At a time when finding and keeping good tenants is more important than ever, many investment property owners are considering making updates to increase their property’s appeal.
Among those, a green makeover is well worth considering. Here are some smart ways to do it.
Good reasons to go green
With climate change, an ever-growing concern, greening your property is not only socially responsible but can increase its desirability. Many renters are now willing to pay more for apartments and apartment buildings with sustainable design features, such as energy-efficient appliances, lighting, water-saving features, good insulation, and bike storage.
Research by realestate.com.au and Origin Energy found that solar energy was top of mind for those surveyed when it comes to green living. Seventy-five per cent of renters said they would pay more rent to live in a property with solar energy.
Save water, save money
Water-saving features are definitely a selling point these days and one that has the win-win bonus of saving you money if you pay your property’s water bills. Installing water-efficient taps and showerheads and half-flush toilets are easy ways to achieve this. While a rainwater tank isn’t always an option for investment properties, if it is for yours this can hugely reduce water usage on gardens or even toilets.
Install energy-efficient appliances and lighting
When choosing appliances such as dishwashers, washing machines and dryers, be sure to look for ones with high energy-efficiency ratings. These are becoming more common and more affordable too. Likewise, choose eco-friendly lighting, such as LEDs, and outside lights that turn on and off automatically with movement.
Installing programmable thermostats in your rental property allows eco-conscious tenants greater control of the temperature in their home and how much air conditioning they’re using, as well as lower their heating bill.
Insulate your property
Properties that are well insulated keep tenants warmer in winter and cooler in summer while saving on energy costs. Installing double-glazing is an excellent way to achieve this. You can insulate windows cheaply with a transparent glazing film that helps reduce heat gain and loss. Even simply adding thermal-backed curtains can help.
Eco-improvements that also save your tenants money are a big selling point. According to the Clean Energy Council, homes with rooftop solar save an average of about $540 every year on their electricity bills. Your options will obviously depend on the type of property you own and your budget. Solar panels and solar water are at the top of many renters’ wish-lists. Tesla batteries, which help store energy captured from solar panels, are becoming more popular and affordable.
Consult your property manager
While many tenants want more sustainable homes, it doesn’t make sense to invest money on features your target market isn’t looking for. Our agents have in-depth knowledge of the local market and can help you make decisions that will work for you.
Going green is always a good idea if you’re undergoing a renovation. But speak to us before you make any significant investments in upgrading your property and get more bang for your buck.