For property investors, becoming more eco-conscious is a great way to attract a wider range of tenants. More people than ever are now mindful of environmental issues and take steps to be more eco-friendly, whether that means reducing plastic use or preserving water. Since the home is one of the places you spend most of your time, including eco-friendly features and practices in a property is likely to help your investment stand out. Millennials are one of the most common demographics that drive demand for rental properties and are also more likely to buy into eco-friendly products or services. Therefore, if you want to attract a high demand for your buy to let property, it’s worth considering these tips on how to make a more eco-friendly property investment.
Buy a new build
New build properties are naturally more energy efficient than older period properties. Featuring high-quality windows with double glazing and better insulation, these type of homes are more effective at keeping heat in or keeping your home cool in the summer. This means that those living in a new build will cut the costs of central heating or cooling fans massively. To put this into perspective, research shows that owners of new homes are spending around £443.30 on average for energy bills, compared to a huge £1,072 on older homes. A number of property investment companies now focus solely on new build investment opportunities, such as RW Invest, who offer new build developments in key UK cities.
Add smart features to the property
Smart home trends have emerged over recent years and are expected to continue rising in popularity throughout 2019. These type of trends not only make life easier for the tenant, but they also have the ability to reduce energy use through features like smart lighting. Lighting that only comes on when a person is in the room, for example, means that it won’t be possible to leave lights on when they’re not in use. Ground source heat pumps and solar panels are other examples of popular smart home features, providing a renewable energy source for the property. Looking for opportunities that utilise these type of trends, or adding them to your investment property yourself, is a great way to attract more interest.
Encourage eco-friendly habits
So you’ve made your property investment more eco-friendly and secured a new tenant — how can you encourage your tenant to maintain an environmentally friendly home? Simple ways to do this include supplying your tenant with things like energy efficient light bulbs and eco-friendly cleaning products. This is a small gesture, but it reiterates the fact that you care about these type of environmental issues and could inspire your tenant to maintain the eco-friendly theme of the property. If your tenant encounters any issues that could result in energy or water waste, then be sure to act quickly and arrange for repairs which is another smart way to keep these eco-friendly practices in place.