If you have a rental property in Cheltenham then you’ll probably want to reduce your tenants’ utility costs to make life easier for them. Making upgrades to your rental property can also increase the value of your investment in the long run, enabling you to attract and retain tenants.
Here are the best ways to reduce your tenants’ living costs and to make your rental property more attractive to future tenants and buyers.
Install new, energy-efficient appliances
Upgrading household appliances to energy-efficient models is one of the most effective – and easiest – ways to reduce utility costs. Modern energy-efficient appliances are designed to use less gas, water or electricity, which means noticeable savings each month. Always aim for the highest-ratings you can afford when it comes to buying new dishwashers, fridges, washing machines and even kettles.
Install extra insulation measures
If the doors and windows in your rental property leak, they’ll let out warmed air, forcing the boiler (or whatever heating system your property has) to work harder to maintain a comfortable temperature.
Inspect window seals and doors for cracks, gaps and warped sections which may be letting warm air escape and seal them, either with draught excluding tape, new double-glazing or thermal curtains.
Installing or adding loft insulation is also important when it comes to maintaining comfortable temperatures downstairs – it acts as a buffer against heat loss in winter and heat gain in summer.
Go window-shopping
As in, look at buying new windows. If there are any single-pane windows in your rental property, replacing them is a priority as double glazing really helps to keep heat in. It can be expensive to replace a number of windows, but it may well be worth it, especially if there are noticeable cold spots in the property.
If your current budget doesn’t run to new windows, you can look into secondary glazing options. These options are much cheaper – as little as £10 to £15 per window and are often made from acrylic or plastic films. They work in the same way as conventional double glazing – by trapping a layer of insulating air between the panes – and you can probably fit them yourself, too.
Install thermal blinds
Even with double glazing, you can still improve the thermal efficiency of your rental property by using specialised blinds and curtains. These window treatments make another barrier between the inside and the outside, preventing both heat loss and gain and, like secondary glazing solutions, they’re much cheaper than new windows.
Look at the lights!
Installing LED lights is a brilliant (excuse pun) way to reduce your tenants’ running costs as they use less than a tenth of the energy consumed by halogens. The average LED light also lasts a lot longer, so they’re a very wise investment indeed.
Think about a new heating system
This is one of the more expensive upgrades, but it’s worth it as older, inefficient boilers can really soak up the pounds. Bringing in a newer, highly-efficient boiler will make a huge difference to your tenants and it’ll also cost you much less in repairs down the line.
A smart thermostat to go with your smarter boiler is also a good move, as being able to fine tune their heating schedule can reduce your tenants’ heating use by up to a third.
Bringing in energy efficiency measures is doubly worth it because it shows your present – and future – tenants that you care about their welfare and expenditure beyond their ability to pay your rent each month. Fostering a good relationship with tenants pays off in many ways – not just financially.
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