As electric cars get more popular, the number of renters who want rental property owners willing to have an electric car charger installed in the home go up as well. Americans have purchased roughly 800,000 electric vehicles in the past few years, with the number of electric vehicles sold increasing annually.
There are some things you should think about before saying yes should a resident ask for permission to install an electric car charger in your Waukesha rental property. Apart from the costs needed for the installation, your choice for who would perform the installation and the possible value an electric car charger is going to add to your rental property are all questions that should have carefully studied answers.
Depending on the location of the property, installing an electric car charger in your rental property to entice residents with electric cars might be smart. Some areas have a higher concentration of electric car owners than others. It could make a lot of sense to go and get it installed if there is a reasonable expectation that future residents would need an electric car charger in the rental property. In these places, getting an electric car charger installed could even pull in certain potential residents, allowing you to attract and keep great residents for your Waukesha property.
If you elect to install electric car chargers, it’s crucial to have a qualified company do it for you. Allowing your resident to handle it might seem like a means of avoiding hassle in the short term, but specialized chargers for electric vehicles require installation by specialists and possibly a permit and inspection by local authorities. There is quite an amount of work and knowledge needed in the installation, so such a critical process shouldn’t be left up to a resident to handle.
If you are concerned about cost, you need to weigh the upfront costs of installation against the cost of losing a great resident. It could be more expensive to replace renters than to take seriously their request for an electric car charger. Moreover, it’s a good idea to know whether there are any energy credits or other tax deductions available for getting an electric car charger. Tax incentives like these may help reduce the initial installation cost.
Just like any important decision, it’s wise to think of the pros and cons of fulfilling your resident’s request for an electric car charger. And you don’t have to figure it all out alone. At Real Property Management Greater Milwaukee, we have the tools and knowledge to help you to assess the situation carefully and make the decision that is best for you. Please contact us online or give us a call at 262-309-6961 for more information.
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