Investors need to wake up to rising utility bills or face losing profits, says leading real estate guru.
Homeowners need to take immediate action to stop utility bills from eating into profits before they escalate again.
“My utility bills increased by 24 per cent during 2013 for waste, water and energy. That is a huge expense for any investor, and especially in regions where you can only increase rents marginally,” says Pierre-Paul Turgeon, owner of Matterhorn Real Estate Investments.
According to the Canadian Energy Efficiency Alliance, 75 per cent of Canadians believe in conserving energy is important but only 22 per cent are actively doing something to reduce usage.
Specializing in multi-family investments in Alberta, Turgeon advises other investors to consult with energy saving companies to reduce their bills.
“Cash-flow in multi-families is less than other properties so you need to save costs where possible,” he says. “The multi-family benefits from the multiplier effect so for every one dollar increase in rental income; that increases the value of the property by $16.”
Written by Grainne Burns
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