In Home Electric Vehicle Charging Stations increase a home’s resale value and reduce the time on the market when selling. It is an inexpensive investment for a piece of equipment that supplies electrical power to an electric car. In metropolitan areas over 60% of home buyers are requesting in-home electrical vehicle charging stations in their homes.
Tesla, Hyundai, Chevrolet, Ford all offer home Electric Vehicle Charging Stations as an option to the auto buyer. As more car manufacturers add electric vehicles to their fleets, those who own or lease them know the value of having a charging station in their single-family house, multifamily condo, or apartment building.
A charging station’s popularity is only expected to grow. A recent report by Bloomberg New Energy Finance shows that by 2040, electric vehicles will make up the majority of new car sales worldwide and account for 33% of all light-duty vehicles on the road.
Another factor fueling numbers may be the increase in companies manufacturing charging stations, says Cassie Layton, senior director of marketing at El Segundo, Calif.–based EV Connect, a firm that develops software for the stations—what she calls the “brains behind the units.”
But exactly how important are charging stations to home buyers as they shop for their next home?
“It’s a plus but not a necessity—yet,” says real estate salesperson Stephanie Mallios, with Compass RE NJ in Short Hills, N.J., who works with buyers of single-family homes, townhomes, and condos. Many equate it to a hip amenity like a Nest thermostat, wine refrigerator, or yoga room, she says. “It shows the homeowners are cool, and that future buyers will have one less thing to do,” says Mallios, who built two charging stations into her own home’s garage.
At the same time, it’s wise to share with buyers that the amenity’s appeal may be greater with cohorts of certain ages and certain geographic markets. For example, in San Diego, salesperson Ayush Vats with Willis Allen Real Estate says he is seeing more first-time millennial buyers actively look for houses with charging stations.
It’s among the top five features 60% to 70% of these buyers want, in part because they own an EV or intend to purchase one in the next year or so, Vats says. But it’s also because of their ideology that they want to be green. As a result, he finds it’s easier to market a house with at least one station, he says.
But Vats finds that if a house lacks a charging station but has everything else a buyer wants, it doesn’t kill the sale. Most stations he sees are located in a garage, but some are on the side of the house.
Architect Joshua Zinder, a managing partner at JZA+D in Princeton, N.J., is among those who think a station is a good investment. “The developers and builders we work with are considering support for EVs for all residential projects, both single- and multifamily,” he says.
Zinder also finds that EV-ready homes command a premium in most markets. He added to his home a charging station with a 110-volt outlet, providing an overnight charge for a range of 30 to 50 miles, which suits most of his day-to-day needs.
When it comes to the multifamily housing market, charging stations seem to command a high level of interest, and more developers are including the feature or at least wiring buildings they’re constructing so they can be added. “It’s less costly to do so at the start of a project than as a retrofit,” says developer David Goldman, co-CEO of Chicago-based Belgravia Group, whose firm now designs all its multifamily buildings with stations. “It’s not even a question if we do it anymore,” he says. And Dranoff Properties, in Philadelphia, included four at its One Riverside project and will have eight at its Arthaus development.
- One of the newest amenities builders are including in housing developments to attract buyers is the electric vehicle charging stations.
- Developers are including charging stations in new multifamily buildings to future-proof their investment.
Even if they’re not installed in a new development, more builders are adding wiring to homes and buildings so charging stations can be added later.
- Options and costs vary so the amenity warrants good research.