Everyone talks about water efficiency and rebates, but not many home owners property managers realize the huge savings and environmental benefits associated with upgrading to more water efficient fixtures. Anyone can easily cash in on cutting water usage while helping their community become more environmentally friendly.
If you’re hesitant about the upfront cost of retrofitting, don’t fret! There are plenty of government rebates that allow you to receive financial assistance to implement water-efficient systems. Here are some of the best ideas available for even the biggest water hogs:
Toilets. Replace your old toilets with a dual flush or low-flow toilets. These dual flush toilets can reduce the typical 1.60 gallons per flush to a reduced 1.28 gpf. If you replace your toilet, you are eligible for a $75-$100 rebate. Just this simple fix will save you $1,000 in water and sewer charged over 10 years.
Laundry. Apartment communities can save 330% more water, or 8,216 gallons of water, per year per unit by using a common-area laundry room instead of an in-unit washing machine. Giving tenants the responsibility of using community laundry facilities make the tenants use the machines smarter and more efficiently.
Irrigation. Rain water is free, why not utilize it as much as possible? Install smart controllers that will turn off when its raining and only turn on when the grounds really need watering. Plus, be sure to install drip sprinkler heads to reduce the overall cost of irrigation.
Showers and Faucets. According to a recent study, approximately 73% of water used in a typical shower is hot water. Low flow shower heads and faucet aerators can reduce water consumption. Reducing water consumption not only reduces the amount of water used, which saves overall water usage, but it also reduces hot water usage. The hot water usage is especially important as this is the most costly water. Installing high-efficiency shower heads will save about 7,800 gallons of water per year in an average household! That is an absolutely amazing number.
Kitchens. Energy Star dishwasher models save both water and energy. There are cash incentives up to $3,000 for replacing inefficient kitchen equipment with water-efficient equipment.
Be sure to give Elite Home Remodeling a call today to find out how we can help you with your new renovations and remodeling projects as well as how we can help you save the environment while saving money!
The federal Real Estate Owned Rental Initiative took its first step on February 1st of this year when the Federal Housing Finance Agency announced that investors could begin pre-qualifying for the upcoming bulk sales of real estate–owned (REO) properties belonging to Fannie Mae.
Then, a few weeks later, Freddie Mac declared that it is in the early stages of developing its first ever multifamily loan product, which could help clear single-family inventory by increasing the number of investors who qualify to purchase the bulk REO properties held by Freddie Mac and Fannie Mae.
Although this information is great news for investors looking to buy some distressed property, Freddie and Fannie have remained tight-lipped about the potential financing for transactions under the REO initiative, leaving room for speculation about the types of deals available for investors.
“Investors will be able to offer higher up-front prices for the homes if attractive financing is available, which in turn will act as a stabilizer for the market as a whole,” said Thomas Shapiro, president of GTIS Partners, in an interview with Businessweek.
A big consideration for determining where and what type of properties to buy is geographic concentration. Areas with growing economies and attractive percentage yields are great for buying single-family property while other areas, such as Phoenix, Atlanta, Las Vegas, Chicago, and southern Florida are better suited for multi-family investment purchases.
Concerns do exist that investing in single-family property pools that are too geographically spread out will create management problems. Mismanaging these rentals could make an even bigger mess out of our already struggling housing sector.
Plus, a Federal Reserve white paper released on January 4th stipulates that “not all of these REO properties are good candidates for rental properties, even in geographic markets with sufficient scale. Some properties are badly damaged, in low-demand locations, or otherwise low value.”
Although it hasn’t been officially announced, it’s rumored that Freddie Mac’s program won’t be as restrictive as Fannie’s bulk-only sale. It’s believed Freddie will allow investors to use a variety of methods to purchase specific REO single-family homes within an asset pool. And the consensus seems to be that injecting some health back into the single-family sector will only strengthen the metro housing market in general.
The bottom line, investing in real estate right now is a great investment. Now it is just a matter of what type of property you are looking to invest in and where you are looking to invest.
Multi-Family Executive contributed to this story.
