Owners are always looking for ways to increase the value of their property. Some owners choose to upgrade the interior of their homes and keep up with routine maintenance to bump up their home’s value. Adding amenities like electric vehicle (EV) charging stations can also increase your property value.
With more electric vehicles on the road, there’s an increasing demand for charging stations at people’s single-family homes and even condominiums. After installation, this desirable amenity helps increase the value of the property.
Condominium owners face unique challenges because residents, the HOA board, and their property management company must approve the charging stations before installation. Understanding the value EV charging stations add to your property can help you get approval.
How EV Charging Stations Increase Property Value
An EV charging station is like any other amenity. It adds value to your property when others find it useful or desirable. Recent data shows that buyers are willing to pay more for homes with EV charging stations. Properties in areas with the highest rate of EV charging stations are selling for 1.5-2.6 times more than properties in areas with fewer charging stations.
The demand for EV charging stations is likely to increase over the next decade. It’s estimated that up to 35 million electric vehicles will be on the road by 2030. That’s a tremendous increase from the past decade, which only saw 1.75 million electric vehicle sales. Demand for charging stations will continue growing across the country, so it’s smart to invest in this amenity now.
Electric vehicle owners are looking for places to live where they can charge their cars onsite. They’re willing to pay more for a home that includes an EV charging station for this convenience. The increase in your property value can offset the short-term costs of installing the charging stations. Longer-term returns are even higher because charging stations are a one-time cost with continuous benefits.
Other Added Benefits of EV Charging Stations
Increased property value isn’t the only benefit of EV charging stations. Enabling Electric charging stations offers great returns on your initial investment.
Another form of revenue
Metered EV charging stations also provide a revenue stream. The meters can be used by multiple vehicles and track individual usage, ideal for condominium complexes.
Businesses and property management companies tap into their electric lines to install the charging stations and charge the vehicle owners who use them. The revenue helps pay for installing the charging stations and acts as another stream of income.
Helps attract and retain owners and renters
EV charging stations are a desirable amenity that can attract higher-end buyers and tenants to your property. EV owners are willing to pay more to charge their vehicle at home and are more likely to stay at the property longer because of the amenity.
Shows you care
Millennials currently make up 38% of all homebuyers, and this percentage is expected to grow over the coming decade. This generation cares about the environment, the effects of global warming, and other green initiatives. Installing EV charging stations on your property shows you care about the environment and share their values.
How Certain Management Can Improve Property Value
At Certain Management, our property management team understands the value of installing EV chargers and can help your condominium get approval.
Our staff takes on the responsibility of operating your property so you can enjoy an increase in your property value without having to install or run EV charging stations yourself. Contact us today to see how we can help.
