Investing in buy-to-let property can be a great way to make money. But before parting with your cash, an investment strategy needs to be developed. Where should you invest? What sort of yields are you looking for? What ‘green modifications’, yes, ‘green modifications’, may need to be made to the home?
The way a residential building is constructed, insulated, heated, ventilated and the type of fuel used, all contribute to its carbon emissions, and can now seriously impact on the cost of running the property which is a crucially important factor to private renters, according to new research from Your Move.
The study found that 42% of tenants consider the environmental impact of a building important when making a rental decision.
Half of all tenants in London believe that property owners should give consideration to the environmental impact of their property and undertake measures to ensure that it is environmentally friendly.
Martyn Alderton, national lettings director at Your Move and Reeds Rains, said: “Whether it’s to reduce their energy consumption, save money or make a positive impact on the environment, it’s good to see that tenants consider the ‘greenness’ of a building an important factor in their rental decision.”
The survey also highlighted a correlation between the amount of rent paid and the importance of a building’s green credentials.
On average, those who pay more rent per month are also more likely to consider a building’s environmental credentials important, with 63% of correspondents who pay between £1,351-£1,600 per month expressing this view, compared to only 37% of those paying £350 or less.
Along with the building’s environmental impact, green spaces were also an important consideration for many tenants, with almost a third - 32% - of tenants surveyed saying they were interested in a communal garden and 30% were willing to pay more for a vegetable allotment.
Alderton added: “As we continue to build more and more homes for our growing population, it’s vital that we do whatever we can to create a more sustainable future for our planet and use our resources as carefully as possible.”