Designed to offer affordable housing, multifamily properties represent a promising avenue for investors. However, to drive optimum returns, it is crucial for property owners to provide energy efficient affordable housing options. Multifamily energy efficient apartments are not only easy on the pocket, but are also eligible for tax rebates. It is, therefore, important for multifamily property owners to an implement energy efficiency housing plan and hire a reputable redesigning contractor. If you are skeptical about investing in energy efficient multifamily housing, this blog post gives you five reasons to go ahead with a multifamily energy efficiency housing plan.
1. Reduced Environmental Impact
One of the biggest global problems today is greenhouse gases. World leaders are pledging to reduce emissions of GHGs and energy efficiency housing plan gives you an opportunity to do your bit. Improving the energy efficiency of a property can also help lower air pollutants by reducing the consumption of fossil-fuel-based energy. You can even contribute towards resource conservation and pollution prevention by purchasing energy star labeled equipment.
2. Improved Indoor Air Quality
Installing proper insulation system and sealing air leaks in home’s envelope and duct system can improve indoor air quality, as it restricts dust infiltration and odor intrusion from the outside environment and keep the air inside fresh. Adequate ventilation system is a must for every home, particularly the ones with senior and children. Ventilation is necessary to maintain indoor air quality and provide a healthy habit to occupants.
3. Lower Energy Costs
Energy costs is one of the major expenses that renters have to bear. Investing in energy-efficient appliances can help reduce energy consumption and make the units more affordable for prospective renters. According to federal government’s Partnership for Home Energy Efficiency (PHEE), improving energy efficiency can help households can save upto 30 percent on energy bills.
4. Improved Comfort
Every renter looks for a comfortable abode. Several conditions, such as cold floors, damp basements, and moisture on windows result in poor indoor comfort. Damp basements can lead to mold proliferation, structural damage, and increased indoor humidity that may, in turn, create moisture on windows, resulting in mold formation and damage to the sills. Investing in insulation and duct sealing can help owners improve indoor comfort. These measures help control the air entering the home, ensuring better air quality and controlled moisture levels.
5. Increased Home Value
Implementing multifamily energy efficiency housing plan can increase the property’s market value and rentability as most people prefer renting a home with energy-efficient features that keep the energy bills on the lower side. For investors who are looking to sell their asset in the near future, investing in energy efficiency improvements is a failsafe way to draw a high return on their investment.
Final Few Words
The highlighted factors give a clear indication why investing in multifamily energy efficiency housing plan is win-win proposition for multifamily property owners and investors alike. Before introducing any energy efficiency method, investors need to chart out a detailed plan about the resources and timelines required to execute the changes. In addition, investors need to hire experienced renovation professionals. Multifamily contractors can not only suggest suitable energy-efficient changes, but also ensure that every stage in executed according to the plan.
