With energy prices showing little sign of decreasing, any measure that can lower a property’s energy usage and reduce bills is extremely welcome. However, there are some simple improvements landlords and homeowners can make to their property that won’t only reduce their monthly bills, but will also increase their property’s value.
There are a number of ways that the value of a property can be increased, including cleaning, redecorating or even remodelling. However, there are some simple measures that should also be considered to increase a properties energy efficiency rating and ultimately increase its asking price.
Efficient energy saving features for landlords
It is important to understand how energy efficiencies can be measured; this can be most accurately be done through studying the property’s Energy Performance certificate (EPC). An EPC is a legal requirement when selling or renting a property, and is measured on a scale from A to G. Assessing the property’s energy efficiency, the certificate also provides recommendations on improvements that can be made to the building to improve efficiency, lower fuel bills and reduce its carbon emissions.
The data shows quite clearly that based on average property prices in England, there is a strong correlation between a better energy efficiency rating and a higher house price. The price of homes in the North West of England can rise by as much as £10,674 simply by increasing a property’s EPC rating.
How is energy efficiency calculated?
AN EPC is calculated by an energy assessor via a complex calculation. Contributing factors include the type of construction of the building, the use of different areas of the building as well as heating, cooling, ventilation and lighting system.
How can you improve a property’s efficiency?
- Replace old light bulbs: It might seem simple, but swapping your traditional lights to energy-saving lightbulbs can improve energy efficiency for little effort or cost.
- Upgrading your boiler: Replacing an older boiler can have a huge effect on the energy consumption of any property.
- Lagging jackets: Another low-cost way to improve energy efficiencies is to insulate your water pipes to greatly improve the efficiency of your hot water tank.
Energy efficiency for landlords
As property lettings experts, we understand that Landlords won’t just benefit from an increase in a property’s value by making energy improvements – they could also benefit from significantly stronger rental yields. In the current cost of living crisis, potential residents are only too aware of the cost of increasing energy prices effecting their monthly utility bills. Therefore, when searching for somewhere to live, many are taking particularly notice of a building’s EPC rating.
Offering improved energy efficiencies with your rental property is an easy and cost-effective way to make your property more attractive to potential renters. If there is a higher demand for your property, then this is likely to increase rent value as well as minimising void periods.
In the current modern digital age, more and more people want their homes to be as smart as possible. Not only can smart technologies make life easier, than can also offer significant savings to energy bills and reductions to carbon footprints. Therefore, landlords should also seriously consider proving smart controls to attract the best possible tenants.
Your lettings agents in Manchester:
Alliance City Living are the UK property managers with the knowledge and experience to help you attract – and retain – the perfect tenants. If you are a landlord looking for the property management experts that offers more, then contact the team today.