What may be surprising to discover is that real estate investing has many sustainable components to it that you may already be embracing.
And with a few strategic moves, you can rest assured that you are doing what’s in your power to mitigate the negative environmental impacts of real estate development today and for generations to come.
Create More Units from a Single Property
As the population continues to grow, housing will be required in order to meet demand. Rather than clearing an entire plot of land for one family home, that need will likely be filled with multi-family housing through the creation of townhomes or duplexes.
To take advantage of this opportunity, you could consider creating a multi-unit property from a current investment property that you already own, or you could purchase one with the intent to turn it into multiple units.
This move is not only friendly for the environment by taking up less land and requiring fewer building materials. It also helps your bottom line by creating more value from a single property.
Install Energy-Friendly Appliances
Many fix-and-flips or rehab properties are in need of updated appliances. Not only will replacing old appliances with newer, energy efficient versions boost your sale price or rent proceeds - it will also minimize the use of fossil fuels every time the home’s residents run their dishwasher, wash and dry their clothes, turn on the oven or open the refrigerator. It will have a positive environmental impact for years to come.
And, if you plan on updating the property, you’ll be minimizing the number of service calls required to keep those older appliances running.
One thing to remember is to dispose of old appliances responsibly. Make sure you’re familiar with your local regulations. You can also find out more from the EPA.
Embrace Green Features
Because of the growing effects of climate change, eco-friendly home features are clearly not going anywhere. So as a real estate investor, you have an opportunity to embrace technology in home remodels to attract higher-paying buyers and tenants.
In fact, you may already be doing this if you’ve installed a programmable thermostat, solar panels, lighting timers or radiant floor heating. All of these features not only benefit the environment; they create a better living experience for your buyers and tenants and save them money on their energy bills every month. So, they’re willing to pay more for them - creating a win-win strategy for everyone involved.
Commit to Doing What’s In Your Control
It’s easy to see how the effects of the entire real estate industry on the world can be overwhelming. That’s why it’s important that we each do our part to minimize our own personal environmental footprint.
And as a lending company that is comprised of real estate investors ourselves, we hold your same interests in protecting the value of your properties for years to come and safeguarding the quality of life for us all.