How does installing EV chargers on residential property affect its total value? I get that with commercial properties, like shopping centers, it's pretty straightforward - EV owners are more likely to hit up your shop, stay there more time, which will more likely result in more purchases. But how does it truly affect the residential property owners who sell or rent it? Is there any clear correlation between the presence of the EV charger and the increased property value?
Real Estate Agent · WA · Member since 2021 · 254 posts · 173 votes
2y
Hi Alice,
I don't think that an EV charger is a huge benefactor. Maybe it will be in the next 5 years but right now the majority of people still use gas cars. Don't get me wrong, I find it extremely useful but I shouldn't be as much of a property value increase as say a small remodel or land renovations.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
2y
You can put in a 14-50r 240 outlet for a few hundred bucks if you’re going to use it. There’s no reason to put in a EV charger as maybe 4% of Americans have a Tesla and 3-4% have j1772 if you count plug in hybrids. (Which would use 120v). So if you pick one then 4% is your biggest chance. But it’s probably just as likely to be used by someone with some high end tools. Heck, that might be more likely to attract a tenant, especially one that stays longer.
Yeah, it's interesting cause you occasionally stumble across these articles that say that the EV charging station will definitely increase your residential property value (some would even use the word ''significantly'') but when it comes to real-life experience, I didn't really see this being confirmed. I guess, it really depends on location, and is more of a long-term investment.