Energy Efficiency Makes Your Property More Attractive
For a number of years now the Government has been encouraging property owners to make their homes more energy efficient. From insulating the loft to replacing draughty windows and doors, there have been a number of incentives to increase energy efficiency and reduce waste.
In 2018, the people in charge are going one step further. From April next year landlords won’t be able to let properties with poor energy efficiency ratings to new tenants. This will force owners of rental properties to properly insulate their homes and will make properties with a high EPC rating even more attractive to prospective buyers.
From 1st April 2018, it will be unlawful to let a residential property in England or Wales with an EPC rating (Energy Performance Certificate) in band F or G. Initially this will only apply to new tenancies, however, after April 2020, the same rules will apply to existing rentals. Non-residential properties have until April 2023 to make sure they meet the new minimum energy efficiency requirements.
How can homes be made more energy efficient?
A property’s energy efficiency is influenced by a number of factors. The age and design of the building will have a big impact on how efficient it is, with larger, older properties generally much less efficient than new builds. Old windows and doors often let draughts in while lofts and walls without insulation can allow all of a home’s hot air to escape in moments.
Landlords whose properties don’t meet the minimum ‘E’ Rating will need to install insulation, swap old, single-glazed windows for new ones and replace outdated, inefficient boilers and radiators. In most cases making these alterations won’t be cheap and some property owners may find they have to take out loans to cover the cost of the work.
How energy efficiency will make your home more attractive to buyers
As work to improve the energy efficiency of a property can be costly and time consuming, homes that already have a good EPC rating are likely to be in increased demand in the coming months. If your home already has insulation, modern windows and doors and an efficient boiler, it will save potential landlords time and money. Buyers looking for an investment property will therefore be a lot more likely to put in an offer, helping you to sell your home quickly and at a great price.
If your home doesn’t yet meet minimum requirements, putting a little bit of work in now to bring it up to standard could pay dividends when it’s time to put it on the market.
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