Have you ever heard a potential tenant complain about green updates to the house? Probably not! In fact, there are studies and many realtors and property managers who claim that tenants are willing to pay a higher amount of rental for properties with green updates. In this article, we talk about green updates that add value to the property.
Solar Power setup does come with a high initial cost, but it provides steady returns for the rest of your life, according to some. There are also multiple ways to reduce the upfront installation cost. You can use your tax credits or look for companies that offer a lower price and special discounts.
Even if you feel like you may be paying a hefty sum, know that it will add substantial value to your property. In fact, if you conduct an overall cost-benefit analysis, you realize that the investment is totally worth it. Solar power increases rental rates, resale value, and lowers the operational cost of the property.
It’s truly a win-win situation for the owner and tenant.
They get to enjoy the benefits of not worrying about utility bills, and the owner gets to enjoy higher monthly rent.
Energy-efficient insulation is also another update that can significantly increase rental rates and resale value. It can even drastically lower overall operational costs by maintaining the temperature and lowering the amount of energy required to keep the house comfortable.
If you want to lower the cost of upgrading the insulation of the whole house, we suggest you start with the roof. The roof gets the most sun exposure and is the first to heat up and last to cool down.
Energy-Efficient Windows and Doors
Energy-efficient windows and doors alone or with energy-efficient insulation can help the tenant save a substantial amount of money spent on utility bills. They also keep the dust out as they are sealed air-tight, reducing the amount of maintenance required to keep the house in optimal condition.
Here too, there are hacks available that can help you save on installation cost. You can install bottom seals or weather strips to close off any open spaces under doors. It keeps the insects and dust out and keeps the cooling and heating inside.
Zero VOC Paint
Paints with volatile organic compounds are harmful to one’s health. You will never hear a potential tenant complain about slightly higher rent if you tell them they don’t have to worry about their children breathing in hazardous chemicals.
LED lights are another energy-saving feature that allows you to increase the rent. They can also lower overall energy consumption and run cooler than other light fixtures, which also lowers the heating, ventilation, and air conditioning cost.
Make sure to look into these green updates that add value to the property. They help you earn more, benefit the environment and provide value to the tenant. Some of these recommendations do come with a hefty price tag, but they provide long-term benefits. In fact, you can effortlessly recover the overall installation cost of solar power and energy-efficient installation within a few years.