We often talk about renovating your property to make it more attractive to tenants, but as well as the visuals, one big thing on your potential tenant’s tick list is….. how much does it cost to run your property?

With utility bills on the rise, here are three key areas of your property to consider installing energy-saving features which will add value and give your investment property the edge over others.

1. Keep it cool in summer and warm in winter

We love our long hot summers, but don’t let it be costly to keep your property cool. In the same breath, you don’t want it to literally cost the earth to keep warm.

Portable air conditioners/fan heaters are very thirsty when it comes to energy consumption so look at installing a split system energy efficient air conditioning.

Also check on your insulation – good insulation can help reduce cooling/heating costs by as much as 45%. Physical barriers, such as curtains, blinds, double glazing, window awnings all contribute to preventing heat from entering the home in the summer, and also leaving the home in the winter!

2. Electricity saving devices

Lighting accounts for about 6% of an electricity bill, so low-energy light fittings do help; LED down lights are a good option – and they are stylish too!

Also look at energy efficient options when installing appliances such as dishwashers, fridges and washing machines.

If you are tempted to put in a dryer, make sure your tenant has the option of using a clothesline too.

Tenants are becoming more proactive about energy efficiency, not just from a cost point of view, but also from an environmental aspect too.

3. Reduce the water bill

Consider installing water-saving features such as dual flush toilets and low-volume shower heads. If you’re including white goods in your rental property, a front-loading washing machine is more water efficient than a top-loader.  (Having water saving devices is a requirement if you want to charge the tenant for water usage).

If the property allows, it might be worth investing in a rainwater tank for your tenant.

When you’re considering upgrading the hot water system, the government website has hot water information which can help you choose the most effective system to save energy and money.

While we’re talking about reducing water waste, if a tenant reports a leaking tap, get it fixed promptly; a leaking tap is not only costly, it’s also intensely annoying for tenants to be living with a constant drip.

If you’d like to know more about how you can enhance your property to increase rental return, our property management services, or just about how property investment works and how it can help you reach your financial aims, please get in touch.

Quality property management doesn’t cost you money, it makes you money; with over 40 years of experience behind us, we’ve helped thousands of people achieve their financial goals through property.

Give us a call on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au  or pop into our Cardiff office for an informal chat.

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