Landlords told EV charge points could boost rental income
Landlords are being urged to add electric charging points to their properties ahead of government plans – to help boost income and desirability.
Home and car insurance experts from Quotezone.co.uk are flagging to landlords that adding an EV charging point could boost property value by £5,000 and help secure long-term tenants.
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With over 40% of the UK’s youngest drivers owning electric vehicles, landlords may make their property less attractive and miss out on worthy tenants by not providing facilities for these drivers.
The housing market is responsive and reacts to growing trends. By acting ahead of the 2035 ban on the sale of new petrol and diesel vehicles, landlords could reap the benefits.
Charging an EV at home is one of the most convenient and cost-effective options for drivers – averaging about £13 a charge, compared to £26 at public locations.
Having access to a charging point from home is an attractive amenity that could increase the overall value of the property and the potential rental income.
According to the National Association of Property Buyers, installing an EV could boost house value by up to £5,000, so landlords and tenants can both benefit from the installation and upkeep of EV facilities.
The insurance experts at Quotezone explain landlords could pay nothing for installation, as some electricity providers will install an EV charger completely free of charge.
Alternatively, the typical cost of buying and installing an EV charger is around £1,000. The experts suggest shopping around to find the best deals and checking with the council if the charging spot means cables will be crossing a public footpath – if so, landlords will likely need council permission to add a cable gully to ensure they are not a trip hazard.
Greg Wilson, landlord insurance expert and CEO of Quotezone.co.uk said: “We would encourage more landlords to start installing EV chargers at their properties, it’s a smart move to help future-proof their investment.
“It’s also a win-win for both renters and landlords, tenants get convenient and cost-effective charging options, while landlords are able to increase the value of their property by up to £5,000.
“Having the option to charge an electric vehicle at home will serve as an attractive selling-point to prospective tenants. Interestingly, 40% of the UK’s youngest drivers have already opted for electric vehicles, ahead of the ban on the sale of new petrol and diesel cars – considering 74% of this 16–24-year-old age group rent, it’s a sensible investment for landlords.
“Providing these young EV drivers with rental options which cater to the needs of their vehicle is a great way to encourage and support efforts to reduce carbon emissions, entice new tenants, boost house price value and keep current tenants happy.
“Just remember to keep insurance providers up to speed with any changes or upgrades to the property – invalid or outdated information can actually void insurance policies, leaving homeowners, renters or landlords unprotected.”
Quotezone help millions of users find savings on both car and home insurance every year – CompareNI.com can help those living in Northern Ireland.
