IMPROVE ENERGY EFFICIENCY
The list goes on and on. This is a no-brainer tip to improve and increase the value of your property. • Install a smart thermostat • Add insulation to your attic • Sealing leaks around the doors and windows • Upgraded blinds and curtains • Buy appliances, including a water heater, with the Energy Star label Increasing the value of the property does not necessarily mean you have to spend more money on bathroom and kitchen renovations. A small improvement can create a huge return on investments. Start with a few minor changes by making the property energy efficient: WHO DOESN’T WANT TO MAKE THEIR PROPERTY ENERGY EFFICIENT WHILE SAVING MONEY ON THEIR ELECTRIC BILL?
Being energy efficient is all the rage these days. Not only does going green make your building more functional and lessen expenses for your community and your residents, but it also makes your community more attractive to environmentally conscious renters. Upgrading tired ‘basic model’ appliances with chic, mid- to high-end energy-efficient replacements will improve aesthetic quality from a leasing standpoint, reduce utility expense for potential renters, and improve the useful life of equipment. Installation of up-to-date air filtration systems would reduce required maintenance and create a reduced allergen environment. Modernizing facilities components will shape common area costs for the long-term. Introducing new HVAC and water-saving measures will have an immediate effect on NOI, not to mention the potential tax benefits for energy updates. These enhancements can carry a higher price tag upon purchase, but the enduring benefits of going green create additional value and are worthwhile.
Gita Faust Real Estate Investor
Elaine Simpson Real Estate Investor Author of The Indispensable Handbook for Property Managers Read Elaine’s Book
Author of Residential Property Management for Landlords: QuickBooks Desktop Read Gita’s Book
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