Buying or selling a home can be challenging and there is a lot to consider. In fact, there may be too much to consider which means that many people overlook certain matters or don’t know where to focus their energy. You may not have placed too much importance on an EPC, an Energy Performance Certificate, but no matter what you are looking to do, this is an integral document.
EPCs have been in the news of late with respect to a regulation change in the letting industry. As of April 2018, landlords offering a new or renewed let will need to ensure that their property holds an EPC rating of at least an E. A failure to do so can result in a range of penalties, including a large fine. This is why the EPC is hugely important for landlords and steps need to be taken to ensure that the property holds a valid EPC and that it complies with the regulations.
With respect to tenants, information contained in an EPC can make a big difference to how much money you spend. The difference in annual energy bills, in an average home, when comparing an EPC rating of an E to a G, is more than £1,000. Opting for a property with an E ranking provides you with the chance to considerably lower your energy bills, and this is something that will surely appeal to all tenants. Therefore, if you are a landlord with a property which holds a strong EPC rating, make sure potential tenants see this information. It is important to take advantage of every benefit you have, and a home with a good EPC rating is definitely an advantage for landlords and property investors.
When it comes to the buying and selling of homes, EPCs provide important information to buyers, and this is why sellers and buyers should be aware of the document and its importance. There is also the fact that it is a legal requirement for sellers to provide an EPC to buyers, when an EPC is available, so it is something that most sellers will need to have in place.
It is fair to say that the EPC guide is only a guide as it is not an invasive assessment of the property. However, it provides an excellent starting point in considering the condition of a property. Buyers are looking for as much relevant information as possible as to the condition of a home and a key strong point of the EPC is that you can make a judgment on it in seconds. The use of letters and colour coding with respect to the final rank is effective in helping people to make their mind up about the relative merits of a property.
If you are a homeowner whose home is in good condition, you want to make sure that buyers know that your home can be relied on. This is why a positive EPC is worth sharing and passing on to as many buyers as possible. If you have a home with a poor EPC rating, you should take the information provided in the certificate as a starting point for making improvements at your home. No matter what condition your home is in, the requirements to provide an EPC means you should have in place but you will find that the details contained within can improve your home or make sure your property stands out for all of the right reasons.
At Griffin Residential, we believe that the EPC is an important document and when it comes to buying, selling or letting, we are on hand to help you out.