How can you make your rental property more energy efficient in 2020?
There are many aspects to a rental property which will appeal to different audiences. For example, period features, large bedrooms, or a garage. As a landlord, it is important to identify the key features of your rental property and its target market. By correctly finishing your property, you will be able to improve rental yields, increase tenancy periods and improve overall satisfaction too.
The large political and social focus on global warming is impacting the lettings market, especially with the new and future generation of tenants. It is very important that a property is environmentally friendly and energy efficient. In this post, we will cover a few ways you can make your property more energy efficient in 2020.
As of the 1st April 2020, landlords will be required to have a minimum EPC rating of E to adhere to new Minimum Energy Efficiency Regulations. If you are below this threshold and have not taken action, you could receive a fine of at least £5000.
Upgrade your Heating System:
The heating system is one of the key factors in the EPC. If you have an old boiler, upgrading to a new condensing model will improve your rating by 5-20 points depending on the age of the current system.
Install Double Glazed Windows:
Did you know that double-glazed windows can be up to 20 times more efficient than a single-glazed window? This is simply down to the fact that your property will be able to retain more heat and thus your property will be cheaper to live in.
Not only that, but double-glazed windows also offer additional benefits to your property which will make the property more desirable to live in. Here are a few benefits:
- Noise Reduction – As the windows are thicker than a single glazed window, it will make it harder for sound to get into the property. This would particularly benefit properties in an urban area.
- More Secure – This could apply to a few things, for example; forced entry, strong weather and reducing the risk of accidental internal breakages.
- Reduce Interior Damage – Although we all like a little bit of sun, it can potentially cause damage to a property. For example, the rays can discolour and damage carpets, and furniture. However, double-glazed windows reduce the risk of internal damages.
- Cooler House (Especially in Summer) – British summer in recent years has given harsh sun and sweltering heat but that doesn’t mean we can’t combat that issue within our homes. Double-glazed windows help cool your property as it acts as an insulation against the sun.
Insulating the Property:
Insulating a property can often be a hefty investment for people but it’s an investment well worth taking as insulation is effective for at least 40 years. In the long run, your property would be more desirable to tenants looking to rent a property and would attract a higher rental value. The cost of in insulation will be paid off before it needs to be done again.
Replace your Lightbulbs with Energy Efficient Bulbs:
Lighting within any property often accounts for around 10-20% of a property’s energy bill. By making the simple switch, you can improve your property’s energy efficiency in no time at all and with minimal financial impact. Making this small change will not only help your EPC rating, but it will also save you money.
By increasing your EPC rating, you are ultimately increasing the value and quality of your property which means there is more rent potential and you will also save plenty on money on your energy bills.
Not only does keeping your property energy efficient impact the rental value but there could also be an impact on the sale value of your property. With an increasing amount of first-time buyers to the market the appeal of new build properties is strong, this is not only due to Help to Buy but also due to how energy efficient these properties are. By ensuring you are keeping your property up to date with the recent energy technologies the value of your property is likely to increase.
If you would like more information, please contact our lettings team directly: