Home Builders Go with Green Mortgages in Stagnant Housing Market

As the housing market continues to slow, home builders must find ways to stand out from the competition. If buyers are hesitant to pluck down cash on property under these circumstances, what can be done to attract them?

Weighing this question, a small but growing number of builders are looking to environmentally friendly construction to differentiate themselves from the crowd.

So-called “green” construction can take on various forms, ranging from certifying a home as energy efficient to using nontraditional construction materials and different kinds of home mortgage loan financing.

No matter the approach, builders say the method is a way to separate themselves.

“So many people have gone out and gotten their general contractors license and built a house,” said Donnie Canaday, owner of Canaday Custom Homes in Jamestown. “This is something we can do to set ourselves apart.”

Canaday will soon begin work on a home where the exterior walls will be built from concrete blocks, which provide better insulation, weather protection and lower energy costs than traditional wood framing. The 4,242-square-foot home, which does not yet have a buyer, is being built in the Vineyards subdivision in Summerfield.

Canaday is not the only builder looking for environmentally friendly options. Paul LaVene, president of the Carolinas Concrete Masonry Association, said he knows of two other concrete masonry homes that have been built in Guilford County.

And Cheryl Collins, executive officer of the Greater Greensboro Builders Association, said the association is organizing training in green construction, since several members have expressed an interest.

While environmentally friendly construction generally costs 3 percent to 5 percent more than traditional construction, buyers can make the difference up quickly in reduced heating and cooling costs.

Hamrick said the energy efficient home still for sale in Spring Lake Farm is about 4,600 square feet. The builder has guaranteed heating and cooling costs for the home will be less than $50 a month