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Purchasing an investment property can promise appealing returns. With the location, naturally, being one of the most important factors of an investment property, Rochester NY is certainly one place that ticks all the boxes. It has a favorable economy and cost of living, low unemployment, and easy availability of high quality properties, meaning that investors seeking growth potential and stability will be very satisfied in this thriving city. The “Green” Factor With more and more people pursuing a more sustainable lifestyle, it’s important that your rental property is attractive in that aspect; recent studies found that around 42% of prospective tenants consider a property’s eco-credentials. As a landlord, your decision to adopt “green” practices plays a crucial role in helping eco-conscious tenants reduce their carbon footprint, and, in the process, you’ll enjoy increased market value and lower energy outgoings. Insulation One of the easiest and most effective ways to improve energy efficiency is through the reduction of heat loss – the main culprit here is poor insulation in attics, walls, floors and roofs. A small investment can help improve your EPC rating (energy performance certificate), and the promise of reduced bills is very attractive to potential tenants. Eco-friendly roof, loft, and cavity wall insulation using materials like wool, plant fibres, and hemp create an environmentally friendly alternative and are highly effective. In addition, installing underfloor insulation can reduce your carbon emissions and help tenants save on heating bills. Transition to Renewables Transitioning to green energy sources can slash the utility bills of your investment property. Rochester NY is a progressive city with robust energy infrastructure in place, so consider installing solar panels, heat pumps, or geothermal units and switch to alternative, renewable energy sources. Although the initial cost can be expensive, even small changes can be a big selling point to prospective tenants concerned with high bills and their personal carbon footprint. Energy Efficient Appliances The installation of energy efficient appliances is an important part of making a rental property environmentally friendly. Minimizing the operational costs of appliances can be an influential factor to tenants. Replacing incandescent light bulbs with LED ones throughout the home will reduce their energy consumption by up to 90%, and while the initial cost is more, the long-term savings are proven. For other appliances like ovens, fridges, air-conditioners, and washing machines, look for the Energy Star rating, which means they reach the efficiency standards of the US Environmental Agency. Choose appliances with high ratings to reduce energy consumption, so your tenants will spend less on utility bills and be contributing to a cleaner, greener environment. Encourage Sustainability Once you’ve committed to sustainable practices, it’s vital you make it easy for your tenants to adopt them. There are many ways of encouraging a sustainability mindset, including ensuring recycling, waste and compost bins are labelled and color-coded; installing secure bike storage or an electric vehicle charging station; and putting water saving devices (like low-flow faucets, toilets and shower-heads) in place. Planting drought resistant plants in the garden can also be an effective way to reduce water consumption, lower maintenance costs, and support the biodiversity of your investment property. Rochester NY is fast becoming known as a compelling location for young, professional people – many of whom are eco-conscious and drawn to the prospect of a more sustainable lifestyle. Making your property more environmentally friendly with high-impact upgrades will not only put you ahead of the competition by increasing its appeal, it will also benefit the planet. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors. If you’re considering an investment property, Rochester NY based Torres Turn Key provides a holistic service for both commercial and residential properties. The company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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