco-friendly factors like solar panels and energy efficiency,” NAR President Leslie Rouda Smith, a Realtor from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas said.
