How to Make Your Buy to Let Property Energy Efficient
Energy efficiency has become a growing priority for both tenants and landlords in an increasingly environmentally conscious property world. Due to recent changes in legislation, it is more pressing than ever that properties are energy efficient, and there are several strategies you can use to make sure your property makes the grade.
The energy efficiency of a property is becoming more important due to both increasing energy prices as well as environmental concerns. There are several ways in which you can make your property more energy efficient and appeal to a wider range of tenants. In a recent survey, 80% of tenants agreed that landlords or managing agents should be considering the environmental impact of their property more. Environmental issues have been at the forefront of nationwide discussion, and as well as reducing costs for tenants they also reduce the negative environmental impact.
As of 1st April 2018, domestic properties that are let out by landlords are legally required to have an EPC rating of E and above. There is also a potential fine of £5000 per property for landlords who fail to meet energy efficiency targets. This means that landlords of almost 300,000 properties in the UK will need to take measures to improve their properties EPC ratings.
Buy to Let Improvements
Double glazing is an obvious way to make your property energy efficient and can add between five to ten points to an EPC rating. Though an expensive job, many tenants won’t even consider renting a property without them. Insulating a property is a key way to reduce the running costs and environmental impact of a property. Properties with insulation can save up to 80% in heating and cooling losses. New build properties predominantly have insulation as part of the build process however older properties often need insulation in both the roof and the walls. LED lightbulbs are another great way to improve the energy efficiency of your buy to let property. These last far longer than standard bulbs and use considerably less energy, reducing the running costs of a property.
Smart meters are another great way to improve the environmental impact of your property, allowing tenants to be aware of how much energy they are using and take measures to reduce this. In a survey of tenants, 32% said they would like to see a smart meter included, compared to 19% who wanted standard wireless broadband. Furthermore, if there was a choice between properties of the same price with and without a smart meter, 55% would choose to have a smart meter. Measures such as solar panels or air source heat pumps that are used to generate energy in the home can be a huge advantage for investors looking to let out their property to environmentally friendly tenants.
For property investors, making sure a property is energy efficient is not just good for the environment, it is also good for the bottom line. Properties such as West Point in Manchester, sold by RW Invest, which focus on low carbon, environmentally friendly design, have been increasingly popular with investors and tenants alike. Choosing a new build property which has been designed to be energy efficient can be a great way for investors to save money on costly energy saving measures on older properties.
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