Millennials make up the largest amount of renters in the market today. This generation—individuals who range from about 23 to 35—seek an entirely new way of living that previous generations did not desire. Due to various economic and cultural factors, Millennials get married much older, delay having children, and rent for much longer. Your property investment is your business, and you already have to account for unexpected expenses. Unplanned repairs, renovations, and how much an eviction actually costs will vary. But there are still trends worthy of investing in to make a profit. One of the most in-demand trends from environmentally conscious Millennials has been for greener, more energy-efficient properties. Therefore, it’s in your best interest to fit your property with greener technology. In addition, you can offset many of the costs by raising your rent. Here are just a few ways you can make your property more environmentally friendly.
Xeriscape Your Yard
Xeriscaping is the term used for a form of landscape design that requires little or no irrigation. This type of landscaping is generally low-maintenance, and is typically used in arid regions such as deserts. If you live in an area that receives little precipitation throughout the year, you might experience higher water bills due to the water you use on your lawn and plants. Non-native plants to these regions may require as much as twice or three times the amount of water as they would in their native regions. You may not notice it, but your green lawn and collection of tropical foliage is unfit for the climate in which you live. Enter xeriscaping. It may seem strange, at first, to rid your yard of grass in favor of native plants, but the results might amaze you. Do not mistake desert plants for being boring and dull. Xeriscape experts can create an oasis filled with an array of colorful plants that can liven up your yard. Not only will you save thousands of dollars over time on water, but you will reduce water waste—a selling point for the environmentally conscious.
Seal Any Cracks
Many older homes and properties experience sealing issues. Even the smallest gaps between doors, in ill-fitted windows, or other areas will release vital heat that keeps your property warm. This will cause you and your tenants to spend more on heating than necessary. Take care in sealing any cracks, and pay special attention to any structure such as a door that needs to be replaced. For extra care, hire a contractor who can inspect your house for you and point out any flaws in the structure that is releasing heat.
Install Proper Insulation
Another way to preserve natural heat without having to crank up the dial on your thermostat is to install insulation. Insulation is a material made of mineral wool, cellulose, and fiberglass, and it is spun into a think material that is installed in walls and attics. Why install insulation in attics? Heat naturally rises, and therefore most air escapes through the roof of the home. Insulation will keep the air from escaping through the top.
Solar Panels
You may have heard it time and again—solar panels are the latest and most innovative technology used to create renewable energy. Many believe that solar panels are the way of the future. What’s more, is that solar panel technology improves, the result is a more and more affordable investment. There are many who fear that solar panels are a costly investment with little hope of financial return. However, in many areas, this is simply not true. If you are interested in acquiring solar panels for your property, get an estimate from the solar panel companies in your area. They will be able to project how much energy you will save and how much money you will save not using electricity over the course of several years.
Once you’ve gone green and invested in these important upgrades, take your time to find the right tenant. Some of these upgrades may require occasional maintenance, and you want to ensure your tenants are up to the task. Having a strict qualifying criteria during your selection process will make all the difference in finding a good tenant.