All private landlords should already be aware of the Government’s Minimum Energy Efficiency Standards, but which features should investors look for when purchasing new buy-to-let properties?
From 1st April 2018, it will be illegal for landlords in England and Wales to grant new tenancies (including renewals) on properties with an Energy Performance Certificate (EPC) rating of F or G – the two lowest ratings.
As such, landlords must improve the energy efficiency of their properties to at least an E rating before they can let them to new tenants, or renew contracts with existing tenants.
Just Landlords, a specialist provider of Landlord Insurance, is dedicated to ensuring all landlords comply with their obligations and provide safe, secure homes to tenants. These are the features that it believes investors should be looking for in their new purchases:
A minimum EPC rating of E
As the new regulations require all private rental properties to have a minimum EPC rating of E, purchasing a property that will require a lot of work to bring it up to this level should be carefully considered. This is especially important for new investors, who will likely be signing a new tenancy once the initial rules are introduced next April.
All properties for sale must have an EPC, so landlords should make sure they check this and only buy homes with a minimum rating of E – anything higher is a bonus.
Insulation is one of the key features in improving the energy efficiency of a property, which may also positively affect the home’s value. It is therefore one of the most important things to look for when viewing a property and considering a purchase.
Find out if the property has not only cavity wall insulation (if it has cavity walls!), but also loft insulation, as much of the home’s heat is lost through the roof.
Double-glazing will improve the energy efficiency of a home, so it’s worth considering properties that have this feature – or better, triple-glazing.
What’s more, not only will double-glazing help you stick to the new law, it will also cut your tenants’ bills, which they’ll thank you for.
Are you thinking of purchasing a potential rental property in the near future? Make sure to tick these energy efficiency features off your checklist!