The “green movement” is today’s most popular way to protect the environment and increase productivity. You might be surprised to learn that it could also enhance the bottom line of your investment property. You could increase the value of your investment by improving or adding various maintenance items
The first benefit is saving money while vacancies are available
2) Utilizing marketing incentives
3) Improve tenancy rates
4) Encourage tenant retention
5) Avoid risky situations.
Consider the following items when reviewing your investment, and discover if they can reduce your carbon footprint and increase your return on investment.
Energy Saving Incentives
Millions of Americans are looking for ways to save on gasoline, food, and utilities because of the rise in prices. Tenants may be attracted to these incentives if they feel they can lower their utility bills.
- Switching the airflow direction on ceiling fans is beneficial when seasons change.
- Install energy-saving light bulbs in kitchens, porches, and vanity lights.
- Put weather stripping on windows and doors. Properly close them to prevent air conditioner loss.
- Ventilate the attic to eliminate hot air and keep your air conditioner running efficiently.
- Install new, energy-efficient water heaters when necessary.
- Replacing old appliances with energy-efficient ones, such as washers, dryers, and refrigerators, when necessary.
- To reduce water waste, install low-flow showerheads and faucets.
- Use timed irrigation systems to maintain plants and reduce unnecessary water usage.
These items will not only reduce utilities, they are also tax deductible. Choosing the right tenants will lead to good tenancies. It will help attract the quality tenants you need if the landlord shows concern for their welfare. It is also beneficial for the property owner to maintain many of these items during the time the property is vacant and the bills need to be paid. You could contact property management Makakilo for more information in this regard.
Risk is already reduced in many of these items. There are nevertheless some areas of property management that should either be avoided or reduced for obvious reasons.
Running water
In order to reduce waste of a valuable resource and to avoid serious risks, it is crucial to avoid water waste inside and outside of properties. Leaky faucets or leaking toilets don’t make tenants happy. The increase in their water bill and deteriorating maintenance may inspire them to move. Standing water can result in mold, which is one of the most dangerous risks in property ownership or rental today. Mold-related lawsuits often result in settlements totaling millions of dollars.
Air-conditioning
To avoid costly repairs and promote preventative maintenance, air-conditioning units go through semi-annual or annual inspections. Replace parts or units as required.
Lead-based paint removal
Before January 1, 1978, the government had a requirement for the proper removal of lead-based paint and for the written notification of tenants. It is important environmentally and economically to properly dispose of the paint.
Removing old electrical strips and replacing them with new ones is a good idea. Make sure outlets are adequately covered. Make sure smoke detectors are in good working order.
There may be some items already in place or a few changes you need to make. Consider your property, tenants, and their welfare. The picture is even better if it also helps reduce global warming and save our planet.