Owning and investing in real estate is one of the safest and smartest financial moves that you can make. Real estate almost always increases in price year after year, and regularly outpaces the S&P 500 and other more common investments. But owning and operating several investment properties involves a lot of work as well and it also comes with a lot of hidden costs. One of those costs comes in sustainability. There are many ways however that you can make your investment properties sustainable. Here are three things you can try to make your properties more sustainable.
Properties More Sustainable: Convert to Renewable Energy
The first thing that you can do to make your properties more sustainable is to convert them to renewable energy. This one may sound obvious, after all, renewable energy is obviously more sustainable than fossil fuels. But few landlords and property owners make the leap to renewable energy. Consider installing solar panels on the roofs of your units, this can provide almost all the energy that your tenants need. Plus, you can get deductions and tax benefits for installing solar panels in most states, check your local rules to see what benefits you might apply for.
Move to All Electric Appliances
The next change that you can make to make your investment properties more sustainable is to switch over to all electric appliances. There are all sorts of appliances that your properties will need, and the ones that are most likely operating with natural gas are stove tops, ovens, and heating systems. Electrical heating systems are more efficient than gas and oil heating. If you are looking to change over appliances slowly you should start with your heaters, as they are the biggest energy sucks and will lead to the biggest return on investment for making your property sustainable.
Properties More Sustainable: Reinsulate
The final thing that you can do to make your properties more sustainable is to re-insulate them properly. A lot of energy costs are spent on heating and cooling the home. Without proper insulation, your properties cannot maintain their temperature efficiently. By simply having your insulation replaced you can save thousands of dollars and make a huge impact on the environment. If it has been a decade or longer since your property has had its insulation checked this is your sign that now is the time to have it inspected once again.
Owning and operating investment properties is a smart decision. But operating properties that are not sustainable is not. Follow these three tips to make your investment properties as sustainable as possible and make a fortune while saving the planet.
Check out this article on valuable investments you should make into your property!
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