Managing a rental property means choosing your upgrades carefully. Between tenants, it is practical to improve the home in ways that will result in higher rents and happier tenants in the future. Naturally, you’re looking for the best return on your investment. These improvements will repay themselves more quickly than others, either because they cost very little or because tenants value them very highly, or a profitable balance of both.
Energy efficiency is your best route for practical, high ROI improvements. Let’s look at the top five high-ROI energy efficiency improvements for your rental properties.
Weather stripping around doors and windows is used to seal in the HVAC and prevent unnecessary use of electricity. These strips are affordable and easy to install. They also have a profound improvement on a house’s energy efficiency, especially if the house had old or insufficient weather stripping before. The change in power bill could be profound with this simple, affordable improvement.
Upgrade & Seal Vents
Pay attention to the ducts and vents of the HVAC system. Replace old vents with new vents that seal when closed and direct air aply. Then use caulk or silicon sealant to attach the vents to the walls. This way, air only goes where it is directed inside the house.
Most people do not set their own thermostats optimally throughout the day. Who has the time to keep changing the setting to perfectly balance the outside temperature and the current needs of the family inside? A programmable thermostat can handle daily temperature changes, including running at a minimal setting when tenants are away.
Adding insulation to the home is a great way to quickly improve energy efficiency. The easiest place to add insulation (without opening up a wall) is in the attic. Add layers of loose or sheet insulation and consult with a roofer on placement.
New Doors & Windows
Last but not least, replace old doors and windows with items of newer and more efficient construction. This is a bigger investment, but also has a var greater ROI, because tenants can visually see and love the new apertures. Curb appeal is a big factor, along with new layered doors and well-sealed windows.