As the number of electric cars increase, so would the number of renters that need an electric car charger. They will be looking for rental property owners that are willing to install one for them. Nearly 800,000 electric vehicles have been purchased by Americans over the last few years. There is an annual increase in sales of electric vehicles.
If a resident requests to have an electric car charger installed in your Grafton rental home, there are some things you should evaluate before saying yes. There is the up-front cost of the installation, there is the decision as to who will do the installation work, and there is the increase in value to your rental property. All these things need to be evaluated when deciding to install an electric car charger.
Placing an electric car charger in your rental home would interest the residents who own electric cars. This means that the location plays a big role in making the decision. Some areas have a lot more electric car owners than others. 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 Grafton property.
If you decide to install electric car chargers, be sure to let a qualified company do it for you. Allowing your resident to do it themselves may seem hassle-free but you run the risk of many things going wrong. The problem is that these are specialized chargers for electric vehicles. This means that professional installation is required; and in some cases, a permit and inspection by local authorities is also required. A significant amount of work and knowledge is required for the installation. This is why it is not wise to let the resident handle such an important process.
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 have to look for a new renter than it is to grant their 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.
As with any important decision, it’s important to weigh the pros and cons of fulfilling 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 Metro West-Worcester, we have trained experts with the knowledge and tools to help figure out the right decision for you. If you have any questions or would like more information, feel free to contact us online or call us at 508-329-6000.
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