At Elite Home Remodeling, we strive to make sure that everything is working properly and is to your satisfaction before we can call any project complete. However, just in case we did miss something, we provide home owners with the guarantee of a one year warranty.
This twelve month warranty takes effect from the day your punch list is completed. If you have any malfunctions or anything wrong with any of your systems that we installed, whether we provided the materials and products or not, we will be sure to visit your project and determine where is the problem. If the problem is an installation defect, Elite Home Remodeling will take care of the repair for free within the first calendar year.
For all of your products and materials, Elite Home Remodeling stands behind any product and manufacturer’s warranty. If there is a defect with any product or material that was found to be installed correctly, we will help you determine what your next steps of action are to resolve the problem.
Most home owners tend to stay in their home for more than one year. What happens when something goes wrong after one year from project completion? In this case, your extended warranty will be there to protect you and your systems in the event of a malfunction or defect.
Elite Home Remodeling has teamed with First American Home Buyers Protection Corporation in the Northern Virginia, Washington DC & Maryland communities to provided home owners with the best possible extended warranty solutions. There is no better assurance for your home systems and appliances than that of an extended home warranty.
Be sure to give Elite Home Remodeling a call today to find out how we can help you with your next home remodeling project and how an extended warranty can benefit you.
After several years of minimal investment in capital expenses spending and property renovations, multifamily apartment operators and property managers are beginning to give the go ahead on property improvements. Most notably, major value-add investments are also likely to see an increase significantly in 2012 and 2013.
According to some, the most significant projects underway by remodeling professionals for the multifamily communities are painting and siding and roofing renovations.
Cap-ex is traditionally divided into two categories by the apartment industry: recurring and nonrecurring expenditures, often considered defensive and offensive spending, respectively, and are characterized by basic asset preservation versus return-focused projects intended to lift revenue.
Soon, however, offensive value-add projects are expected to take off as firms boosts their overall cap-ex expenditures.
Offensive opportunities in markets that have positive job growth expectations, positive absorption, and growing or recovering rents are quite likely, especially in the Washington, D.C., Northern Virginia and Maryland communities.
For apartment firms considering significant kitchen upgrades, they should be aware that the market is changing for up and coming renters. Stainless steel appliances and granite counter tops are not as sure-fire at drawing in tenants as they used to be. Mixing in a healthy dose of black-faced appliances and more sustainable surfacing is what the new generation is looking to see.
Give Elite Remodeling a call today for more information about getting the most out of your capital expenditures on your income properties this year.
The original story can be found at the Multifamily Executive Magazine.
At Elite Home Remodeling we offer three distinct areas of service to best serve our target clients. Those areas of expertise include home remodeling and renovation, insurance restoration and property service management. The first two areas of service are relatively straight-forward to explain.
First, home remodeling and renovation covers any attached or detached single-family home within the Northern Virginia, Washington D.C. and Maryland communities. These improvements can include bathroom, kitchen or basement remodeling as well as roofing, siding and deck renovations.
Second, insurance restoration work covers any damage to you have to your residence due to any sort of natural disaster or fire, water or wind damage to the inside and outside of your home. It is very similar to remodeling except your insurance company will foot the bill for you.
Which leaves us with property service management. Property service management is a term coined by Elite Home Remodeling simply to refer to all of our remodeling and renovation work we perform for property management firms, especially those that own apartment, condominium and townhouse communities.
Just like single family homes, apartments, condos and townhouses all need to be remodeled and renovated at some point. Typically, most people living in apartments are only tenants and rent the space and do not have the authority to authorize work to be performed in their units. That responsibility rests with the property management firm tasked with maintaining the property.
Elite Home Remodeling has developed a special relationship with property management firms all across Northern Virginia and we find that they are in need of remodeling and renovation work just as much as single-family home owners. When working with property management firms, we provide the same high quality service and craftsmanship that we provide to all of our home owners. In addition, Elite Home Remodeling tailors our services to fit those exact needs of property management firms.
At Elite Home Remodeling, we remodel more than just homes. If you are a property manager in the Northern Virginia, Washington DC or Maryland communities and you are looking to attract those high-quality tenants, look to Elite to help you with those capital improvements in your apartments, condominiums and townhouses.