Why Energy Efficiency for Your Rental Property Matters
Having an investment property is a great way to add extra income coming in on a regular basis. One of the most important things to keep track of when managing your investment property is the ROI (return on investment). It is important to keep an eye on all expenses as they greatly impact the ROI. Another aspect that impacts ROI is keeping your property rented because without tenants there is no income but there are still expenses.
A property that offers things tenants are looking for is a great way to attract and keep them. One draw for tenants is an energy-efficient rental unit. This will allow them to enjoy a lower monthly energy bill. The property owner will also reap the benefits when the property is between tenants.
How To Make a Rental Property More Energy Efficient?
Making your investment property more energy efficient is an upfront expense but it will pay off in the long run. There are a variety of ways to make an investment property more energy efficient:
New lightbulbs – Switch out all lightbulbs to energy-efficient longer lasting LED bulbs. These bulbs also save time because they don’t need to be changed as often.
Insulated/sealed doors and windows – Caulk or add weather stripping around doors and windows. In Florida, you usually want to keep cool air in and warm air out so sealing doors and windows is a great way to save on energy.
New windows – If your rental property is older, you may want to install new windows. This will help block light and heat and also helps with condensation issues.
Window shades – Reduces glare, keep the temperature in the home more consistent, and shields the inside from the sun.
Clean the refrigerator coils – Did you know that the refrigerator uses a lot of energy? Clean refrigerator coils contribute to energy efficiency plus will make it run quieter and helps the refrigerator last longer.
When it comes to other appliances like the washer and dryer, stove, dishwasher, etc. Instead of replacing all appliances at once, as they stop working, switch them out with more energy-efficient appliances.
According to the U.S. Department of Energy and the EPA look for the Energy Star logo when choosing appliances. Appliances that display this logo are much more energy-efficient than the average comparable model that doesn’t have it.
Making your investment property more energy-efficient is an easy way to attract and retain tenants, save on energy costs, increase the ROI of your rental property, and do your part for the environment. It may require an initial expense but it will pay off in the long run. Take advantage of these energy tips to get started making your rental property more energy efficient today.
If you are tired of all of the tasks involved in managing your own investment property, contact Reed Property Management today! Let us do all of the work for you so you can spend your time doing what you enjoy most.
