14 Nov How landlords can save on utility bills
Landlords buy investment properties with hopes of earning rental income, but high utility bills can eat away at the profits. Learning ways to save on utility bills will help keep investment properties such as rental units operating profitably. Here are a few ideas to consider.
Replace old appliances
Outdated light fixtures and appliances may cost more to operate than newer models. Consider updating any rental units with newer, more energy efficient models. The energy savings in the long-run will be worth the investment. Not only will this save on utility bills, but fewer repairs will be necessary on newer appliances. That is a win-win!
Perform routine maintenance
HVAC units operate inefficiently with dirty filters, and electricity costs more for these apartments. Change filters monthly for the best HVAC performance. Another energy-stealing culprit is unsealed cracks around doors and windows. Sealing all cracks where heat can enter or escape is an easy way to save on energy bills.
Proper insulation will reduce energy costs in rental units. Even if all of the walls are not opened up, insulation can be added to spaces that are already open such as crawl and attic spaces. Tenants will not have to run heating or air conditioning as much in a properly insulated unit, saving even more on energy bills.
Energy efficient windows
Newer and more energy efficient windows will keep air from leaking and save money on utility bills. Look for double pane windows to help reduce drafts and keep rental units at a comfortable temperature.
Energy Star has more helpful information and tips for saving on utility bills. Do you have clients looking to invest in a rental property? Barsh & Cohen’s legal experts have decades of experience in preparing closing documents. Contact us to learn more about our legal services.