As electric cars increase in popularity, the quantity of renters looking for a rental property with an electric car charger has increased. It would be wise for owners to be willing to install one in their rental homes. Nearly 800,000 electric vehicles were bought by Americans over the last few years. The sales of electric vehicles have increased every year.
If a resident asks for permission to install an electric car charger in your Cypress rental property, there are a few points you need to evaluate before granting the request. You need to know the up-front cost of installation, you need to decide who should do the work, and you need to factor in the potential increase of the value of your rental property when you have the electric car charger installed. These points need to be carefully considered.
Owners with electric cars will surely be attracted to rental homes with an electric car charger installed. This means that the location of the property should be considered. Some areas have a large number of electric car owners while other areas may only have a few. If you can reasonably forecast the need for an electric car charger in the future, it may be good for your residents if you would have one installed. In these areas, certain types of residents— the ones of high quality— will be drawn to properties with an electric car charger. This would allow you to attract and retain the best residents for your Cypress property.
If you decide to install electric car chargers, be sure to let a qualified company do it for you. Letting your resident take care of it themselves may lead to many problems, and it would not be worth whatever benefit it could give. These are specialized chargers for electric vehicles, and they require professional installation, and possibly a permit and inspection by local authorities. There is a lot of work and knowledge required when doing the installation. This important process should not be given to the resident to handle.
If cost is a concern, then it is necessary to weigh the costs of both options. On one side, there are the upfront expenses of installation; and on the other, the loss of a quality resident. It may be more expensive to find another resident to rent the property than it is to grant the request for an electric car charger. It would also be smart to check and see whether there are any energy credits or tax deductions available for an owner who plans to install an electric car charger. Tax incentives like these really help lessen the initial cost of installation.
Just like in any important decision, it would be prudent to evaluate the pros and cons of granting your resident’s request for an electric car charger. And this is something you wouldn’t have to figure out by yourself. At Real Property Management Republic, we have the experts and tools to help you get a good grasp of the situation and make the right decision. Please contact us online or call us at 281-362-5001 to get more information.
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