Landlords have an unfair reputation for doing as little as possible to maintain their properties. If you’re an attentive landlord, you know how much time and effort it takes to maximize your investment while also doing what’s best for your renters. One way to optimize your property and strategically approach long-term returns is by converting your properties into energy efficient homes.
This might sound more overwhelming than it actually is. Turning energy efficient means making minor changes to your property that result in big rewards.
Today, many people are trying to invest in energy efficient practices. Why? Because it is more environmentally friendly and will save you money long term. And it’ll even save you money right now!
Here are five reasons why landlords should invest in making their homes more energy efficient.
1. More Environmental Friendly
Did you know that homes and buildings account for 40% of the energy used in the United States?
Making your home more eco-friendly will impact the environment immensely. By reducing energy consumption and using renewable energy sources, your carbon footprint will be reduced, and you can feel good about your home.
2. Your Home’s Value will Increase
It’s no secret that having an energy efficient home saves you money. What may be less known, however, is that it also increases the value of your property should you choose to sell it.
This is because potential buyers know that they will be spending less money on utilities once they move in, freeing up space in their monthly budget. So, if you decide to sell later on, you can reap the benefits of making changes now.
3. Save Money Long Term
By using energy efficient appliances and making your home as environmentally friendly as possible, you will save money on your monthly energy costs. This results in long-term savings that can help pay for any initial investment made to make the home more energy efficient.
According to the U.S. Department of Energy, the average energy efficient home saves 25% on utility bills–that amounts to thousands of dollars over the years and more than 2,000 annually for the average homeowner. As a landlord, you know saving costs on utilities is an attractive perk for renters and your pocket.
4. Improves Comfort & Quality of Living
Making your property as eco-friendly as possible can also help you maintain a comfortable lifestyle by providing better air quality and heating/cooling options. It improves your health and wellness by reducing irritants to allergies, asthma, and other respiratory problems.
5. Incentive Programs Provide Savings
There are many incentive opportunities for energy efficient homes, especially in California. These perks can include tax breaks or rebates for homeowners who meet energy requirements. Find out what’s available to you as a California homeowner.
Energy Efficient Homes: How to Get Started?
Making your home more energy efficient is a great way to reduce your monthly expenses and help the environment. However, many people are unsure of where to start or what changes they need to make. Here are a few tips on how to get started:
Set Your Budget
Any energy efficient changes can help, so make sure to set a budget for how much you can comfortably invest right now.
Evaluate Your Energy Consumption
The next step is to evaluate your energy consumption. You can do this by checking your energy bills and researching which appliances are drawing the most power. This will help you know what appliances to upgrade or replace with energy efficient equivalents.
Find Your Home’s Weaknesses
After evaluating your energy consumption, it is time to find your home’s weaknesses. Make a list of all the ways that your home cannot retain heat and cold by carefully inspecting each room for drafts or leaks in insulation or doors that are not airtight. You may also want to check for any outdated heating systems that need replacing, such as furnaces or water boilers.
Install New Appliances and Upgrades
Once you have taken measurements, it is time to install the new appliances and upgrades to make your home more environmentally friendly. This can include installing energy efficient windows or doors, insulation, lighting, water heaters, energy-saving appliances, and solar panels.
Once you make these changes, you will be ready to enjoy lower utility bills in your newly converted green home!
Need Help With Property Management?
If you need industry experts to help manage your energy efficient home, contact Amanica Real Estate & Property Management today.