Energy efficiency has become one of the characteristics most looked at by house buyers. With the high cost of energy, no one wants to acquire a house that is not rated “A” anymore, on its Energy Performance Certificate. That is why people are willing to pay more for a house that has gone through full energy efficiency renovations. Here is more on the subject.
How can You tell the Energy Efficiency of a House?
In the UK, the Energy Performance Certificate (EPC) of a house classifies them from “A” (best) to “G” (worst), in terms of energy efficiency. Such a certificate is considered valid for a period of ten years, if no major renovations have been done to the house in the meantime. Owners who can boast that their house is Graded “A,” can definitely increase the asking price for their home when they sell it. The certificate can also be shown to potential buyers to help close the sale. If the certificate is below the “A” grade, a description of the recommendations that were made to improve the energy efficiency of the house by the assessor, will be written on it. To discover how much your property is currently worth, make your way to this online property valuation tool.
How much does the EPC affect the Price of a House in England?
Studies have been made to try to understand the importance of the Energy Performance Certificate, in the final sales price of houses. It has shown that the difference between a property that was rated “G” and one rated “A,” could go as high as 14%. In other words, a house at the lowest rating level worth £300,000, could see its value rate rise up to £342,000 after energy efficiency renovations.
This has to be moderated, though, according to the region where the house is located. It is in the North East that homes gain the most, when they have a good EPC rating. A major city like London doesn’t seem to be affected as much by the certificate, as we can see almost no difference in price, from one rating to another. The five main cities in which it matters most are: Lichfield (+25K), York (+24K), Bristol (+22K), Worcester (+21K) and Exeter (+21K).
What goes into the EPC Rating?
To calculate an EPC rating, an assessor will be called to the house. There, he will look at various factors, while conducting his inspection. One of them is the type of building and how it is used. Then he will study the heating, cooling and ventilation system, in order to see if there are any losses. The hot water system and the lighting are also part of the elements that he will include. Finally, there will be a comparison of carbon emissions being done between a similar building, regarding all the points above, in order to come to his final conclusion.
To close this article, you should know that the five best ways to improve your online property valuation through energy efficiency renovations are: Install insulation, install lagging jackets, change the light bulbs for energy-saving ones and upgrade your boiler.