As a private landlord you need to be aware of how changes in the law now affect you: the EU Performance of Buildings Directive requires domestic housing from 1st October 2008 to have an Energy Performance Certificate (EPC).
The aim is to improve the energy performance of buildings. Each building will be issued with a certificate that will have to be made available whenever the property is rented out or sold.The certificate will make suggestions of cost effective actions to improve the energy performance of a property, but more importantly will allow prospective tenants to compare buildings on energy performance. This is expected to become a greater deciding factor with the ongoing increases in fuel prices.
The cost of producing the certificate will be the property owner’s responsibility. Each certificate will last for ten years unless major renovation work is carried out on the property. Property owners can voluntarily get a new certificate after installation of energy efficiency measures - particularly if these improve the energy rating.
The certificate will give each building a SAP rating, and this will equate to an energy rating from A to G similar to those seen on white goods.
Why should you care?
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Buy-to-let investors
The last couple of years have seen more than just calls for extra houses to be built in Britain. Encouraged by the government through competitions, grants and grand policy pronouncements, the grandest of all being the aim to make every new home carbon neutral by 2016, it seems that the priority is as much building green as building to solve the housing shortage.
Buy-to-let investors will have to deal with the introduction of the government’s Home Information Packs. The scheme will not be introduced until October 2008. However, investors would be wise to have an Energy Performance Certificate (EPC) as part of their standard letting pack now.
The fact of a property being rented out being more energy efficient, due to measures such as insulation, could be an attraction for some potential customers. Promises of lower fuel bills, as well as the attraction to ethically-conscious residents of a lower carbon footprint, could make such homes more attractive. At the same time, some landlords may find they can still set a premium on the rent if they believe people will pay more for eco-friendly homes, just as many ethically-conscious consumers willingly pay extra for fair trade goods.
Whatever the size of your portfolio EnergyCube will work with you now to put you ahead of the game. |