The greatest barrier to adoption of "green" retrofits is arguably the cost.

Homeowners, landlords and building owners all want proof that their investment will return a high yield in the future.

Cash for caulkers will hopefully be the impetus for change... Formally known as the Home Star Energy Retrofit Act of 2010, the "cash for caulkers" bill was recently approved by the House of Representatives.

The bill provisions $6 billion for energy-efficient or "green" retrofits. It is expected to fund renovations for 3 million families, create 168,000 new jobs and save consumers $9.2 billion on energy bills over the next 10 years. But in order to take advantage of upcoming funding, homeowners will need to do their homework.

Software Advice, a website that reviews mechanical estimating software, recently compiled a list of retrofits that are eligible under the bill. They researched the entire document, then broke out the requirements and rebate amounts for each retrofit.

They also combined the retrofits into three packages that will help homeowners get the best bang for their buck. For starters, homeowners should seal their house envelope and improve insulation.

A house envelope includes outer walls, windows, doors, floors and the ceiling. Without this first step, subsequent retrofits won’t be as effective. Homeowners can receive up to $3,000 back on any weatherization or insulation improvements.

Under the "Gold Star" program of the Home Star bill, rebate rewards go up to as much as $8,000. To learn more about who is eligible and how to qualify, visit: Cash for Caulkers – The Definitive Guide To The Home Star Energy Retrofit Act of 2010.

Serious wrecks or cosmetic jobs?

In the UK house prices have stayed fairly high despite the recession. But will fall soon (August 2010). Just wait!

This is mainly due to a shortage of properties on the market (low volume of sales) as people don't want to sell for less than they think their place is worth - even though this figure has been inflated by the recent house price bubble. However poor condition properties are now available at lower prices, as some realism has entered the market.

Some places might look terrible but only need minor repairs, a new kitchen and bathroom, new carpets, perhaps rewiring, new heating systems etc - these are easy jobs (although costs can mount) and will be suitable for beginners. Some places might look OK at first but have major structural problems like subsidence, big damp problems, damaged roof or walls, etc. These are much bigger and expensive jobs and unless you want to take on this, avoid.

Engineers' reports will be needed as some jobs aren't even feasible, especially if your aim is to make a profit on resale. Auctions are a good place to look as properties there are often difficult to sell. But look out for serious faults such as subsidence, big damp problems, damaged structure etc as these can cost more than you might guess to fix.

Take along a professional to view, or it might cost you later. Hire a surveyor or architect, or a builder, to inspect. Often you won't really have the time to do a big study before the auction date, but a professional can usually estimate and serious problems, or (usually) advise you to walk away. If the repairs are too great, get a big discount, or walk away.