When renting out your property, it can be discouraging to see your profit disappear into bills and utility costs. Although you have a rental that is profitable, it can easily, in the blink of an eye, rack up your utility bills, which add up over time. Thankfully, you can reduce those costs and save money on utilities through small changes!
Let’s go over what you can do in order to save up on utilities.
Switch to LED
Nowadays, more and more landlords are switching to LED lighting, not only because these lights are cost-effective but also because they offer better and brighter lighting.
LEDs come with tons of perks including dimming, different light color temperatures, and very low maintenance needs. While some might think LEDs are cheap and not good, they are quite affordable and better for the environment at the same time. Some eco-conscious tenants might even be interested in having a home that uses primarily LED lighting.
Install programmable thermostats
You’re wasting a ton of energy if you keep your apartment or house heated when you’re not there. If no one is around for eight hours during the workday, you can install a programmable thermostat, or a smart thermostat, to help control the furnace and air conditioner.
This will turn the heat off during the hours when no one is home and can be programmed to turn it back on a little bit before someone gets home. According to these San Diego property managers, some thermostats allow you to even program target temperatures during peak hours of the day so you can use less energy and keep it off during those hours.
Using a programmable thermostat allows you to control the heating and cooling systems remotely and conveniently save money on utilities, as they can help you control the temperature of your property and keep it turned off when not needed.
Air leaks allow cold air or warm air to escape through poorly insulated areas of your home. Not only are you losing heat, but you’re also losing money at the same time. An easy fix for this problem is to get some inexpensive insulation from your local home improvement store and cover up all those areas where heat or air conditioning might escape. Start with foam weather stripping for your doors and windows, as it’s cheap and extremely easy to apply.
If the problem with air leaks is severe, you can ask your property manager to inspect the apartment and re-insulate your doors and window. This is one of the easy ways to save money, as it’s really easy to have it checked.
Monitor the water leaks
Water is essential for survival, but it can also get very costly if not monitored. Many look over the fact that the tiniest bit of water getting through a broken pipe can add up over time and cause your property to bleed money.
Though they may appear benign, a leaky faucet, dripping pipe, or a running toilet can increase your water waste and lead to a higher water bill each month. Ask your property manager to conduct regular inspections and fix these drips or leaks as soon as possible in order to reduce water consumption and save on that utility bill.
Water efficient showerheads
Try installing a low-flow showerhead, as it can save you some money in the long run. Just like switching to LED lighting from incandescent bulbs, using a shower head that dispenses less water can be a great way to save cash since using water-efficient showerheads can reduce water consumption by 10 gallons for every 10-minute shower.
While it’s true that very few tenants will be thrilled about moving into a house with a low-pressure showerhead, even with low-flow showerheads, weak water pressure won’t be an issue. That’s because these showerheads are designed to eject small amounts of water but at the same high pressure offered by other standard types of showerheads.
We can all agree that utilities can really eat into your rental income if left unchecked. The only way to check whether you are lowering or increasing your utility costs is by monitoring your bills. To be able to maximize your income, you’ll have to reduce your utility bills. And, with the tips above, achieving this will be easy for you.
A property manager can help you in this matter by keeping track of everything that goes on your property while giving you knowledgeable advice on how to minimalize the costs as much as possible.
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