How Energy Performance Certificates Can Boost Your Property’s Value
According to the official report released by the UK's Ministry of Housing, Communities & Local Government, in Q4 2018 around 363,000 energy performance certificates (EPCs) were registered in England and Wales; a rise of 41% compared to Q4 2017. And most of these EPCs were issued for the letting or sale of properties; representing a rise of 50% compared to the same period in 2017.
So, if you're planning to lease or sell your property, you should obtain an EPC before putting it on the market. By assessing your property's energy efficiency, you'll identify where you must make improvements. And, once your property reaches a high grade of energy efficiency, it'll increase in value. But a high energy efficiency rating will also help you save money on energy bills. So, to help you understand why energy performance certificates can boost your property's value, here's a brief explaining what an EPC is, when and how to obtain it and the required property assessment procedure.
What Is an EPC?
An Energy Performance Certificate (EPC) is a certificate, which shows the energy efficiency level of your property and it's valid for 10 years from the date of issuance. The certificate comprises an estimation of energy costs and a list of your property's energy performance characteristics.
Also, an EPC provides recommendations about measures you must take to improve your property's energy rating and a rough estimate of involved costs. But you'll also see how much money you can save by making the recommended changes.
The energy efficiency rating ranges from A to G; A being the highest grade and G being the least energy-efficient rating. In the UK, the average EPC rating for a house is D as older buildings tend to have lower energy ratings, which involve higher management costs.
When and How Should You Obtain an EPC?
In the UK, before selling or letting a property, the owner must obtain an EPC. And you can arrange it through a professional EPC service provider or you can use an estate agent. But an EPC is also relevant if you're the buyer or future tenant of a property, as it'll highlight what renovations are needed and you'll also have room for price negotiation. Also, a buy-to-let landlord must obtain an EPC rating of at least E grade before signing with new tenants or renewing existing lease contracts. And to obtain information about the energy efficiency of a property you can access the EPC register which is a governmental database of all issued EPC.
Before an EPC is issued, a professional company will perform an energy survey of your property. An evaluator will evaluate the size of your property and account for every room. Also, the assessor will consider a variety of factors such as:
- the construction type;
- the insulation;
- the heating system;
- lighting fixtures.
All these features show the energy requirement of your property. Also, evaluators will consider the type of fuels used by your heating system. And photographs will be taken of all the evaluated sections of your property, which will be attached to detailed explanations in the report.
In the UK, an EPC is a legal requirement for any owner or landlord before selling or, respectively, leasing a property. And you can either use a professional EPC provider or your estate agent to obtain an EPC for your property.
After your property is evaluated, you'll understand if and how to improve its energy efficiency rating, which will allow you to sell or lease it. But you'll also save money and improve the comfort level of your home.
Article written by https://www.centralengland-epc.co.uk/ for Bristol Property Centre