The ability to charge electric cars can increase the value of a home for sale

of fully electric cars and plug-in hybrids is increasing every year. From 2019 to 2020, the number of plug-in cars in Finland doubled. However, attitudes towards electric cars vary greatly: in some housing companies, charging electric cars has been allowed for several years and preparations have been made well in advance for the arrival of electric cars, while other housing companies still prohibit charging electric cars altogether. In housing companies that prohibit charging, people may think that charging causes problems, and the price perception of arranging charging points may be wrong.

Housing associations may also be skeptical about building charging infrastructure for electric cars, as the number of charging cars in the entire Finnish car fleet is still quite small. In 2020, charging cars accounted for 1.6% of all registered passenger cars. Therefore, converting parking spaces to be suitable for charging is not necessarily seen as a current issue in housing associations. At the same time, residents are postponing purchasing a charging car, as it may not be possible to charge the car in the housing association. A vicious circle is created.

However, more and more electric car owners are hoping to be able to charge their electric car at home. However, the possibility of charging an electric car in housing associations is still surprisingly limited. Owners of fully electric cars in particular may find that moving house becomes more difficult, as housing associations with charging stations are difficult to find. Some electric car owners have had to look for an electric car-friendly housing association for up to a couple of years.

Walle 13S in the courtyard of the housing company

The acquisition of charging stations continues to cause resistance among housing companies

The purchase of charging stations for housing associations generates opinions for and against. Opponents justify their position by saying, for example, that gas pumps will not be installed in housing associations, so installing charging stations is also pointless – you can charge at public charging stations. Some electric car owners have found it easier to change their place of residence than to try to get the general meeting to change its mind.

Fortum's research , more than a third of respondents would be willing to buy an electric car if it were possible to charge it at home. Interest in electric vehicles is growing steadily, so housing companies that already support their residents' purchase of electric cars by purchasing charging stations in the housing company are in a strong position in the eyes of potential home buyers. In the first half of 2021, registrations of new electric cars exceeded registrations of new diesel cars for the first time, so electric vehicles are unlikely to remain just a fad.

The value of a home may increase with the ability to charge electric cars

One incentive to build charging infrastructure in a housing association could be the increase in the value of apartments due to the possibility of charging. For example, in the UK, the value of houses and apartments can increase significantly if they have an electric car charging station. In some areas, the value of the house increased by as much as 84%. In most areas, the increase in value was 28-47%.

Also in Norway, where more than half of new cars are electric , it has been noticed that the possibility of charging an electric car increases the value of a housing company and the price of apartments. The possibility of charging in a housing company increases the attractiveness of the housing company , and more potential buyers are interested in the apartments in the housing company. Apartments sell faster and prices are higher in housing companies where there is a possibility of charging an electric car.

Electric cars are predicted to become significantly more common in the coming years, with home buyers also looking specifically for housing companies where electric car charging is easy. 

Even if residents do not rush to buy electric cars immediately after the completion of the charging infrastructure, many still see the charging readiness of a parking space or a charging station as something that increases the value of the apartment. Charging readiness and charging stations increase resident satisfaction and the appreciation of the housing company. Many residents of a housing company may want a charging readiness or station for their own parking space, even if they do not intend to buy a rechargeable car at that very moment. The fact that it is possible to charge an electric car in their own parking space certainly lowers the threshold for many to buy a rechargeable car as their next car. 

The housing company also shows appreciation for its residents, as the housing company that acquires charging stations probably wants to support its residents' low-emission or zero-emission mobility. On the brink of the climate crisis, it is also more important for housing companies to participate in achieving sustainable development goals. Sustainable values ​​are important to many residents, and if a housing company enables its residents to purchase a zero-emission car, both the housing company's valuation and the value of the apartments in the housing market will increase. In the future, the housing company's charging stations for charging cars can be a significant competitive advantage, and the number of potential apartment buyers can grow significantly. In the eyes of buyers, the housing company is seen as progressive, desirable and valuing its residents, which will increase the value of the housing company's apartments.