As a landlord, the winter brings many challenges. From taking measures for preventing slip and fall injuries to ensuring pipes and heating systems in your rentals last through the season, it can be a busy time for property owners.
Additionally, you probably know utility bills can go up during winter. Tenants simply need to keep warm. That means running the furnace more often. Additionally, you’re going to need to turn on outdoor lights earlier to compensate for dark winter nights. This drives up electric bills.
That doesn’t mean you need to pay more than you can afford on your rentals this season. There are plenty of ways to ensure utility bills stay reasonable during winter. The following tips will help.
Maintain the HVAC System in Your Rentals
Performing basic maintenance can significantly boost your HVAC system’s efficiency. Make a point of checking your HVAC filters regularly, and replace them when debris builds up. Clogged filters block the flow of air. As a result, your system will need to use more energy to keep the building warm.
It’s also smart to schedule an inspection before winter. Doing so gives you the opportunity to address any other issues that may reduce the system’s efficiency before minor problems result in major bills.
Caulk & Seal
Make sure the caulking and weatherstripping on all doors and windows is tight. Taking the time to re-caulk and apply new weatherstripping helps to prevent cold air from getting into the building. Thus, units will be better sealed and tenants will feel less need to run the heat in your rentals.
It’s also important to check the building for any cracks. Seal all cracks you find to keep drafts out.
Upgrade Your Thermostat
You can’t exactly control how your tenants use the heating system in their units. However, your rental properties almost certainly have common areas. Upgrading to a programmable thermostat in these areas lets you reduce energy usage. Instead of manually adjusting the temperature, you can set thermostats to adjust automatically. Doing so could reduce your energy bills by as much as 10% over the course of a year.
Install Proper Lighting
Obviously, it’s important for walkways, stairwells, parking lots, and other frequently-used areas to be well-lit during winter nights. That said, there will also be areas of your property where the outside lights don’t need to be left on all the time. Installing automatic lights, which turn on only when someone is nearby, helps reduce your energy usage.
Check Your Insulation
Always check the insulation of your investment properties early in winter to confirm it’s still in good shape. If not, replace it. Doing so is worth the minor amount of time and money involved. In the long run, keeping your rental property insulated helps you use significantly less energy than you would otherwise.
Check Appliances in Your Rental
Old appliances often don’t run as efficiently as new ones. You could save a lot of money on bills by upgrading to a new furnace, for instance. Research your options, determine how close your current appliances are to breaking down entirely, and consider swapping them out for new ones.
These basic steps will help you substantially reduce bills for your rentals during winter. By keeping bills low, you can make your investment property much more attractive to tenants by charging lower rent, adding key amenities, and making needed improvements. As a result, you won’t just save money; you’ll make even more.
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This article has been contributed by Rae Steinbach.
