Sustainable, environmentally friendly condos are no longer just a dream. Nowadays, more and more people decide to make the responsible choice and create a safer living space for their families. Beautiful, modern and green, these condos offer many benefits and, although some still associate them with high building and maintenance costs, they actually save money in the long run. Here are some reasons why eco-friendly condos are the future of real estate and why you should invest in one if you have the possibility.
You can get a tax rebate
Whether you build a green condo from scratch or purchase an old one and transform it, you will need an initial investment to purchase the best materials. In addition to this, you’ll also have to pay a tax, but, if you live in Canada, you can get back all or part of this tax through the new condo tax rebate, which covers eco-friendly homes. You can apply for either a federal or provincial tax rebate as long as the value of the condo isn’t larger than $450000 and you respect the time limit, which can vary from one to four years. Don’t forget to ask your local authorities if there are any special incentives for buying a sustainable home. Many countries are trying to make a shift to environmentally friendly policies and encourage homeowners with incentives.
Eco-friendly condos increase in value over time
Eco-friendly condos are gaining popularity, with more and more buyers asking about energy efficiency. Thus, real estate experts estimate that in the following decade the demand for sustainable apartments will grow and that they will increase in value. Therefore, if you buy or build a green condo now, you will be able to sell it at a higher cost. Add the amount obtained from the tax rebate and purchasing the condo becomes a profitable decision.
They are more durable
The mission of sustainable condo builders isn’t just to help the environment by using safer, non-toxic materials, but also develop housing solutions that last longer. More often than not, regular condos are made with cheap, but flimsy materials that need refurbishment in a couple of years, so you only save money on short term. With a sustainable condo, you pay more at first, but they keep their integrity for years to come and you won’t have to replace doors, windows and furniture unless you want to.
Considerable energy savings
Last, but not least, a sustainable condo is built in such a way as to reduce energy loss, so your monthly bills will be reduced dramatically, especially the ones for heating and ventilation. You will notice the difference right away and one can even say that the condo will start paying for itself in a matter of years. Adding up all these savings, it’s obvious that going green is not only of great help for the environment, but also for your family. If you have been thinking about investing, now is the time to make a change and join the sustainable real estate movement.