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Make Green Renovations Pay
Value-add redevelopments also often include renovations that cut the cost of energy at their apartment properties. Savvy developers make sure to choose renovations that are likely to quickly add value and save money.
Developers make sure to balance the cost of renovations against the savings from lower energy bills and interest rates. Water-saving improvements tend to quickly pay for themselves. Energy improvements such as solar panels can be more expensive.
Borrowers who pledge to cut the water and energy used at their buildings by 30 percent can qualify for Fannie May and Freddie Mac’s popular “green” lending programs and receive interest rates by as much at 30 basis points lower than conventional financing.