From fashion to food and drink, so many industries are now looking for ways to be more eco-friendly. Many consumers now see environmental issues as an important factor when choosing whether to purchase a company’s products or services. With this in mind, property investors could stand to make their rental properties more eco-friendly in order to appeal to a wider target market. Millennials, for instance, are reportedly more likely to shop eco-friendly than other generations. With the majority of millennials struggling to buy their own homes, this demographic is also driving the demand for rental properties in the UK. Making your buy to let investment more eco-friendly is a smart way to cater to this in-demand tenant type. So what can you do to incorporate environmentally conscious aspects and practices into your buy to let property?
If you own a new build property, you’re already one step ahead. New builds are known to be more eco-friendly than older properties thanks to their energy efficiency. These type of properties are well insulated which means less need for central heating or air conditioning fans using up electricity. On average, new build homeowners spend around £443.30 on energy bills each year, while those in older builds can spend around £1,072. This, along with the modern designs and up to date facilities, is one of the reasons why new build properties are so desirable to a range of tenants. Investing in a new build property is a perfect way to show that you care about the environment.
If you want to go the extra mile when it comes to eco-friendly investments, why not consider utilising smart home trends. There is a range of smart home trends that can be used to reduce energy use in a property, making them ideal for eco-friendly investments. Things like smart lighting can help limit energy waste as it’s harder to leave the lights on when not in use since they automatically switch off when a person isn’t in the room. RW Invest is a company that takes advantage of smart home trends in their properties, offering investment properties with modern low-carbon technology. Other features investors could consider for eco-friendly buy to let investments are ground source heat pumps and solar panels, adding renewable energy sources that will help your property stand out to eco-conscious tenants.
Did you know that a dripping tap could end up wasting around five gallons of water a day? While the type of property you invest in and the features and facilities it includes have a big impact on how environmentally friendly the investment is, you need to also be aware of maintenance issues like these. Check that everything is up to scratch with the plumbing and taps before any new tenant moves in, and carry out any repairs if necessary. When your tenant moves in, let them know that they should always contact you if any issues like dripping taps or water leaks arise so that you can arrange for them to be fixed as soon as possible and avoid water waste in the property.