Energy Performance Certificates - what's changed?

Do you know your properties energy efficiency rating? Chances are, the report was carried out prior to you buying the property. Up until now, the only legal requirement in regards to EPC’s was that you had to have one to sell or let your property; however new legislation has changed that and will affect Landlords in quite a dramatic way.

To be able to let your property (whether privately or through an agent) you must ensure the energy efficiency rating is at an ‘E’ or above. The regulations will come into force for new lets and renewals of tenancies with effect from 1st April 2018 and for all existing tenancies on 1st April 2020. It will be unlawful to rent a property which breaches the requirement for a minimum ‘E’ rating, unless there is an applicable exemption.

This is known as the Minimum Energy Efficiency Standards (MEES) and it applies to both residential and commercial properties.

If you discover your property has a rating below the MEES, I would recommend speaking to an energy assessor about what you can do to increase it, however here are a few ideas that may help:

·         Ensure your roof insulation is the correct depth

·         Replace any non-energy efficient bulbs/light fittings in the property

·         Install central heating if it does not have it already

·         Filling in cavity wall

·         Replace an old boiler with a new, more energy efficient one

·         Replace windows and doors/consider double glazing

Non-compliancy of the new legislation can result in financial penalties, your agent should have informed you about this already however if not, it is definitely worth asking them.

How can I increase the rental value of my property?

The question on every landlord’s lips, new or experienced – how much can I get per month? How can I get more? 

We can sugar coat it and say we do it to give people a place to live, because it’s a hobby, it’s a project – but the bottom line is because it is an investment and the best investment requires the best return, to make it the best investment.

Something to consider when letting a property is the type of tenant you are attracting and who your target audience are. Every landlord would prefer a respectable single person or family, paying rent on time every month and looking after the property as if it was their own. This type of tenant is out there, however it is important to think about the quality of your property inside and out, when expecting a quality tenant.

A tenant is more likely to look after your property if damage would be completely obvious if it happened. For example, let’s imagine for a second there is a cupboard door slightly off its hinges in your kitchen – do you think a tenant would think twice if another was knocked and was hanging off? What about the carpets, if they have stains here and there – would a tenant care about spilling something? 

If your property is above a certain standard and the care and attention you have put in is apparent, you are sure to attract a better calibre of tenant that is willing to pay more per month, and much more likely to stay for a longer term meaning less re-letting fees, less void periods and much less refurbishment between tenants.