A popular question always fired at real estate agents is: “What’s the hottest new trend in property?”
One feature that an increasing number of buyers are demanding is an electric vehicle charger.
With the sale of EVs continuing to grow across America and Congress recently granting tax credits via its climate legislation to encourage purchase, it’s no surprise buyers are attracted to homes featuring a charger.
Homes and apartments in the mid-tier category and higher will undoubtedly attract more buyers and be able to demand a small premium for the convenience of an EV charger.
And if you’re considering selling shortly, installing a charger is a great idea to boost the attractiveness of your home.
This checklist examines the benefits and likely costs of an EV charger installation.
The technology
EVs usually come with a so-called Level 1 charger, which can plug into a standard outlet. The type you’d install at home would be Level 2, which is more powerful and will charge a battery quickly or top you up with a minimum of fuss.
Ultimate solution
The best charger is Level 3, but these are so powerful that installing them in a home is very unusual and unnecessary in most circumstances.
Installing a charger
A Level 2 charger requires a different type of power outlet, and you’ll need to call an experienced electrician to ensure the installation meets local regulations.
The benefits
Your prospective buyers will have the convenience of a quick charge for their EV, which is especially handy if it’s used for shopping or to pick up the kids from school. EV owners know that quick and easy access to power is gold.
Street-wise
Perhaps obviously, there’s little benefit to installing an EV charger if you have to park your car on the street. Charging should be done in the driveway or the garage.
Bottom line
A charger will cost between $1,500 to $3,000, and a basic installation should start at around $500 but can go as high as $3,000. If your electricity panel needs to be replaced, the cost will leap. But that’s another issue as a property inspection will reveal this issue to prospective buyers.