Young Buyers’ Homes
Young people may be wise to buy homes rather than to rent apartments or houses. They can rent for many years, but renting will not give them equity to put into their next homes when they want to move. The high cost of buying property may prohibit some people from taking advantage of the benefits of owning homes. Rather than buying houses or renting apartments, investing in condos may be more cost-effective options. Purchase prices for condos are normally less than they are for single-family homes, and condo owners usually share the cost of major repairs with the other owners. In addition, condo owners never have lawn-care or maintenance expenses.
Developments featuring Leadership in Energy Efficiency Design (LEED) condos are becoming increasingly popular these days as more people learn to be concerned about protecting the environment and using less energy. We spoke to the experts at Evolo building Montreal condos to help us better understand the pros and cons of buying LEED condos.
Pros of LEED Condos
LEED is a voluntary program created to provide verification that buildings meet certain standards concerning energy efficiency. The program is internationally recognized and concerned not only with the construction of each building but with its complete life cycle as well. LEED-certified buildings typically have higher values than comparable non-certified buildings have and offer their occupants healthier, safer environments and lower energy and water bills.
The U.S. Green Building Council (USGBC) sets LEED standards based on research conducted by committees of experts, and 135 countries around the world now have nearly 50,000 established LEED projects. When a building is LEED certified, potential buyers and occupants have the assurance that the structure is environmentally friendly and energy-efficient.
LEED evaluates buildings focusing on their long-term, efficient use of energy as well as on their potential for providing healthy living and working atmospheres, and the buildings must earn points in a variety of areas.
Before the advent of LEED, businesses and investors often avoided going green because it was costly to construct buildings with energy-efficient systems. However, LEED encourages investors to focus on the long-term savings potential of environmentally responsible buildings. In addition, owners may qualify for tax benefits on LEED condos.
Buildings with LEED certification are typically easier to rent or sell because prospective tenants or buyers realize the benefits of lower energy costs. Consequently, those who invest in LEED condos should get good returns on their investments if they decide to sell them.
Cons of LEED Condos
LEED Point System
The LEED point system sometimes awards the same number of points for simple, inexpensive designs as it does for complex, costly procedures, making LEED certification less valuable than it may seem.
LEED certification can add significantly to the cost of a building. The research and paperwork involved in the process may require the services of a consultant, and registration and certification fees are expensive. In addition, sustainable materials and systems make the initial cost of construction higher.
A building can be LEED certified if it meets the certification requirements, even if those requirements are unsuitable for that particular building. In addition, LEED may not recognize excellent designs that go beyond its current categories. As a result, LEED certification is not always a reliable indication of a building’s true efficiency.
People who consider buying LEED condos can gain valuable insight about them by talking to other owners in the buildings and inquiring about the efficiency and comfort of their condos. At the end of the day though LEED-certified buildings are a standard above regularly built buildings and do seem like a healthy investment.