Going green can increase the value of your home
Midlands home owners planning to sell their home this spring are being urged to ‘go green’ as Government research has shown it can increase the value of your property.
Figures by the Department of Energy and Climate Change indicate that improving energy efficiency can put up the value by more than £16,000 on average, said green energy expert Ron Fox, of Noreus Ltd.
“Buyers want to see improvements that will save money on their bills,” said Ron.
“The four areas they are looking at are double glazing, an efficient boiler, and loft and cavity wall insulation.
He added: “Now is the time for a vendor to get the work done ready to put their home on the market by Easter and it won’t cost them a fortune.”
Many experts are predicting a reasonable property market in 2018 with interest rates expected to stay low and first-time buyers taking advantage of the Chancellor abolishing stamp duty on properties up to £300,000, saving them up to £5,000.
Also the number of new homes has increased with 217,000 more coming on to the market in 2016-17, up 20 per cent on the year before. It is expected to rise again this year, although it is still a long way short of the 300,000 target set by the Government.
Already Nationwide has reported a surprise 3.2 per cent increase in house prices in the year to January.
“Even so I think selling a home will still be competitive this year,” he said. “If buyers are torn between two properties and one is much more energy efficient that could be the deciding factor.”
Firstly a vendor should get an Energy Performance Certificate (EPC), by contacting a Domestic Energy Assessor such as Ron. This rates a home’s energy efficiency from G to A and which sellers must now have.
About half of homes in the UK are rated D, but improving your EPC from band D to B adds £16,000 on average to the sale price, according to the Government.
The two simplest ways to boost your home’s rating is firstly ensure that the loft insulation is at least 270mm thick and secondly that it has cavity wall insulation.
“Most new-build properties have an EPC rating of C or B,” said Ron, “but few homes reach A. It is relatively easy to boost your home from G to E or from E to D but to get a rating of A you need to start producing your own electricity or hot water using solar panels, solar thermal or air-source heat pumps.”
Those who can’t afford to pay for these measures upfront can get a loan under the Government’s new Green Deal. This is repaid via savings made on your energy bill and the loan is attached to your home so any new owners would be responsible for future repayments.
For help with your Energy Performance Certificate (EPC), or advice on loft and cavity wall insulation and green energy contact Ron at Keele, Staffordshire, on 0845 474 6641 or go to www.noreus.co.uk