With energy prices spiralling upwards, the question many potential tenants are now asking is ‘how much does it cost to run the property?’

Here are some easy energy-saving upgrades, which your tenant will love, but won’t cost you the earth:

Review lighting options

Ensure all the light bulbs wherever possible are LEDs; as well as lasting up to 25 times longer than other light bulbs, they use approximately 75% less energy. Consider using sensors for entrance lighting – that way they won’t inadvertently be left on, and for outdoor entertaining areas, it might be worth investigating solar or battery-operated garden lights.

Reduce the water bill

Install water-saving showerheads, low-flow taps and timers. Also consider replacing a single-flush toilet with a dual flush and if your property includes white goods, chose washing machines and dishwashers with 6-star water consumption ratings.

While lovely gardens may attract some tenants, the high-maintenance and water consumption may are off-putting to others. Use mulch wherever possible and plant native plants, which are better suited to our climate.

Check the insulation

Roof insulation traps the warmth in the winter and reduces heat from entering during summer. By improving the home’s insulation, you reduce the need for heaters or air con, and as a result will reduce running costs.

Also fit doors with sealing strips to reduce drafts. Good quality curtains will also reduce window drafts, will act as a layer of insulation in the winter and will keep the heat out in the summer.

Increase the shade

Shading does prevent heat gain, and so will reduce air conditioning costs. If the property allows, consider installing awnings, shutters and blinds.

Regular maintenance

Keep on top of maintenance; leaky taps and showerheads result in an enormous amount of wasted water.

If a heating/cooling system isn’t regularly serviced, it will work less efficiently. Regularly maintaining your heating/cooling system will not only reduce the cost of your energy bills, but also make your system last longer.

Of course, if you have the budget, there are other, more costly energy saving measures you may want to consider, such as installing solar panels, high-efficiency heating, cooling and hot water systems, and double-glazed windows. However, you will need to consider whether you’re able to fully reap the cost benefits of this, both in terms of rental return, and what it adds to the property value.

Many energy-saving upgrades are generally a win-win all round; your tenants will save money on energy bills, you’ll increase the value and appeal of your investment property, and of course, it’s better for the environment.

Furthermore, any improvements to your investment property may attract a tax deduction so keep all receipts and consult with to your accountant to ensure these upgrades are recorded on your tax return correctly – some improvements may attract a depreciation value.

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.

We’ve been helping property investors and home owners since 1974, and we’d like to help you!

We’re local and family run, and we’re committed to making your property management journey as stress-free as possible.

With nearly 50 years in the business, we have the experience to help you get the best from your asset.

We’re always here for an informal chat to answer questions, so give us a ring on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office. Check out our Facebook page for more tips and ideas.