Anyone interested in buying residential real estate as an investment in Boulder, Colorado, should be aware of Boulder’s Smart Regs program. Smart Regs is a program unique to the City of Boulder which is intended in part to help reduce the City’s greenhouse gas emissions. Smart Regs affects anyone owning residential rental property in Boulder that would require a rental license.
There are many nuances and exceptions to the program, so I really can only do a broad brush overview in a blog. Basically, by January 2, 2019, all rental properties must attain a certain number of “points” under the program in order to obtain a rental license. A landlord can obtain points in many ways. For example, points can be gained by installing insulation (one of the biggest point earners), replacing windows, controlling duct leakage, having a whole-house fan, and installing high-efficacy lighting.
Although it sounds like a daunting proposition to gain the number of points needed for the program, it’s not so bad as it sounds. Many properties will be well on their way already to obtaining the requisite points. It’s typically especially easy for condos and other attached dwellings to gain points, as they share walls, which is one of the criteria which can lead to a property gaining more points. On top of that, the date for compliance is far out, so that property owners can budget over the next few years to make alterations to their properties if necessary.
As I said, there’s much more to this program than what I’ve described, so my best advice to any potential investor buyers in Boulder is to do some research before diving into the Boulder investment property market. You can visit www.bouldercolorado.gov/smartregs for more information, or give me a call and I’ll be happy to help out with the research.