There’s no doubt about it, eco-friendly properties are the way of the future and one of the most attractive aspects of a home for potential tenants. Upgrades are a win-win for everyone, including the environment, as your tenants will save money on energy bills and you’ll increase the value and appeal of your investment property.
Here are five easy upgrades to get you started.
1. Check your insulation
It’s likely you’ve got air conditioners installed in your investment property, but reducing the need to use them is a smart move for energy bills and the environment. Get a professional to check the insulation throughout, especially if it’s an older home. A well-insulated house keeps warm and cold air in or out, depending on the season, and can cut cooling and heating bills in half.
Keep the water bill down with water-efficient appliances.
Leaky taps and showerheads result in an enormous amount of wasted water.
2. Switch to water-efficient appliances
Leaky taps and showerheads result in an enormous amount of wasted water. Take a quick trip to a hardware store and you’ll find a wide range of water-efficient appliances to keep that water bill down. Look for water-saving showerheads, low-flow taps and timers. Consider replacing a single-flush toilet with a dual flush and choosing washing machines and dishwashers with 6-star water consumption ratings.
There are plenty of ways to reduce lighting costs in your investment property. First up, switch to LEDs, from halogen and incandescent light bulbs. They last much longer and use approximately 75% less energy. For outdoor entertaining areas, provide solar or battery-operated garden lights, and sensors for entranceway lighting. Lastly, check that your property makes the best use of sunlight, with appropriate window coverings, transparent panels or skylights.
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4. Create a water-wise garden
Lovely gardens or backyards do wonders for attracting tenants, but can be a nightmare if they’re high maintenance and require excess water usage. Consider paved entertaining areas and walkways, instead of grass, to reduce the need for mowing and watering. Local plants that grow in your area are the best choice, as they’re already perfectly suited to the environment and need little more than nature to thrive.
5. Invest in solar panels
While it’s an outlay to begin with, installing solar panels on the roof can save hundreds of dollars each year. This means lower electricity bills for tenants and the possibility of higher rental income for you, as solar power is a sought after feature. That’s all without mentioning a large reduction in your carbon footprint.
Once you’ve made your upgrades, don’t forget to advertise the fact, to let potential tenants know that your investment property is an environmentally-friendly, sustainable choice for them.
This information is provided by DPN Pty Ltd ABN: 94 630 700 186 Australian Credit Licence 514759. DPN Finance Pty Ltd is an authorised credit representative 504129 and related entity of DPN. Credit for Dream Big 100% Offset and Work Smart 100% Offset is provided by Adelaide Bank a division of Bendigo and Adelaide Bank Ltd, ABN 11 068 049 178 and Australian Credit Licence 237879.