Warren Buffet, one of the most successful investors, says the key to building wealth is compound interest. But here’s the catch: it’s all about playing the long game.
In the realm of property investment, the same strategy applies. If you’re looking to be the Warren Buffet of the landlord world, or simply aiming to get the most out of your investment, you need to work to increase your income and decrease costs over time.
One of the most effective ways to achieve this is by making eco-friendly switches in your property. Not only do these changes benefit the environment, but they also add to the appeal of your property and, over time, contribute to significant savings.
Here’s how you can go green and save:
LED Lighting
One of the simplest switches you can make is replacing traditional bulbs with LED bulbs. Not only do LEDs consume significantly less energy, saving up to 90% in electricity costs for lighting, but they also last longer. This means a reduction in both electricity bills and the cost of replacing bulbs over time. Be sure to check if you are eligible for government rebates, as LED upgrades can cost as little as $33 when completed through an accredited electrician under the NSW Energy Saving Scheme.
Low-Flow Water Fixtures
Inefficient water consumption can really add up. By installing low-flow faucets, showerheads, and toilets, your property can use less water without sacrificing performance. This not only saves on water bills but is a very appealing feature for eco-conscious tenants.
Energy-Efficient Appliances
Packing a punch in performance and savings, energy-efficient appliances such as refrigerators, washing machines, and dishwashers are the savvy landlord’s secret weapon. Though they might command a higher price tag initially, these powerhouses are worth their weight in gold.
Native Landscaping
Think local when it comes to your garden! Native plants are in sync with the area’s climate, which means they’re less thirsty and require less maintenance. What’s the upshot? Your garden stays lush with less effort, and you’ll see those water bills and gardening costs take a pleasant dip. A win for your wallet and the local ecosystem!
Insulation and Sealing
Don’t let your dollars seep through the cracks! Boosting insulation and ensuring windows and doors are sealed tight are like giving your property a cozy blanket in winter and providing shade in summer. The result? The indoors stays comfy with less need for the heater or air conditioning, making those energy bills much more palatable.
Solar Water Heating
Solar water heating systems are like having a secret weapon for slashing those energy costs associated with heating water for the household. This isn’t just about saving money; it’s also about shrinking the carbon footprint of the property.
Solar Panels
While they require a bit more upfront investment, solar panels pack a punch in cutting down electricity bills over time. What’s more, you might find that tax incentives or rebates are within reach, helping to soften the initial costs. It’s a win-win – you’re harnessing the power of the sun for cleaner energy and keeping those utility costs at bay.
Implementing these eco-friendly switches in your investment property is not only good for the planet, but it’s good for your pocket too. These upgrades can attract high-quality tenants who value sustainability or are concerned about the cost of living, command higher rents, and save on utility costs. Embrace these green changes and create a win-win situation for you, your tenants, and the environment.
Prudential Real Estate Campbelltown | (02) 4628 0033 | campbelltown@prudential.com.au
Prudential Real Estate Liverpool | (02) 9822 5999 | liverpool@prudential.com.au
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | macquariefields@prudential.com.au
Prudential Real Estate Narellan | (02) 4624 4400 | narellan@prudential.com.au
